Berenberg Bank raised its price target on BP PLC from GBX 650 to GBX 715 and maintained its buy rating. The bank cited BP’s progress in strengthening its balance sheet and its ability to benefit from the robust energy market.
BP’s recent third-quarter trading update reported a sharp reduction in net debt and strong performance from its refining division. The refining margin rose to $46.70 a barrel from $29.60 in the prior quarter. The higher margin is expected to significantly boost profits.