RBC Capital Markets reiterated its Outperform rating for BP PLC. The bank raised its price target for the energy giant to 700p. Analysts cite improved earnings estimates and higher refining margins as primary drivers.
The anticipated $6 billion Castrol deal will significantly accelerate deleveraging efforts. RBC expects a substantial reduction in total liabilities by the end of the year. Share buybacks are projected to resume by mid-2027.
BP’s CFO highlighted a strategic focus on core oil and gas operations. The company aims to achieve $5.8 billion in cost savings by 2027.