BP Shares Rise After Freedom Broker Upgrades Stock to Hold

BP (LON: BP) shares climbed on Thursday after Freedom Broker analyst Sergey Pigarev upgraded the oil major to “Hold” from “Sell,” lifting his price target to $43 from $39.

The stock traded up around 0.9%, changing hands near 519.7p, gaining roughly 4.8p on the day.

Pigarev’s upgrade comes as Freedom Broker points to BP’s second-quarter results as a key catalyst, describing the report as “strong” and signalling improved confidence in the company’s near-term trajectory. The revised price target reflects a more constructive view of BP’s earnings power heading into the second half of the year.

Beyond the quarterly numbers, the analyst cited two external factors reshaping the energy landscape in BP’s favour.

First, the prolonged conflict in the Middle East continues to inject volatility and support into crude prices, a dynamic that tends to benefit integrated oil producers with significant upstream exposure.

Second, the loss of refining capacity in Russia—stemming from ongoing disruptions and sanctions-related pressures—has tightened global refining margins, an environment that can boost profitability for companies like BP with diversified downstream operations.

Together, these factors have shifted the risk-reward balance enough to move Freedom Broker off its previous bearish stance, though the firm stops short of a bullish “Buy” recommendation, opting instead for a neutral “Hold.”

The upgrade adds to a mixed but improving narrative around BP this year, as the company works through its strategic reset while navigating a volatile geopolitical backdrop affecting global energy supply. Investors will continue watching for further analyst commentary as BP’s operational performance and capital discipline remain under close scrutiny following recent management changes and strategic direction updates.