European oil companies are attracting US investors who view them as cheap compared with the likes of ExxonMobil and Chevron after a furious rally in American energy stocks.
The valuation gap between European and US supermajors is luring investors who don’t usually invest in Europe. London-listed BP recently became the second-largest holding at BlackRock’s $19bn US equity dividend fund, for example.
The trend comes as some European fund managers avoid oil companies on environmental grounds.
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