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Congratulations: You Own BP!

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BP (BP) might be moving off the front pages, but it could be making its way into your portfolio.

The stock price of the oil giant has nose-dived 40% since the April 20 Deepwater Horizon accident in the Gulf of Mexico, which let loose the worst offshore oil spill in our country’s history. According to Morningstar, some mutual fund managers think that freefall represents a unique opportunity to buy the oil giant at an attractive discount.

In a research report released this morning, Morningstar analysts crunched the numbers to determine which mutual funds have loaded up on BP’s shares.

According to the research firm, the funds buying BP most aggressively include: Harbor Capital Appreciation (ITHAX), Fidelity Diversified International (FDIVX), Fidelity Europe (FIEUX), Fidelity Series Large Cap Value (FLVSX), and Fidelity Dividend Growth (FDGFX).

Of course, as Morningstar notes, not everybody eyes BP and thinks there’s opportunity here, given the continued concerns about future fines, penalties, and unknowns.

The funds dumping BP in the largest quantities include: BlackRock Global Allocation (MDLOX), Hartford Dividend & Growth (IHGIX), Hartford Equity Income (HQIAX), MainStay MAP (MAPAX), and Goldman Sacks Structured Intl Equity (GCIAX). 

POSITION:  No positions in stocks mentioned.