NewRatings.com: Switch Into BP From Royal Dutch Shell: “Smith Barney advises switching into BP out of Royal Dutch Shell following 2Q earnings from the latter. Says the figures are below consensus in all divisions except Oil Products. Although the dividend meets expectations, it is "disappointing versus BP”: Monday 1 August 2005

Monday, August 01, 2005

Dow Jones Newswires

0941 GMT [Dow Jones] Smith Barney advises switching into BP (BP.ISE) out of Royal Dutch Shell (RDSA/RDSB) following 2Q earnings from the latter. Says the figures are below consensus in all divisions except Oil Products. Although the dividend meets expectations, it is "disappointing versus BP." Cuts 05 and 06 EPS forecasts by 5% and 4% respectively to $0.0297 and $0.0235 due to higher costs and capex and lower chemicals expectations. Keeps 1,578p, 1,618p target prices, and neutral stance. RDSA +1.5% at 1,773p and RDSB +1.3% at 1,829p respectively. BP +0.2% at 630.5p. (PBA)

http://www.newratings.com/analyst_news/article_946589.html

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