BP has put its long-standing North Sea oil and gas business up for sale after more than 60 years in the region. The decision was announced alongside fresh second-quarter results, updated production guidance, and a higher interim dividend. BP's shares have returned 18.68% year to date and 28.73% over the past year, though the stock still trades below the average analyst target and some intrinsic value estimates. A widely followed narrative places fair value at £5.94, compared with a last close of £5.20, suggesting the shares are undervalued. However, BP trades on a price-to-earnings ratio of 19.9 times, above the peer average of 10.6 times and the wider European oil and gas group average of 14.1 times, raising questions about whether the share price already reflects much of the positive news.
BP PLCBP announces sale of North Sea business alongside Q2 results, guidance, and dividend increase; stock trades below analyst target but at premium P/E, leaving mixed impact.
