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.