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5 Stocks for $150 Oil

Any corrections should be treated as buying opportunities

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Oil Stock #3 British Petroleum (BP)

PB plc (NYSE:PB)British Petroleum (NYSE: BP) made a lot of enemies last year with the Gulf oil spill, and at one point, amid fire sales of assets, it looked like the company might be split up. But new U.S.-born CEO Bob Dudley has done a masterful job of navigating the turbulent situation and even managed to strike a lucrative deal with Russia-based Rosneft to essentially buy back all the reserves he sold at less than half the price he originally had to sell them for.

While BP earnings are a mess due to the numerous charges and the need to create $41 billion in reserves in order to pay for the oil spill, I like how fast the new CEO is completing a turnaround that will ultimately make BP shareholders very happy with the current triple-digit price of oil. The company will restart drilling operation in the Gulf of Mexico, and as it ramps up production globally, I expect the oil stock to continue recovering.

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