BP Stock Gets Slew Of Price Target Hikes — But BofA Sees Limited Consensus Upside For Q4

• BofA raised its BP price target to 535 GBp from 525 GBp but maintained an ‘Underperform’ rating, citing limited upside to Q4 consensus estimates.
• According to Koyfin data, 11 out of 19 analysts covering the stock rate it ‘Buy’ or ‘Strong Buy’, while seven rate it ‘Hold’. 
• Separately, Stonepeak completed its acquisition of a 65% stake in Castrol, with BP retaining a 35% interest and CPP Investments participating as an indirect minority holder.

BP PLC (BP) shares drew investor attention on Monday after multiple analysts raised their price targets following the oil major’s third-quarter results.

According to The Fly, BofA raised its price target to 535 GBp from 525 GBp while maintaining an ‘Underperform’ rating. The firm said BP’s third-quarter results exceeded the strong indications provided in its trading updates, but sees limited upside to consensus estimates for the fourth quarter.

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BofA also expects the company’s upcoming Capital Markets Day to prioritize continued balance-sheet repair and portfolio changes before share buybacks resume in 2028.

BP shares traded 4.2% lower at the time of writing. 

Analysts Update BP Price Targets

RBC Capital  raised its price target on BP to 720 GBp from 700 GBp and keeps an ‘Outperform’ rating on the shares, The Fly reported .

Similarly, JPMorgan also raised its price target on BP to 720 GBp from 700 GBp and maintained an ‘Overweight’ rating on the shares, according to The Fly.

Yesterday, Wells Fargo raised its price target on BP to $63 from $57 and maintained an ‘Overweight’ rating. The firm said that even if the third quarter marked peak conditions, BP’s liability repayments were being pulled forward, leaving “headroom for shareholder returns” in 2027, according to The Fly.

According to Koyfin data, 11 out of 19 analysts covering the stock rate it ‘Buy’ or ‘Strong Buy’, whereas seven rate it ‘Hold’. 

Stonepeak Completes Acquisition Of 65% Stake In Castrol From BP

Separately, Stonepeak announced Monday that it had completed its acquisition of a 65% stake in Castrol from BP, which will retain a 35% minority interest in the lubricants business. Canada Pension Plan Investment Board (CPP Investments) is also investing in the transaction as an indirect minority holder.

The new ownership structure is intended to give Castrol greater financial and operational flexibility to accelerate growth across its existing markets and adjacent sectors. The company supplies lubricants and thermal management fluids to consumer automotive, commercial and industrial customers.

Following the closing, Castrol appointed a new board chaired by Ben van Beurden, chairman of Clariant AG and former CEO of Shell. The board comprises four independent directors, including the chair, three Stonepeak-affiliated directors, two BP directors and one CPP Investments director.

BP will use the approximately $6 billion in after-tax proceeds to reduce debt, according to a Reuters report.

How Retail Views BP

On Stocktwits, retail sentiment toward the stock remained in the ‘bearish’ territory over the past 24 hours, amid ‘normal’ message volumes.

BP has gained over 39% year-to-date.

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