BP's Underlying Results Seen as Decent

BP's Underlying Results Seen as Decent

0948 GMT - BP's gas trading in the third quarter helped propel it to its forecast-beating results and helps further de-leveraging, RBC Capital Markets says. The British oil-and-gas major's set of underlying results were decent, the Canadian bank says. RBC expects the FTSE 100 listed company to provide competitive shareholder returns over 2021 and 2025, even if it remains skeptical around BP's bold new strategy. RBC has a target price of 425 pence a share and says it believes some of its risks are reflected in its current valuation. Shares are down 9.75 pence, or 2.9%, at 246.75 pence. ([e-mail]; @sabelaojeaguix)

 
Companies News: 

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BP 3Q Underlying Replacement Cost Profit Rose Ahead of Views

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Warpaint London Expects to Report Market Beating 2021 Earnings

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Watkin Jones Says FY 2021 Operating Profit Was in Line With Views

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IWG 3Q Performance Boosted by Hybrid-Working Demand; Sees Recovery in 2022

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Shearwater Sees Growth in 1H FY2022 Underlying Ebitda

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Oncimmune Shares Fall After FY 2021 Revenue Missed Guidance

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Argo Blockchain Reports Record Revenue, Pretax Profit For 3Q

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Wizz Air Carried 2.98 Mln Passengers in October

Wizz Air Holdings PLC said Tuesday that its passenger numbers and load factor improved substantially in October from the prior year.

 
Market Talk: 

BP's $1.25 Bln Buyback Seen as 3Q Highlight, Proof of Confidence in Outlook

0917 GMT - The main highlight in BP's results for the third quarter of 2021 is the size of its buyback of $1.25 billion, Jefferies says. The British oil-and-gas major's additional buyback is greater than what the $540 million surplus cash would support, the U.S. bank says. "This should be at least partially offset by a 0.4% increase in gearing (to 26.4%) in a quarter when most companies in the sector have seen substantial deleveraging," Jefferies adds. The FTSE 100 listed company's share buyback reflects its own confidence in the outlook, Jefferies says. ([e-mail]; @sabelaojeaguix)

Contact: London NewsPlus, [e-mail]

(END) Dow Jones Newswires

11-02-21 0606ET