BP p.l.c. (BP) Price Target Raised Amid the Middle East War

BP p.l.c. (NYSE:BP) is among the 14 Best Oil and Gas Dividend Stocks to Buy Right Now.

BP p.l.c. (NYSE:BP) is a British multinational company recognized worldwide for quality gasoline, transport fuels, chemicals, and alternative sources of energy such as wind and biofuels.

On March 2, Citi analyst Alastair Syme raised the firm’s price target on BP p.l.c. (NYSE:BP) from £525 to £540, while maintaining a ‘Buy’ rating on the shares. The revised target, which indicates an upside of over 10% from the current levels, comes as the analyst firm sees ‘strong valuation support’ for global energy names due to the ongoing war in the Middle East.

The conflict has led to Iran retaliating by blocking the Strait of Hormuz, which handles around a fifth of the global oil and LNG supply. According to recent estimates, a prolonged closure of the ever-important waterway could lift oil prices to even over $100 per barrel. As a result, Citi increased its price targets across the global integrated oil and gas group.

BP p.l.c. (NYSE:BP) was also recently included in our list of the 14 Best LNG Stocks to Buy Now.

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