Why BP (BP) Stock Is Higher Today

NEW YORK (TheStreet) -- Shares of BP Plc  (BP) are 1.22% to $51.53 after the company said today that it will ask the U.S. Supreme Court to review a court ruling related to the 2010 Gulf of Mexico oil spill, which forces the company to pay some businesses for economic damages without the businesses having to prove the spill caused their losses, Reuters reports.

In New Orleans on Monday, the 5th U.S. Circuit Court of Appeals wouldn't change a March ruling from a three-judge panel over how businesses would be paid.

BP has said paying such claims could push the estimated $9.2 billion cost of its settlement with those businesses much higher. The company said it would ask the 5th Circuit not to require it to make payments while it appeals.

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TheStreet Ratings team rates BP PLC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate BP PLC (BP) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, good cash flow from operations, solid stock price performance and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

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