BP (NYSE:BP) Wins Buy Rating as Strategy Shifts Back to Oil and Gas Priorities

BP p.l.c. (NYSE:BP) ranks among the best stocks to buy for retirement. On August 20, Melius Research began coverage of BP p.l.c. (NYSE:BP) with a Buy rating and a $66 price target. The firm’s update coincides with BP’s return to its oil and gas priorities following what Melius called “operational missteps and an aggressive push into clean energy.”

Melius claims that as part of its operational changes, BP’s updated strategy places more emphasis on responsible capital allocation.

Furthermore, on August 14, Scotiabank highlighted how the Bumerangue Block discovery might influence the company’s upstream operations. According to the firm, the discovery “could transform the company’s long-term upstream profile, addressing one of investors’ biggest concerns.”

BP p.l.c. (NYSE:BP) is an integrated oil and gas firm offers carbon-related goods and services. Its operations are separated into three segments: Customers and Products, Oil Production and Operations, and Gas and Low Carbon Energy.

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Disclosure: None. This article is originally published at Insider Monkey.