HSBC Turns Bullish on BP, Shell and TotalEnergies

HSBC issued a research note on Friday, upgrading its rating on BP (LON: BP.), raising its price target on Shell plc (LON: SHEL) and upgrading its rating on TotalEnergies (TTE). All three are among Europe’s largest integrated oil and gas producers, spanning exploration, refining and fuel retail.

The upgrade to BP’s rating was the headline change in the note, marking a shift in HSBC’s view of the FTSE 100 energy group. Shell, London’s largest listed energy company, saw its price target raised, a signal that HSBC expects the shares to have further room to rise from current levels.

HSBC also upgraded its rating on TotalEnergies, the Paris-listed major, in the same note, moving in the same direction across all three companies rather than singling out one.

HSBC moved BP, Shell and TotalEnergies in the same note, upgrading two ratings and raising one price target.

HSBC did not disclose the exact price target or rating levels applied, and no rationale beyond the changes themselves was given.