Wells Fargo upgrades BP stock to Overweight on debt progress

Published on 10/02/2026 at 14:55 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

BP paid USD 0.0866 per ordinary share for the second quarter. BP stock costs EUR 6.52 on October 2, 2026 after EUR 6.59, minus 1.06 percent.

Aquarellmalerei der Londoner Skyline mit St. Paul's Cathedral in zarten Pastell-Abenddüften — BP plc GB0007980591 mit Londoner Heimatstadt – St. Paul's Cathedral in weichen Pastellfarben gemalt, Illustration mit AI erstellt.

BP (ISIN GB0007980591) was trading at EUR 6.52 at Lang & Schwarz on October 2, 2026 at 2:39 p.m. CEST, down 1.06 percent from the EUR 6.59 prior close. The latest company-specific catalyst came from Wells Fargo, which upgraded BP from Equal Weight to Overweight and raised its price target from USD 48 to USD 57 on October 1, 2026, according to Investing.com.

Debt progress drives the upgrade

Wells Fargo linked its more constructive stance to BP's progress toward a USD 14.00 billion debt target. The bank also cited commodity and trading conditions supported by volatility and spreads, while identifying capital allocation flexibility for resource development in Brazil, Iraq and the United States, Investing.com reported.

The target increase from USD 48 to USD 57 represents an 18.75 percent increase calculated against the former target. That comparison matters because the upgrade combines a valuation argument with a balance-sheet argument rather than relying on a single commodity-price assumption.

Dividend keeps shareholder returns visible

BP reported a second-quarter 2026 interim dividend of USD 0.0866 per ordinary share, with the sterling cash payment set at 6.4059 pence per share and payment scheduled for September 18, 2026, according to StockTitan. The dividend provides a concrete return measure alongside the debt-reduction narrative.

MarketBeat lists 10 Buy ratings and one Hold among 11 analysts, with an average target of GBp 605, as of September 30, 2026. Its recent table also shows JPMorgan moving from Neutral to Overweight and raising its target from GBp 550 to GBp 675 on September 23, 2026, MarketBeat reported.

BP stock stays within its yearly range

BP is listed on the London Stock Exchange under ticker BP, according to TechGraph. The primary-exchange quote was GBp 554.00 on October 2, 2026, while the 52-week range was GBp 399.35 to GBp 609.40 and market capitalization was GBP 85.6 billion. The separate euro quote from Lang & Schwarz therefore remains the relevant German-market reference for the daily move.

Debt target remains the key measure

At Lang & Schwarz, BP was trading at EUR 6.52 on October 2, 2026 at 2:39 p.m. CEST, minus 1.06 percent versus the prior close of EUR 6.59 on October 1, 2026. The further course of trading is shown by the continuously updated real-time quote of BP stock.