Buy, Buy, Buy BP (BP) Before Q2 Earnings -SocGen
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Price: $44.76 -0.84%
Rating Summary:
22 Buy, 14 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
22 Buy, 14 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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In a research note from Thursday morning, an analyst at Societe Generale claims "now is the time to buy" shares of BP (NYSE: BP).
The analyst argues investors are still overly negative on shares of BP following last summer's spill in the Gulf of Mexico. BP's market value has fallen by about $60 billion since the disaster, an $18 billion difference between the total provision of $42 billion if the company is forced to incur all of the penalties and fines, the analyst said.
As the analyst does not believe BP will be accountable for the total $42 billion, SocGen reiterates a Buy rating on the stock.
The bullish call comes ahead of BP's second-quarter earnings report due out on July 26. The Street is currently looking for quarterly revenue of $95.6 billion and EPS of $2.08.
Shares of BP are currently trading up 1.64 percent, or $0.72, to $44.63.
The analyst argues investors are still overly negative on shares of BP following last summer's spill in the Gulf of Mexico. BP's market value has fallen by about $60 billion since the disaster, an $18 billion difference between the total provision of $42 billion if the company is forced to incur all of the penalties and fines, the analyst said.
As the analyst does not believe BP will be accountable for the total $42 billion, SocGen reiterates a Buy rating on the stock.
The bullish call comes ahead of BP's second-quarter earnings report due out on July 26. The Street is currently looking for quarterly revenue of $95.6 billion and EPS of $2.08.
Shares of BP are currently trading up 1.64 percent, or $0.72, to $44.63.
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