No - I wouldn't recommend BP as a secure long-term investment, but if you've got a few spare $$$, this may be an opportunity to cash in short-term.
For what it's worth: no, I'm not the only one holding this opinion (tho' this guy seems to view BP as a long-term opportunity!):
British Petroleum Might Be a Good Buy (NYSE: BP)Now, will I have the courage of my convictions???
Posted on 06/01/10 at 8:49am by Jacob Wolinsky
British Petroleum (NYSE: BP) is currently down 14% at $37 in the pre-market. BP's stock has been hit heavily due to the recent oil spill.
However, I think investors might be over-reacting. A quick look at BP shows the following. The stock is at 52 week low. BP traded as high as $62 per share only several months ago.
BP will surely have a huge legal fine for their role in the recent oil spill. However, their cash from operations in 2009 was $28 billion. Their balance sheetbalance sheet is not great, but decent. BP's forward P/Eforward P/E is less than 5, and the stock has a dividend yielddividend yield of over 8%.