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BP plc (ADR) (BP) Successfully Patches Up the Well

BP plc (ADR) (NYSE:BP) is trending today after the company disclosed that it has brought under control a well that had been spewing natural gas into Alaska’s North Slope. BP had previously successfully stopped the oil leakage from the well but the natural gas leakage was harder to control due to the difficult conditions surrounding the area. Alaska Department of Enviromental Conservation spokeswoman Candice Bressler said, ‘The leak has been completely stopped, both the crude leak and the natural gas leak, which is great news for the North Slope’.

As it stands, BP shareholders are happy that the well hasn’t caused any injuries and is now controlled. Despite the good news, shares of BP are down around 1.2% in pre-market trading likely due to the lower WTI/Brent prices and softening sentiment. Some future catalysts to look for would be peer earnings reports, today’s API report, and tomorrow’s EIA report.

What Does The Smart Money Sentiment Say?

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 39.7% gains over the past 12 months and outperformed the 24.1% gain enjoyed by the S&P 500 ETFs. Our enhanced small-cap hedge fund strategy returned more than 45% over the last 12 months and outperformed SPY by more than 30 percentage points over the last 4.5 years (see details here).

Of the 742 elite funds we track, 26 funds owned $1.2 billion of BP plc (ADR) (NYSE:BP) and accounted for 1.00% of the float on December 31, versus 30 funds and $1.06 billion respectively on September 30.

The Bottom Line
BP plc (ADR) (NYSE:BP) has successfully plugged the gas leak from a well in Alaska. For more reading, check out ‘11 Biggest Natural Gas Companies In the World‘.

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