Posted 11/1/2023, 11:30:42 AM
BP Hit with Rare Underweight Rating by JPMorgan After Weak Earnings and Leadership Uncertainty
- BP downgraded to underweight from neutral by JPMorgan, making it the only "big five" oil major with a sell rating
- Comes after BP's "substantial" Q3 earnings miss and "unattractive" valuation per JPMorgan
- BP shares fell to two-month low, extending previous day's 4.6% drop after weak Q3 results
- First sell rating for BP since April; analyst has "clear preference" for Shell and TotalEnergies
- BP dealing with loss of executives, strategy uncertainty after surprise CEO departure in September
