Goldman Sachs Downgrades BP (BP) to Neutral
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Price: $42.53 +0.52%
Rating Summary:
22 Buy, 14 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
22 Buy, 14 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Goldman Sachs downgraded BP (NYSE: BP) from to Neutral with a price target of $54, citing sector outperformance and concerns about the declines in the Gulf of Mexico portfolio.
The firm comments, "BP has performed strongly over the past three months vs. the sector and versus the market, while the 2Q results were disappointing for profitability and volumes and there is no visibility as to when the company might start drilling again in the GoM."
While they still see substantial upside, they said the market is fairly discounting the company's opportunities and challenges.
BP's Gulf of Mexico portfolio is likely to decline 20 percent or more until they are allowed to restart drilling. New drilling permits to BP in the Gulf would be a key catalyst for Goldman to turn more positive on BP.
For more ratings news on BP click here and for the rating history of BP click here.
Shares of BP closed at $39.70 yesterday.
The firm comments, "BP has performed strongly over the past three months vs. the sector and versus the market, while the 2Q results were disappointing for profitability and volumes and there is no visibility as to when the company might start drilling again in the GoM."
While they still see substantial upside, they said the market is fairly discounting the company's opportunities and challenges.
BP's Gulf of Mexico portfolio is likely to decline 20 percent or more until they are allowed to restart drilling. New drilling permits to BP in the Gulf would be a key catalyst for Goldman to turn more positive on BP.
For more ratings news on BP click here and for the rating history of BP click here.
Shares of BP closed at $39.70 yesterday.
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