Energy company BP (NYSE:BP) recently scaled back its BP Pulse electric vehicle charging unit as it slashed over 10% of its workforce. According to Reuters, this was due to slower-than-anticipated growth in commercial electric vehicle fleets. As a result, shares are slightly down in today’s trading.
The company also reduced its operational footprint from 12 countries to just four – the U.S., U.K., Germany, and China – as it focuses on markets where it sees the most potential. This shift led to over 100 jobs being cut, although most employees were reassigned within the company.
Despite these changes, BP maintains its commitment to expanding its presence in the EV sector. The company clarified that its overall ambitions haven’t changed and that these recent adjustments are intended to improve the execution of its goals.
Is BP a Buy, Hold, or Sell?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on BP stock based on six Buys, three Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. After a 12% year-to-date rally, the average BP price target of $38.01 per share implies 3.6% downside risk.
