BP stock tested a horizontal breakout on November 22, 2022, after a Citi analyst upgraded the stock to a Buy rating.
BP upgraded to Buy from Neutral at Citi
Alastair Syme, a Citi analyst, raised BP’s rating from Neutral to Buy on November 22, 2022, with a 540 GBp price target. According to the analyst, there is still time for the market rotation into energy stocks. According to Syme energy equities typically perform well in an earnings recession, which is Citi’s base case for 2023. Because of its underlying growth and favorable valuation, he thinks BP has the potential to stand out.
BP Stock Technical Analysis
BP stock is in a technical strong uptrend. Long-term indicators suggest a continuation of the uptrend. The stock broke a major horizontal resistance level on November 22, 2022.
Saudis deny report of talks on production hike, Bloomberg says
The Wall Street Journal reported on November 21, 2022, that OPEC was planning to discuss increasing output by up to 500,000 barrels per day at their meeting on December 4, 2022. Saudi Arabia denied discussing an increase in oil production for the OPEC meeting next month, Bloomberg reported hours later. Bloomberg reports the Saudis say they are prepared to implement additional cuts if necessary.