BPT has found some love in the last two months after delivering reasonable production updates in mid-October. It was important for the company to rekindle some confidence with analysts after their massive downgrade to reserves in August. We don’t regard BPT as a quality business that we want to own, but it is a high beta play on the oil price. If/when oil bounces, BPT is likely to outperform both WDS and STO.
- We continue to see no reason to consider BPT over WDS or STO, but it has outperformed in recent months following several broker upgrades in October.
MM is neutral towards BPT
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