10 Best UK Stocks to Invest in Now

5) BP p.l.c. (NYSE:BP)

Number of Hedge Fund Holders: 38

Headquartered in London, the United Kingdom, BP p.l.c. (NYSE:BP) offers carbon products and services. It operates through Gas & Low Carbon Energy, Oil Production & Operations, and Customer & Product segments.

BP p.l.c. (NYSE:BP)’s long-term growth trajectory is expected to be aided by a diversified energy portfolio and healthy brand recognition. The company continues to work on repositioning itself for future growth. It has a strong focus on returns and is diligently identifying new growth engines to drive its performance over the upcoming years. BP p.l.c. (NYSE:BP)’s shale business, BPX, is expected to be a significant contributor to its growth up to 2030. The shale sector’s capability to adjust production levels according to market conditions might offer the company valuable flexibility amidst the volatile energy market.

BP p.l.c. (NYSE:BP)’s investments in renewable energy and low-carbon technologies place it well to capitalize on the global energy transition. The company plans to update its mid-term strategy in February 2025, laying emphasis on cash flow generation and exploring organic acquisition opportunities. BP p.l.c. (NYSE:BP) has been refining its portfolio and continues to target significant cost savings moving forward. The company is confident in achieving a minimum of $2 billion of cash cost savings by 2026-end relative to 2023.

For 2024, in its Customers business, BP p.l.c. (NYSE:BP) is expecting growth from convenience, which includes a full-year contribution from TravelCenters of America, a healthier contribution from Castrol supported by volume growth in focus markets, and continued margin growth from BP pulse as a result of higher energy sold. Moreover, BP p.l.c. (NYSE:BP) continues to expect fuel margins to remain sensitive to the cost of supply.

As per Wall Street analysts, the shares of BP p.l.c. (NYSE:BP) have an average price target of $38.00.