FTSE 100: 7682.27 ▲ 125.83 (1.67%)
2 of 6
|No. of shares out||5,610m|
|No. of shares floating||5,599m|
|No. of common shareholders||not stated|
|No. of employees||34901|
|Trading volume (10 day avg.)||26m|
|Profit before tax||£2,127m|
|Earnings per share||5.97p|
|Cashflow per share||22.16p|
|Cash per share||47.66p|
Jefferies has raised its recommendation on British Gas-owner Centrica (CNA) following ‘material’ upgrades to earnings on the back of recent oil price rises.
Analyst Ahmed Farman upped Centrica from ‘hold’ to ‘buy’ and lifted his target price from 140p to 165p on the stock, which gained 3.4%, or 4.9p, to 149.5p.
‘While the stock has been in value territory for the last six months, we have remained on the sidelines with Centrica due to subdued earnings momentum,’ he said.
‘We now see material earnings upgrades as likely with the recent rally in power, gas, and oil prices.’
Farman added that the recent Ofgem consultation about whether to introduce a price cap was ‘unlikely’ and ‘Centrica’s ability to strengthen its balance sheet and crystallise value with disposals remains underappreciated’.