NEW YORK (TheStreet) -- BP (BP) shares closed trading up 1% to $47.71 on Wednesday after the company agreed to acquire aviation fuel business Statoil Fuel & Retail, in the process, adding 73 airports to its 600 unit strong global fuel network.
The value of the deal was not disclosed though it adds to Air BP status as one of the world's largest suppliers of aviation fuel and supplies.
In separate news, BP has tried to remove the administrator of compensation payments under its settlement for the 2010 Deepwater Horizon disaster due to what it deemed to be a conflict of interest.
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TheStreet Ratings team rates BP PLC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate BP PLC (BP) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its increase in net income, attractive valuation levels, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."