BP Shares Expected to Hit $41 as Analyst Remains Bullish

BP’s (NYSE: BP) (LON: BP.) ADRs could climb to their highest level since 2023 despite a slight adjustment to forecasts, as analysts remain broadly constructive on the oil major’s outlook.

Scotiabank has trimmed its price target on BP’s American depositary receipts to $41 from $43 but kept an Outperform rating, saying it is refreshing assumptions across the U.S. integrated oil, refining and large-cap exploration and production sector.

The bank expects BP’s upcoming quarterly earnings to be straightforward, noting the absence of major winter weather disruptions that often complicate reporting periods.

Looking ahead, Scotiabank said investor attention is shifting to whether recent market volatility could prompt changes to BP’s 2026 guidance and whether exploration and production companies will consider new cost-saving measures.

Last year, when Scotiabank upgraded BP to Outperform, analyst Paul Cheng told investors that the Bumerangue block discovery offshore Brazil “single-handedly changed the longer-term trajectory” of the company's upstream portfolio.

He highlighted the size of the discovery and its attractive fiscal terms, noting that BP was the sole bidder on the block in the Brazilian government's 2022 auction round. BP owns 100% of the Bumerangue block.

Meanwhile, other analysts have also adjusted their views but remain positive overall. On Friday, Berenberg’s Henry Tarr cut his price target on BP’s London-listed stock to 520p from 525p while reiterating a Buy rating.

Data from TradingView indicate a broadly balanced analyst stance: of 34 analysts covering BP, 13 rate the shares a buy, 19 recommend holding, and two have sell ratings.