Directors dealings: New BP non-exec picks up shares near multi-year highs
Recently-appointed BP non-executive director Nils Smedegaard Anderse and his spouse purchased 22,145 shares on the open market at a price of 514p on 5 January, the company said in a statement.
BP
523.10p
17:15 23/04/24
FTSE 100
8,044.81
16:49 23/04/24
FTSE 350
4,424.29
16:59 23/04/24
FTSE All-Share
4,378.75
17:14 23/04/24
Oil & Gas Producers
9,616.82
16:59 23/04/24
Two days before, the company's shares notched a 52-week high a tad above 519.3p which was also just below multi-year highs towards 525p.
A forthight earlier, on 22 December, analysts at Credit Suisse upped their target price on the shares from 500p to 530p to reflect recent changes to the company's asset portfolio.
The Swiss broker gave credence to BP management's claim that the terms of the 10% stake taken in ADCO, three days beforehand, had been agreed on a "more acceptable" basis than when negotiations with Abu Dhabi had begun two years ago.
BP's decision to invest in Mauritania and Senegal also provided an "attractive" price into a potentially low cost scalable LNG play longer-term.
"The increase in the TP reflects greater comfort in the longer term. We see BP generating a ROACE of ~9.5% at Brent $65/bbl by 2022. Our TP of 530p, derived of our DCF and comparative multiple, implies an EV/DACF of ~6.5x on mid-cycle CF. At Total's DY, BP's shares would be ~600p," Credit Suisse analyst Thomas Adolff said in the same research report.
Mr. Smedegaard joined the oil major's Audit Committee on 1 November, 2016.
Top Director Buys
Bp (BP.)
Director name: Andersen,Nils Smedegaard
Amount purchased: 22,145 @ 514.40p
Value: £113,913.88
Next (NXT)
Director name: Barber,Steve
Amount purchased: 2,500 @ 4,101.00p
Value: £102,525.00
Pantheon Resources (PANR)
Director name: Gobe,Phillip Anthony
Amount purchased: 37,500 @ 89.00p
Value: £33,375.00
Mercom Capital (MCC)
Director name: Tranié,Jean-Pascal
Amount purchased: 60,000 @ 50.00p
Value: £30,000.00
Mercom Capital (MCC)
Director name: Simonsen,Felipe
Amount purchased: 18,000 @ 50.00p
Value: £9,000.00
Jarvis Securities (JIM)
Director name: Head ,Jolyon Christopher
Amount purchased: 2,000 @ 342.00p
Value: £6,840.00
Temple Bar Inv Trust (TMPL)
Director name: Jewson,Richard Wilson
Amount purchased: 20 @ 1,236.00p
Value: £247.20
Mj Gleeson (GLE)
Director name: Harrison,Jolyon
Amount purchased: 38 @ 535.00p
Value: £203.30
Mj Gleeson (GLE)
Director name: Allanson ,Stefan
Amount purchased: 38 @ 535.00p
Value: £203.30
Countrywide (CWD)
Director name: Platt,Alison
Amount purchased: 82 @ 184.15p
Value: £151.00
Countrywide (CWD)
Director name: Clarke,Jim
Amount purchased: 82 @ 184.15p
Value: £151.00
Stagecoach Group (SGC)
Director name: Paterson,Ross
Amount purchased: 68 @ 218.39p
Value: £148.51
Stagecoach Group (SGC)
Director name: Griffiths,Martin Andrew
Amount purchased: 68 @ 218.39p
Value: £148.51
Primary Health Properties (PHP)
Director name: Hyman,Harry Abraham
Amount purchased: 88 @ 110.63p
Value: £97.35
Top Director Sells
Udg Healthcare Public Limited Company (UDG)
Director name: Ralph,Alan
Amount sold: 28,499 @ € 6.70
Value: € 167,450.05