BP Shares in London Stock Exchange Rise After Settlement Deal (BP)

March 07, 2012

Shares of BP (NYSE:BP) rose and reached its highest level after the company announced it reached a settlement with a deal with victims of the Gulf of Mexico oil spill.The company's shares increased 1.5% at 504 pence in afternoon trading at the London Stock Exchange.On Friday, BP announced that it plans to pay an estimated $7.8 billion as part of the settlement.BP (NYSE:BP) has potential upside of 9.2% based on a current price of $47.78 and an average consensus analyst price target of $52.2.BP is currently above its 50-day moving average (MA) of $45.20 and above its 200-day of $42.53.In the last five trading sessions, the 50-day MA has climbed 1.43% while the 200-day MA has risen 0.26%.