BP shares still down after Gulf spill
But the shares have come back a lot since bottoming in June. If you'd bought Halliburton at the June low, you'd have doubled your money.
Of course you do.
Here's the question. Five big companies involved directly or indirectly in that spill. All saw their stocks fall apart. How many of those stocks have fully come back?
U.S. shares of BP (BP),which closed at $43.95 on Wednesday, are still down 27.4% since the April 20 explosion that killed 11. For the year, BP is off 24.2%.
Shares of Transocean (RIG), whose Deepwater Horizon drilling platform BP had hired to drill the prospect, are off 24.7% since the accident and 15.7% on the year. The shares were at $69.28 at Wednesday's close.
Anadarko Petroleum (APC) shares still haven't recovered all of their losses after April 20. The shares finished Wednesday at $70.73. They're still down about 4.8% from April 20. But they are up 13% on the year.
Anadarko had a 25% working interest in the project. BP has billed the company $272 million for its share of the clean-up costs. So far, it has refused to make any payment
The remaining two companies have hardly been touched.
Cameron International (CAM) is up 10.4% since the accident and 21.6% for the year at $50.83. Cameron built the blowout, a huge device meant to shut a well in before serious damage can occur.
Halliburton (HAL), which provided cement for the well, is up 22.2% since April 20 and 35% for the year at $70.73. That's a better performance than the Standard & Poor's 500 Index ($INX), up nearly 13% for the year.
The oil spill and their effects on the companies' shares created a fantastic opportunity for investors looking for bargains. Because it was probable that the stocks of all the companies would bottom and rebound quite a bit.
So if you had the moxie to buy into, say, BP around when the stock bottomed at $27.02 on June 25, you would be looking at a gain of some 60%. If you'd bought Anadarko when it bottomed at $34.83 on June 9, you would be up 103%.
|Tragedy and ecstasy for investors from the Gulf of Mexico oil spill|
|Company||Today||Chg. since April 20||Chg. from share bottom||% chg. YTD|
|Transocean (RIG) ||$69.28||-24.72%||62.71%||-15.72%|
|Halliburton (HAL) ||$40.69||22.16%||92.39%||35.23%|
|Cameron Intl. (CAM)||50.83||10.40%||57.81%||21.60%|
|Anadarko Petroleum (APC) ||$70.73||-4.34%||103.07%||13.31%|
|Shares of all five companies bottomed in June 2010.|
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[BRIEFING.COM] The stock market welcomed the new trading week with a mixed session that saw relative strength among large-cap stocks, while high-beta names underperformed. The Dow Jones Industrial Average (+0.3%) and S&P 500 (-0.1%) finished near their flat lines, while the Nasdaq Composite and Russell 2000 both lost 1.1%.
Equities began the day on a cautious note amid continued concerns regarding the strength of the global economy. Over the weekend, China reported its first decline ... More
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