7/103 sources · 3 publishersUpdated Oct 8, 18:41 UTC
Wells Fargo upgrades BP to Overweight, raises price target to $57 and downgrades Exxon Mobil
Wells Fargo analyst Sam Margolin upgraded BP to Overweight, increasing the price target from $48 to $57 and highlighting the company's accelerated debt reduction and resource development. The bank also downgraded Exxon Mobil to Equal Weight while keeping its $182 target. The upgrade coincided with a 1.1% rise in BP shares.
Why it matters
Wells Fargo expects BP's progress toward its $14 billion debt reduction goal to give the company more capital‑allocation flexibility, which could support higher earnings and dividend sustainability. The downgrade of Exxon suggests a relative shift in analyst preference within the energy sector.
Key facts
- 1Wells Fargo raised BP's price target from $48 to $57. investing.com
- 2The upgrade moved BP from Equal Weight to Overweight. investing.com
- 3BP's current share price was $43.99. investing.com
- 4BP shares rose 1.1% after the upgrade. gurufocus.com
- 5Wells Fargo downgraded Exxon Mobil to Equal Weight, keeping its price target at $182. investing.com
- 6Wells Fargo cited BP's $14 billion debt reduction target as a key factor. asktraders.com
Open questions
- BP dividend yield is reported as 4.68% (material 1) and 4.52% (material 2).
- BP current price is given as $43.99 (material 1) and $44.40 (material 2).
Summary written by AlphAI from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.