Is BP PLC (ADR) (BP) a Buy as It Rallies on Oil Spill Settlement News?

What have hedge funds been doing with BP plc (ADR) (NYSE:BP)?

According to Insider Monkey’s database, Richard S. Pzena‘s Pzena Investment Management holds the most valuable position in BP plc (ADR) (NYSE:BP), which contains 11.93 million shares valued  at $466.7 million at the end of March, comprising 2.6% of its 13F portfolio. On the second spot is Bill & Melinda Gates Foundation Trust, managed by Michael Larson, with 7.4 million shares.

Since BP plc (ADR) (NYSE:BP) has witnessed a bearish sentiment from the aggregate hedge fund industry, It’s important to look at investors that closed their positions during the first three months of 2015. Marc Lisker, Glenn Fuhrman and John Phelan’s MSD Management dropped the largest stake by selling 2.1 million shares. Benjamin A. Smith’s fund, Laurion Capital Management, also sold off 1.05 million shares in the first three months.

BP plc (ADR) (NYSE:BP) marked its best trading session in the last six months earlier today. Even though the stock keeps advancing on the news about the oil spill settlement. We still need to see how the hedge fund sentiment has changed in the second quarter, and whether investors will become more bullish on the back of this development, but for now due to reduced uncertainty, the stock is worth giving a shot.

Disclosure: None