NEW YORK (TheStreet) -- BP plc (BP) shares are down 0.24% to $41.76 on Tuesday after the oil company's bid to to remove Patrick Juneau, the administrator of damage settlement claims, from court proceedings related to the 2010 Deepwater Horizon oil spill in the Gulf of Mexico was rejected by the court.
The company said that Juneau should be recused from the court proceedings due to conflict of interests based on the fact that he once represented the state of Louisiana in talks setting up the claims process for plaintiffs looking to sue the company over the oil spill.
However, U.S. District Court Judge Carl Barbier ruled against the company because, "Mr. Juneau himself disclosed this information to BP and at least six of its attorneys or representatives before he was selected by the parties."
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TheStreet Ratings team rates BP PLC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate BP PLC (BP) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."