SocGen upgrades BP to 'buy'

In parallel, strong growth in volumes, earnings and a seven-fold rise in cash-flows had de-risked the oil major's 2021 cash-flow targets, they said, in turn raising "confidence in its capacity to grow shareholder distribution".

And there was still room for the roughly 6% sustainable dividend yield to grow, they said.

Furthermore, the shares were trading at an approximately 7% discount versus competitor Shell in terms of its EV/DACF multiple, according to SocGen.

"This is a high quality undervalued stock, hit by the oil price correction to $64/bbl, but whose portfolio has been reset for material free cash generation at $55/bbl."