After a five day winning streak, BP (NYSE:BP) stocks price is dropping again. The decline is said to be because of the delayed testing that would tell if the sealing cap that has been installed is successful.
BP's shares fell 2.3 percent, while their American depository shares saw a 2.1 percent plummet to $36.12. That's its second day straight being in the red. Even after the decline seen on Tuesday and Wednesday, for the week the stock is up 6 percent.
After hitting a 14 year low last month, they are still up 35 percent. While their shares are still down 40 percent from before the explosion and sinking of the Deepwater Horizon. The cost to insure BP debt has increased, from $321,000 as of Tuesdays close to $355,000 annually.
BP's senior vice president, Kent Wells said they have temporarily stopped drilling of the relief well, which will set back the completion by a "couple days."
Showing posts with label BP stocks. Show all posts
Showing posts with label BP stocks. Show all posts
Thursday, July 15, 2010
Friday, June 25, 2010
BP (NYSE:BP) Stock Price Reaches All Time Low
Due to concerns continuing to mount about BP's (NYSE:BP) future, there is added pressure on oil and gas stocks by the New York stock oil futures. These losses came after BP announced that it has to date spent $2.35 billion. This money has went to various things including the oil cleanup efforts, legal claims that have been paid, and grants to the states on the Gulf that have seen the biggest impact since the April 20th rig disaster.
The other thing that is causing renewed concern and placing pressure on BP stocks, is the pending development of a tropical storm. If this storm hits the Gulf of Mexico as predicted, it will cause possible large delays in the fuel containment efforts. Broker Nomura cut it projected BP price target from 593p to 465p.
Nomura said, "a heavy inversion of both credit yield and equity volatility suggests the market is concerned about a near term credit event around BP." BP stock fell to $26.96 a share losing another 6.1 percent. This beating their prior day low of $28.56, losing a total market value of almost 53 percent since April 20th.
"BP's market cap is eroding and its ability to finance itself in the capital market is impaired. It's anybodies guess what can happen but the fear of the market is that that liability could be so enormous that BP may have to seek bankruptcy protection," said Orr.
The other thing that is causing renewed concern and placing pressure on BP stocks, is the pending development of a tropical storm. If this storm hits the Gulf of Mexico as predicted, it will cause possible large delays in the fuel containment efforts. Broker Nomura cut it projected BP price target from 593p to 465p.
Nomura said, "a heavy inversion of both credit yield and equity volatility suggests the market is concerned about a near term credit event around BP." BP stock fell to $26.96 a share losing another 6.1 percent. This beating their prior day low of $28.56, losing a total market value of almost 53 percent since April 20th.
"BP's market cap is eroding and its ability to finance itself in the capital market is impaired. It's anybodies guess what can happen but the fear of the market is that that liability could be so enormous that BP may have to seek bankruptcy protection," said Orr.
Monday, June 21, 2010
Stock Prices, Oil Futures: BP (NYSE:BP) and Anadarko (NYSE:APC)
BP (NYSE:BP) stock prices drop as many are wondering about oil futures, this drop is due to Anadarko Petroleum (NYSE:APC) making it clear that they are refusing to pay their share, being 25 percent of the oil cleanup costs. Typically in a situation like what has happened in the Gulf of Mexico, all companies involved that have a stake in the company are liable. By law, the only exception is if BP were to be found negligent. Then Anadarko may be released of any liability and would not have to pay anything.
BP shares were down 4.4 percent to $30.34. That's almost a 50 percent drop from where they closed on April 20th. While Anadarko's shares saw a jump in trading of 1.3 percent.
Monday morning BP stated that the oil spill response had reached 2 billion. They said they've paid out over 32,000 claims of the more than 65,000 claims they've received. In excess of $105 million. In a statement BP said, "it is too early to quantify other potential costs and liabilities associated with the incident."
Mike Tosaw, investment advisor representative of Know Your Options Incorporated stated,
"over the short term we're not touching it with a 10 foot poll," although he does expect it to make it over the long term. Tosaw continues, "I personally am not putting my money where my mouth is on that. There's just too much uncertainty with it."
BP shares were down 4.4 percent to $30.34. That's almost a 50 percent drop from where they closed on April 20th. While Anadarko's shares saw a jump in trading of 1.3 percent.
Monday morning BP stated that the oil spill response had reached 2 billion. They said they've paid out over 32,000 claims of the more than 65,000 claims they've received. In excess of $105 million. In a statement BP said, "it is too early to quantify other potential costs and liabilities associated with the incident."
Mike Tosaw, investment advisor representative of Know Your Options Incorporated stated,
"over the short term we're not touching it with a 10 foot poll," although he does expect it to make it over the long term. Tosaw continues, "I personally am not putting my money where my mouth is on that. There's just too much uncertainty with it."
