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I did give BP a Hold rating for steady to gradually rising income, if that's all an investor cared about. In my last article on BP, I suggested avoiding them and buying just about anything else instead, but in particular, Devon Energy. At last count the company has received about 15 buy or strong buy recommendations from some of the top writers on Seeking Alpha, and that drove my interest in taking a fresh look at the company. There was another pop higher in early January of this year, and then shares have been essentially flat from then to now. About half of that gain came prior to 2022. Some have risen quite a bit more as we will discuss.īP has doubled from the lows in October of 2020. Many of the companies presented here have risen 200-300% over that time. Opportunities in the energy space have been abundant the last couple of years, and we have done well. I also opened or added to positions in Devon Energy ( DVN), Occidental Petroleum ( OXY), and a few others in the half year that followed. I took most of that money and bought Halliburton ( HAL) - adding to an already open position, at $5ish per share, and exhorted others to do the same in a public article. I do know what a stockholder is - someone who has invested capital in an enterprise - and knew I didn't want any part of what I felt lay ahead for BP. The term doesn't appear on a corporation's org chart, or should not if it does. That day I dumped a long standing BP position in the middle $30s, and suggested that members of The Daily Drilling Report do the same.
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I was put off by use of the term " stakeholder" in the company call where they slashed the dividend, in early 2020. I am running an investment-highlighting service on this platform, so I've looked elsewhere for opportunity. A couple of years ago I became concerned they were losing mission focus-making money, in search of green energy virtue signaling, and lacked commitment in returning capital to their shareholders. I haven't followed BP ( NYSE: BP) closely for a while, as I didn't consider them investable. Georgijevic/E+ via Getty Images Introduction