-- BP (BP.L) logged solid results in the first quarter, Berenberg said, as it kept its buy rating and 7 pounds sterling price target on the British oil company unchanged.
"Management emphasised the ongoing focus on debt reduction, operational efficiency and capital discipline, and we continue to expect strong FCF generation and a rapid improvement in the balance sheet through the remainder of 2026 to drive enhanced shareholder value and outperformance versus peers," according to a Wednesday note.
The research firm noted that the company's first-quarter oil earnings surpassed estimates by 20%, thanks to "exceptional oil trading" and stronger underlying cash flow, among others.
Looking ahead, Berenberg raised its adjusted EPS forecasts for BP by 2.1% in 2026 and by 0.6% in 2028. The estimate for 2027 was cut 1.2%.