NEW YORK (TheStreet) -- Shares of BP Plc (BP) are down -0.53% to $52.47 as the integrated oil and gas company began legal action against "a vast number" of businesses that it claims were wrongly awarded hundreds of millions of dollars in compensation for its 2010 oil spill in the Gulf of Mexico, the Financial Times reports.
In a filing to the U.S. District Court in New Orleans, BP called on the judge to issue an order compelling some of the businesses that received compensation to repay it, with interest, on the grounds that they were "unjustly enriched," the Times said.
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."
Highlights from the analysis by TheStreet Ratings Team goes as follows: