BP is a standout in an oil sector that on fundamentals has appeal, according to analysts at Barclays.
Sticking with a share price target of 1000p or double the current market level, the group's unfashionable focus on oil production and cost-cutting are likely to be the catalysts for a share price rally, said analysts at the UK bank
“We continue to see significant value in bp shares as the group adds higher-margin upstream volumes and starts to deliver additional profitability from the low-carbon business.
“The new ambition on costs is both welcome and much needed as the management team aim to close the perception gap.”
'Outperform' is the rating on the shares.
Sahres were down 1.6% at 495p.