British Petroleum P.L.C (NYSE:BP) shares surged over 3.0% Wednesday morning in the wake of an overnight article in the Wall Street Journal that suggested the company may not be solely held responsible for the Deepwater Horizon disaster.
The company trades at a P/E ratio of about 6 which is below its industry peers. The company also trades at a sales multiple of 0.34 which is lower than its industry rivals. On the technical front shares trade well below their declining 50 day and 200 day moving averages. The MACD shows a bullish crossover while RSI is pointing up at 44.
Halliburton (NYSE:HAL), which performed cement work on the well, has fallen 2.7%, and Transocean (NYSE:RIG), the owner of the Deepwater rig, is relatively flat today. Cameron International Corporation (NYSE:CAM), which also worked on the project, is down over 1.5%. The NYSE Arca Oil Index is down this morning, while the NYSE Arca Natural Gas Index is down 0.70% and the Philadelphia Oil Service Index is down 0.60%.
Investing Insights: Oil ETFs: The Top 10 Exchange Traded Funds for Your Oil Investing List.