JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
Investing.com - Scotiabank upgraded BP (NYSE:BP) from Sector Perform to Sector Outperform on Thursday, raising its price target to $42.00 from $34.00. According to InvestingPro data, BP currently trades at $34.31, with analyst targets ranging from $28.10 to $48.00, suggesting potential upside based on the consensus view.
The upgrade comes after BP’s Bumerangue discovery, which Scotiabank believes has "single-handedly changed the longer term trajectory of BP’s upstream portfolio" due to its size and attractive fiscal terms.
While first oil production from the discovery is not expected until 2031 or later, Scotiabank indicates the find addresses one of investors’ biggest concerns about the sustainability of BP’s upstream portfolio.
The bank’s preliminary base case envisions a three FPSO development that could provide BP with approximately 550,000 barrels per day of oil production by the mid-2030s, potentially becoming the company’s largest single source of production growth and its top producing asset.
For context, BP forecasts its 2025 production at approximately 2.3 million barrels of oil equivalent per day, with 2030 production expected between 2.3-2.5 million barrels of oil equivalent per day, excluding potential asset sales of around 200,000 barrels of oil equivalent per day.
In other recent news, BP PLC reported impressive second-quarter earnings for 2025, significantly surpassing analyst expectations. The company achieved an earnings per share (EPS) of $0.90, which was notably higher than the forecasted $0.67, marking a 34.33% surprise increase. BP’s revenue also exceeded predictions, reaching $46.63 billion compared to the anticipated $42.18 billion, a 10.55% surprise. These results highlight BP’s robust financial performance in the quarter. There were no recent mergers or acquisitions announced by the company. Additionally, there have been no recent upgrades or downgrades from analysts regarding BP’s stock. Other company news was not disclosed in the recent updates. These developments underscore BP’s strong position in the market.
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