BP hits 52-week high
—We see this stock trading much higher in 2010 14 January 2010; market closed (The previous issue was broadcast on 1/7/10)
Preemptive Profit-Positioning: BP P.L.C. (BP NYSE): $61.72 X $61.76 On 29 October 2008, I announced a preemptive buy-signal on BP P.L.C. (BP) at the $48.64 per share level. BP is becoming a portfolio stalwart that should continue to provide very solid gains over the next several quarters. The company’s shares reached a new 52-week high of $61.98 during yesterday’s trading and are now up approximately 27% since our buy-recommendation. We particularly like BP’s expanding presence in the Gulf of Mexico where, just a few short months ago, the company announced a major oil discovery after drilling one of the deepest offshore wells in history. The Tiber well, of which BP holds a 62% working interest in the block, was drilled to a total depth of over 35,000 feet. A company spokesman has stated that this new find should be bigger than the company’s already massive Kaskida (Gulf of Mexico) discovery, which has over 3 billion barrels of oil in place. There should be plenty of exciting news on this new discovery in 2010 – plus the company is scheduled to continue with phase two of its Atlantis North project (situated in the 3rd largest oil field in the gulf), and BP further plans to drill another deep appraisal well at its giant Kaskida discovery later this year. Maintain open BP P.L.C. (BP) positions; there is no protective sell-stop in place on this trade. This publication is based exclusively on information generally available to the public and does not contain any material, non-public information. Information is obtained from sources believed to be reliable, but the information cannot be guaranteed as to its accuracy or completeness. The author is not, and does not purport to be, a registered investment adviser and does not accept compensation from publicly traded companies in return for his commentary. The objective of this newsletter is to present Situational Analysis and to provide progressive implementation of the author’s proprietary Situational Strategy Templates. No statement or expression of opinion, or any other matter herein, directly or indirectly, shall be construed as an offer to sell or the solicitation of an offer to buy the securities mentioned. Readers should not view this publication as offering personalized investment advice, and must individually determine the suitability of investments discussed for inclusion in their own portfolio. Past performance does not guarantee future results. Reprints or redistribution of this copyrighted material is allowed only by written permission from Nat-Con Publishing. To opt-out from receiving future publications, please click here. |
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