BP downgraded to underweight by JPMorgan

BP
BP,
+1.32%
was downgraded to underweight from neutral at JPMorgan, which cut its target price by 11% to 550 pence.  “This year is revealing BP’s cashflows as increasingly leveraged to wider standard deviation variables – notably trading and working cap. The second order has emerged as a weakening risk/reward on future cash return (60% surplus cash), particularly as volatility moderates across parts of the energy complex,” said the analysts, who also warned of a more clearing of the decks in renewables when there’s a new CEO. The firm said it prefers Shell
SHEL,
+1.04%,
TotalEnergies
TTE,
+0.08%
and Eni
ENI,
+0.66%.