When will it be time to pile into BP shares?

**Fred Bloggs** · 15 June 2010, 16:47

I haven't yet as I have a fair exposure already indirectly through income unit trusts in my SIPP. However, they must be close to a bargain soon. They could even be a takeover target soon, they could be bought and broken up between the other oil majors.

**thunderlizard** · 15 June 2010, 16:51

BP back to normal soon

**Moscow Mule** · 15 June 2010, 17:24

BP made c £60 billion profit last year. IIRC, costs are not expected to rise above £25B.

So, it'll be a bad year, but still in profit.

**rsingh** · 15 June 2010, 17:42

Originally posted by Moscow Mule View Post

BP made c £60 billion profit last year. IIRC, costs are not expected to rise above £25B.

So, it'll be a bad year, but still in profit.

Not sure about your profit figure. They made 3.6 bn pounds in the first quarter of 2010.

**TimberWolf** · 15 June 2010, 17:58

Originally posted by OwlHoot View Post

Obviously BP shares are taking a drubbing at the moment. But in a month or two, once the oil leak is plugged one way or another, and they've paid their penalties etc, the leak will be just a bad memory and they can start returning to profit. Anyone planning a punt with BP shares? Now might be a good time.

Good heads-up. I'm tempted, but don't have any share dealing service set up at the moment. BP shares might be a better bet than cash sat in a dollar account anyway, if a tad more risky.

**MarillionFan** · 15 June 2010, 18:19

I went back into cash today and sold 80% of holdings I had.

They've been waxing and waning for the last month. So i've been break even to 5k down. Came back to break even today, so sold out.

I fancy BP. But I think it's going to go sub £3.

**TimberWolf** · 15 June 2010, 18:53

Stop press: A fire has broken out on a BP ship and more oil is spilling into Obama's coffers!

Hmm, strange, this is old news (2:49pm) here, but was breaking news on Channel 4 News just now. Another fire?

**TimberWolf** · 15 June 2010, 19:03

Originally posted by MarillionFan

There is no way that BP is going to drift in terms of share price. If the US passes any legislation, the share price wil fall rapidly and the dividend stopped for a while.

This will easily become one of the best buys/take overs on the market. But! and the But is, how far will it collapse and what will the additional political fall out be???

You could have 3.40 the other day and sold out at 3.90 on the same afternoon. Now we are back to the 3.40 mark!!!

Who decides what's fair compensation? Does Obama pluck a figure out of thin air and see what he can get away with?

**TimberWolf** · 15 June 2010, 19:20

Another things is that BP is going to have to do things by the expensive book for a bit. Apparently they'd been cutting safety corners left right and centre. Oops.

When will it be time to pile into BP shares?