Thursday, June 10, 2010
BP (NYSE:BP) Bankruptcy, Fact or Fiction
Many are wondering what is really happening with BP (NYSE:BP) and the claims that they are filing bankruptcy. Matt Simons, oil industry insider and the energy focused investment bank Simmons & Co. told Fortune magazine that BP will eventually run out of money from lawsuits, oil cleanup costs, among other expenses.
"They have about a month before they declare chapter 11 bankruptcy," said Simmons. "One really smart thing Obama did was about three weeks ago he forced BP CEO Tony Hayward to put in writing that BP would pay for every dollar of the cleanup, he continued, "but there isn't enough money in the world to clean up the Gulf of Mexico. Once BP realizes the extent of this, my guess is they'll go into panic and file chapter 11."
In less than seven weeks BP has lost over half its market value, this is BP's lowest level since 1996. Their bonds are also being crushed. Before April 22nd, the day the Deepwater Horizon sunk, BP shares were being traded above $60. With yesterdays close, there was a loss of 16 percent at $29.20.
"They have about a month before they declare chapter 11 bankruptcy," said Simmons. "One really smart thing Obama did was about three weeks ago he forced BP CEO Tony Hayward to put in writing that BP would pay for every dollar of the cleanup, he continued, "but there isn't enough money in the world to clean up the Gulf of Mexico. Once BP realizes the extent of this, my guess is they'll go into panic and file chapter 11."
In less than seven weeks BP has lost over half its market value, this is BP's lowest level since 1996. Their bonds are also being crushed. Before April 22nd, the day the Deepwater Horizon sunk, BP shares were being traded above $60. With yesterdays close, there was a loss of 16 percent at $29.20.
Wednesday, May 26, 2010
BP (NYSE:BP) Stock Plummets Then Rises
BP (NYSE:BP) share prices reflect peoples uncertainty of what will happen as BP starts their "top kill" endeavor. Earlier in the day, BP's stocks fell 1.6 percent. This was as many were waiting in anticipation to hear of news on what BP was going to do.
Than BP shares started rising, seeing an increase of up to 2.6 percent to 498 pence. This being overall in Britain's FTSE 100 index seeing a 2.8 percent increase. This increase was as market talk was optimistic to hear that BP was close to giving a positive update on the situation.
Panmure Gordon analyst Peter Hitchens said, "this week is going to be fairly crucial for the company. If the top kill doesn't work the stocks going to continue to languish.
"Once you get this well under control the stock will recover a lot of lost ground, but until that happens people are just going to be nervous."
Since the oil spill disaster started April 20th, the company has lost $50 billion of its market value. That's about a quarter of its total value.
Than BP shares started rising, seeing an increase of up to 2.6 percent to 498 pence. This being overall in Britain's FTSE 100 index seeing a 2.8 percent increase. This increase was as market talk was optimistic to hear that BP was close to giving a positive update on the situation.
Panmure Gordon analyst Peter Hitchens said, "this week is going to be fairly crucial for the company. If the top kill doesn't work the stocks going to continue to languish.
"Once you get this well under control the stock will recover a lot of lost ground, but until that happens people are just going to be nervous."
Since the oil spill disaster started April 20th, the company has lost $50 billion of its market value. That's about a quarter of its total value.
Monday, May 24, 2010
Oil Prices Today: BP (NYSE:BP) Leads In Falling Percentages
BP (NYSE:BP) is getting hit hard with criticism, anger, and rising doubt, but they're feeling it hardest in stock prices among oil companies. As of Monday BP has fallen to a 52 week low.
BP's shares have fallen another 4 percent at the open bringing it to $42.08. Bringing the New York Stock Exchange Arca oil index down 1.7 percent to 948 points. Royal Dutch Shell shares are also feeling the heat at a 2.4 percent drop at $51.52.
Transocean has also hit a 52 week low dropping 2.2 percent at $57.95. With Transocean being the biggest percent decliner, its put the Philadelphia Oil Service Sector Index down 1 percent to 176 points.
There is not much optimism of if and when these percentages will increase.
To add to the loss, crude oil price were low overnight. Though the July crude features contract bounced back from the overnight low of $69.55 a barrell to $70.23 a barrell. That's a 19 cent increase on the New York Mercantile Exchange.
BP's shares have fallen another 4 percent at the open bringing it to $42.08. Bringing the New York Stock Exchange Arca oil index down 1.7 percent to 948 points. Royal Dutch Shell shares are also feeling the heat at a 2.4 percent drop at $51.52.
Transocean has also hit a 52 week low dropping 2.2 percent at $57.95. With Transocean being the biggest percent decliner, its put the Philadelphia Oil Service Sector Index down 1 percent to 176 points.
There is not much optimism of if and when these percentages will increase.
To add to the loss, crude oil price were low overnight. Though the July crude features contract bounced back from the overnight low of $69.55 a barrell to $70.23 a barrell. That's a 19 cent increase on the New York Mercantile Exchange.
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