BP UK:BPBP was downgraded to underweight from neutral at JPMorgan, following the oil major’s third-quarter results. “This year is revealing BP’s cashflows as increasingly leveraged to wider standard deviation variables – notably trading and working cap,” said analysts led by Christyan Malek. Its price target was cut to 550 pence ($40.02 per U.S. listed share) from 615 pence, and the analysts said they have a clear preference for Shell SHEL and TotalEnergies TTE. The analysts also say there’s the potential for further, renewables-led clearing of the decks, as well as the risk the fourth-quarter buyback may be scaled down to $1 billion.

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