NEW YORK (TheStreet) -- Shares of BP (BP) - Get Reportclosed higher by 2.07% to $35.51 as the London-based oil and gas company was upgraded earlier today to "overweight" from "equal weight" at Morgan Stanley.
This rating upgrade follows U.S. crude's best gains in two months on Wednesday, climbing more than 4% in a post-Brexit rebound.
"Crude futures are heading higher ... as prices attempt to join global equity markets in the effort to recover from two days of Brexit-induced selling," Robbie Fraser, commodity analyst at Schneider Electric, wrote in a note.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate BP PLC as a Hold with a ratings score of C. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, poor profit margins and disappointing return on equity.