BP Stock Alerts:
U.K. stocks rose for a second day, led by banks, amid speculation the stress tests for European lenders will be less severe than forecast.
Barclays Plc and Royal Bank of Scotland Group Plc led financial shares higher. J Sainsbury Plc climbed 4.9 percent amid newspaper speculation that the Qatar Investment Authority may be renewing its interest in acquiring the U.K.’s third- largest supermarket owner. BP Plc gained 4.8 percent.(via businessweek.com)
BP surged 4.8 percent to 362.05 pence amid speculation sovereign funds in the Middle East may invest in the oil company. Chief Executive Officer Tony Hayward, who held a meeting with Abu Dhabi’s crown prince today, may seek support from the Middle East after the Gulf of Mexico oil spill eroded BP’s share price by more than 50 percent, according to Saud Masud, the Dubai-based head of Middle East research at UBS AG.
Oil breaks 6-session losing streak with 2.9% rise
Crude oil for August delivery settled up $2.09, or 2.9%, at $74.07 on Wednesday, its first close above $74 in a week. The rise snapped a six-session losing streak that mirrored weak economic data and a similar streak in the U.S. equity market. Natural gas for August delivery fell 2.5%, or about 12 cents, to settle at $4.57 per million British thermal units, on lower-than-expected demand amid a heat wave in the Northeast.(via marketwatch.com)
BP PLC launches search for strategic investor: full report
Sunday, July 4, 2010
Read the full article in marketwatch
Oil major BP has launched a search for a strategic investor to help secure its independence as it moves to defend itself against potential takeover bids, according to the Sunday Times.
The company's advisers are trying to drum up interest among rival oil groups and sovereign wealth funds to take a stake of between 5% and 10% at a cost of up to GBP6 billion, the paper says, without citing sources.
Oil major BP has launched a search for a strategic investor to help secure its independence as it moves to defend itself against potential takeover bids, according to the Sunday Times.
The company's advisers are trying to drum up interest among rival oil groups and sovereign wealth funds to take a stake of between 5% and 10% at a cost of up to GBP6 billion, the paper says, without citing sources.
Buy rating on BP shares and the spillover effect
Friday, July 2, 2010
BP's U.S. shares slipped 16 cents to $29.23 in midday trading Friday but still show a gain of 8 percent for the week.
Fox News Poll: A new poll released Friday by Fox News shows that few voters -- less than one in four -- think the federal government (24 percent) and BP (23 percent) are doing everything possible to combat the oil spill.
CNOOC is understood to have expressed interest in buying the 60 per cent stake held by BP in Pan American Energy, Argentina’s oil and gas group.
Buy rating on BP shares, but lowering our target price from $49 to $41 to reflect a higher level of exposure to oil-spill-related costs and liabilities.
Fox News Poll: A new poll released Friday by Fox News shows that few voters -- less than one in four -- think the federal government (24 percent) and BP (23 percent) are doing everything possible to combat the oil spill.
CNOOC is understood to have expressed interest in buying the 60 per cent stake held by BP in Pan American Energy, Argentina’s oil and gas group.
Buy rating on BP shares, but lowering our target price from $49 to $41 to reflect a higher level of exposure to oil-spill-related costs and liabilities.
BP Shares continue to fall, BP OIL may be acquired
Thursday, July 1, 2010
BP stock news: BP is in talks to raise about $5 billion in short-term loans from banks to help finance liabilities arising from the oil spill in the Gulf of Mexico, the Financial Times newspaper reported Thursday. By the end of last week BP had already raised around $20 billion in cash and credit to tackle costs from the spill, according to the report.
BP PLC is seeking as much as $5 billion in additional funding to deal with growing liabilities stemming from the Gulf of Mexico oil spill, according to sources familiar with the situation.
RBS analyst David Cline said that BP's updates on drilling a relief well suggest that it is ahead of schedule and could intersect the broken well by next week.
If BP's stock dropped below $30 a share, it would become an attractive takeover target.
JPMorgan analyst Fred Lucas said Tuesday that BP could be worth 473 pence a share to a potential buyer, such as U.S. oil giant Exxon Mobil Corp. (XOM)--a hefty premium to BP's current share price. "The market has lost sight of the intrinsic value that is resident in an asset-rich company like BP," Lucas said.
BP PLC is seeking as much as $5 billion in additional funding to deal with growing liabilities stemming from the Gulf of Mexico oil spill, according to sources familiar with the situation.
RBS analyst David Cline said that BP's updates on drilling a relief well suggest that it is ahead of schedule and could intersect the broken well by next week.
If BP's stock dropped below $30 a share, it would become an attractive takeover target.
JPMorgan analyst Fred Lucas said Tuesday that BP could be worth 473 pence a share to a potential buyer, such as U.S. oil giant Exxon Mobil Corp. (XOM)--a hefty premium to BP's current share price. "The market has lost sight of the intrinsic value that is resident in an asset-rich company like BP," Lucas said.
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