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UBS has raised its price target for BP shares from GBP 5.00 to GBP 5.25, maintaining a Buy rating, citing expectations of faster deleveraging. BP's shares have surged 25% since November, driven by anticipation of a strategic realignment announcement on February 26, 2024. Despite a missed EBITDA target for 2024, BP plans significant investments in Iraq's energy sector and has initiated gas flow at the Greater Tortue Ahmeyim project, aiming to produce 2.3 million tons of LNG annually. The company is also restructuring, cutting 7,700 jobs to enhance capital efficiency.
UBS has maintained its 'Buy' rating for BP, highlighting the oil sector's potential role in reducing CO2 emissions while also noting that yields will influence market developments. Analyst Joshua Stone emphasized that companies are likely to align with customer demands. As of January 24, 2025, BP's stock price was €4.9935, reflecting a 0.49% decrease from the previous day.
BP Plc and Japan's Jera Co. are merging their offshore wind businesses to form a new joint venture, JERA Nex bp, with plans to invest up to $5.8 billion by the end of the decade. The venture will initially focus on existing projects in Europe, Australia, and Japan.
In 1998, BP Plc faced a dire future and merged with Amoco, sparking significant M&A activity in the oil industry. Today, BP finds itself in a similar predicament, with investors losing faith in its strategy and management, prompting calls for a leadership overhaul.
BP PLC
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ubs raises bp price target amid strategic realignment and operational updates
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