Analyst Michele Della Vigna of Goldman Sachs maintained a Buy rating on BP p.l.c., boosting the price target to p650.00.
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Michele Della Vigna has given his Buy rating due to a combination of factors including BP’s solid trading performance and resilient cash generation outlook. Despite trimming near‑term earnings estimates on the back of average gas trading and softer upstream profits, he highlights exceptionally strong oil trading, improved refining margins, and better midstream performance as supportive to profitability.
He also underlines that BP’s investment case remains intact, with unchanged 12‑month price targets based on attractive valuation versus forecast 2027 cash flow. While net debt is set to rise in the short term due to a sizable working capital build, capital spending and tax rates remain well controlled, and the long‑term earnings trajectory is only modestly affected, justifying the continuation of the Buy recommendation despite identified risks from commodity prices, exploration, growth, and capex surprises.
According to TipRanks, Della Vigna is a 5-star analyst with an average return of 8.9% and a 66.37% success rate. Della Vigna covers the Energy sector, focusing on stocks such as BP p.l.c., Harbour Energy, and Tenaris SA.
In another report released yesterday, Barclays also maintained a Buy rating on the stock with a £6.50 price target.