BP Price Target Up as Berenberg Highlights 'Strong' Q3 Results, Balance Sheet Improvement

06:26 AM EST, 11/02/2026 (MT Newswires) -- Berenberg lifted its price target for BP (BP.L) as it highlighted the oil and gas major's "strong" third-quarter results and substantial progress in bolstering its balance sheet. The price target was bumped up to 7.20 pounds sterling from 7.15 pounds, while the buy recommendation on the stock was retained, according to a Monday note. "Material progress is now being made on improving the balance sheet, and net debt is already below the low end of its previous target of $14bn-18bn (pre-leases). Management highlighted, however, that it remains above peers on a broader leverage ratio when taking hybrids and the Gulf of America settlement into account. To move back to the middle of the peer range on this metric would require a further ~$15bn of debt reduction on our estimates," analysts said. "Much of this could be done in Q4, though this suggests that deleveraging, rather than an imminent return to buybacks, may remain the near-term focus through the strategy day scheduled for December." With this in mind, the research firm also revised its forecasts for the company, including increasing the adjusted EPS estimates by 9% for 2026, 4.2% for 2027 and 6.2% for 2028.