FTSE 100: 7164.14 ▲ 24.38 (0.34%)
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|No. of shares out||19,858m|
|No. of shares floating||19,704m|
|No. of common shareholders||not stated|
|No. of employees||74500|
|Trading volume (10 day avg.)||21m|
|Profit before tax||13,400m USD|
|Earnings per share||0.00 USD|
|Cashflow per share||0.57 USD|
|Cash per share||0.89 USD|
Barclays believes BP (BP) can deliver improved cashflow and that the outlook for the oil giant is much clearer than for its peers.
Analyst Lydia Rainforth retained her ‘overweight’ recommendation and target price of 675p on the shares, which were flat at 527.6p yesterday.
‘We expect it to become increasingly evident over the coming 12 months that BP can deliver a material and sustained improvement in free cash flow,’ she said.
‘Project start-ups already delivered at the end of 2017 should drive this improvement, with 2018 start-ups adding to the momentum towards year end.’
She said there would be ‘bumps in the road’ for BP over the next five years but ‘the direction of travel is far clearer for BP than it is for others’.
‘This improvement in operational and financial performance we anticipate remains at odds with the valuation of the shares, with the dividend yield stubbornly remaining at 6%. As investor confidence in the ability of BP to sustain and grow that dividend improves, we expect to see the shares re-rate,’ said Rainforth.