Bharat Petroleum Corporation Ltd.’s Shares surged almost 5% on Friday, February 16, to a year-high as analysts upgraded the stock to a “buy” rating, implying a 36% upside from present levels. In response to analyst increases in target prices, Indian Oil Corporation and Hindustan Petroleum Corporation Ltd. (HPCL), two other PSUs involved in oil marketing, saw gains of up to 3%.
According to a report, stockbroker Jefferies increased the target price for BPCL from ₹415 per share to ₹890 per share and upgraded the stock from ₹underperform’ previously. With respect to the current trading levels, the new target price represents a potential upside of 36%.
Indian Oil Corporation (IOC) received a “hold” rating from the firm, but not before increasing the target price to ₹215 per share from ₹135 per share. The target price suggests a 13% possible increase from Thursday’s closing price. The firm upgraded its target price for HPCL from ₹330 to ₹550 per share, indicating a possible 4% decline from Thursday’s finish, but nevertheless gave the company a “underperform” rating.
On the BSE on Friday, BPCL shares reached a new all-time high of ₹687.65 per share. Following 17 organizations’ block purchase of ₹399 crore worth of shares in the oil marketer, the stock also reached a 52-week high on Thursday.
At 9.48 AM on the BSE, BPCL shares were 2.85% higher at ₹671.05 a share. Shares of IOC traded 0.74% higher at ₹191.30, while shares of HPCL gained 0.67% to ₹578.80.