TD Cowen raises target for BP stock from USD 47 to USD 49

Published on 10/23/2026 at 10:12 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

BP guides third-quarter net debt to USD 13.5-14.5 billion ahead of the October 30 release. BP stock costs EUR 7.47 on October 23, 2026.

Target changes and operating signals

TD Cowen raised its BP target to USD 49.00 from USD 47.00 on October 20, 2026.
BP expects third-quarter upstream production of 2,190 to 2,240 mboe/d against 2,201 mboe/d in the second quarter.
BP stock trades at EUR 7.47 at 10:05 a.m. CEST at Lang & Schwarz on October 23, 2026.

Draufsicht auf Stahltisch mit Pipeline-Ventil, gelbem Schutzhelm, Schaltplan und Stoppuhr — BP plc GB0007980591 dokumentiert im Industrie-Flatlay Pipeline-Ventil, gelben Schutzhelm, technischen Schaltplan und Stoppuhr, Illustration mit AI erstellt.

BP (ISIN GB0007980591) was trading at EUR 7.47 at Lang & Schwarz on October 23, 2026 at 10:05 a.m. CEST. According to Investing.com on October 20, 2026, TD Cowen raised its BP price target from USD 47.00 to USD 49.00 while keeping a Hold rating. The next test is whether BP can convert its operating guidance into lower debt and better earnings.

What changed in the outlook?

BP's trading statement dated October 13, 2026 expects third-quarter upstream production of 2,190 to 2,240 million barrels of oil equivalent per day, compared with 2,201 million barrels of oil equivalent per day in the second quarter. The gas and low carbon energy segment is expected at 775 to 795 million barrels of oil equivalent per day, versus 765 million in the prior quarter.

The statement also guides refining margins of USD 1.9 billion to USD 2.1 billion and throughput of 1.375 million to 1.405 million barrels per day, against 1.467 million barrels per day in the second quarter. BP expects post-tax adjusting items of USD 3.0 billion to USD 4.5 billion, primarily from impairments in transition businesses.

Three signals since October 5

On October 5, 2026, Investing.com reported that Mizuho raised its target from USD 53.00 to USD 56.00 and kept an Outperform rating. On October 13, BP published its third-quarter trading statement with the production, margin and debt guidance. On October 20, TD Cowen lifted its target from USD 47.00 to USD 49.00, citing stronger earnings expectations.

What dates matter next?

BP scheduled its third-quarter 2026 results for October 30, 2026. The company also scheduled a strategy and outlook update for December 15, 2026, in New York City. These dates give investors a defined sequence for testing the guidance before the longer-term strategy update.

Debt is the key test

BP expects third-quarter net debt of USD 13.5 billion to USD 14.5 billion, compared with USD 22.3 billion in the second quarter. The forecast includes the redemption of USD 1.0 billion of hybrid securities on September 30, 2026 and a working-capital release of USD 0 billion to USD 1.0 billion. The debt reduction is material, but the planned impairment range makes the quality of the improvement important.

BP price holds the market context

BP's primary listing is on the NYSE, where the stock was last quoted at USD 50.05 on October 22, 2026 at 4:00 p.m. ET. Its 52-week range was USD 33.22 to USD 50.42 on that quote date, placing the US listing near the upper end of its annual range.

The euro quotation from Lang & Schwarz was EUR 7.47 on October 23, 2026 at 10:05 a.m. CEST. The further course of trading is shown by the continuously updated real-time quote of BP stock.