BP p.l.c. shares rose between 1% and 1.96% in London trading on Thursday. Zacks Research upgraded the energy giant to a Strong Buy rating from its previous Hold status. The stock move follows a quarterly earnings report that surpassed analyst expectations.
Potential growth from drilling operations in Uzbekistan and asset interest support the upgraded outlook. Investor sentiment also benefited from Brent crude prices maintaining levels above $100 per barrel.
An ongoing labor dispute at the Whiting refinery remains a primary risk factor for the company.