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As oil prices advance; where to for the share prices of BP plc, Tullow Oil Plc and BG Group plc?
- Details
- Category: Financials
- Published on Thursday, 07 June 2012 09:14
- Written by Will Peters
Oil advanced for a fourth day in New York as policy makers in the US and Europe indicted they may take steps to boost their economies and Iran signalled it will take a hard line in nuclear talks.
This morning in London both brent and WTI are however taking a breather, but still looking as though they have cracked their downtrend's.
This has seen the FTSE 100s key oil players advance, but where are the brokers placing their target price's?
Looking at BP plc (LON:BP), we see Societe Generale have maintained their Hold rating on the stock, setting a target price at 440.
Investec are a little more optimistic on BP, maintaining their Buy rating, which comes with a target set at 495.
Tullow Oil plc (LON:TLW) is a Hold with Renaissance Capital, target at 1450.
Latest news on the Tullow front is that the company's Paon-1X exploration well offshore Cote d'Ivoire has found good quality light oil in a Turonian fan system, the oil and gas company announced on Thursday morning.
Tullow owns a 45% interest in the well and has encountered 31 metres of net oil pay in a gross interval of 74 metres of turbidite sands.
BG Group plc (LON:BG) is a Buy with Alphavalue, the specialist research firm has a target price set at 1523.
Jefferies are more helpful on the oil major, maintaining their Buy rating but attaching a target of 2000 on the stock.
Latest on The Economy News
- HSBC Holdings plc: HSBA shares hit lower as investors persist with a now 6 pct correction from 4.5 year highs
- EMED Mining Public Limited and Chariot Oil & Gas Limited: Two stocks forecasted to head in opposite directions
- Outlook for Sirius Minerals PLC and XCITE ENERGY LIMITED suggest short-term price action will be biased to the downside
- Outlook for the Australian dollar dealt a blow as Goldman Sachs forecasts further declines; technical charts firmly against the AUD
- Outlook for the Euro boosted further as German Gfk index rises unexpectedly; technical traders say 1.3 level will be critical to further direction
- Outlook for the British Pound Sterling: GBP/AUD breaks resistance, GBP/EUR and GBP/USD pairs facing technically bearish price-chart action
- Outlook: Pound euro exchange rate forecasted to end week in the red; Should GBP be putting in a better performance against the EUR?
