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BP (LSE: BP.) shares have always swung in time with the oil price. So with Brent crude dipping to $68 a barrel in recent days, it’s no real shock to see the BP share price drifting too.
Over the last 12 months, the FTSE 100 stock has slid more than 12%. Even with a trailing yield of around 6%, investors would still be in the red.
The company is under pressure from just about every direction right now. US activist fund Elliott recently slammed its “chronic underperformance” and stepped up its campaign for a strategic reset and “decisive and effective leadership” to get BP back on track.
That came as BP named Albert Manifold, the former CRH boss, as its new chairman. His appointment has sparked speculation that the oil giant could one day follow CRH’s example and shift its listing from London to New York, although CEO Murray Auchincloss insists that isn’t on the…
