BP Prudhoe Bay RT (BPT) Shares Volatile, Rise 15%; Company Won't Comment on Recent Moves
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Earlier, BP Prudhoe Bay Royalty Trust (NYSE: BPT) said it would not comment on unusual market activity. But, let's take a look at that activity.
The Trust closed at $102.39 Tuesday, down 6 percent from the prior close. Shares then fell 8.7 percent on Tuesday and 17.9 percent Wednesday, for a total cumulative loss of about 30 percent.
Today, shares are rallying 15 percent, still below Tuesday's closing price.
Notably, a WSJ report last Friday showed that the Trust's value and cash for distributions was at $1.4 billion and $109 million, respectively, but market value was at $2.3 billion. The level indicated investors might be paying about 61 percent more in than all future cash flows might be worth.
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The Trust closed at $102.39 Tuesday, down 6 percent from the prior close. Shares then fell 8.7 percent on Tuesday and 17.9 percent Wednesday, for a total cumulative loss of about 30 percent.
Today, shares are rallying 15 percent, still below Tuesday's closing price.
Notably, a WSJ report last Friday showed that the Trust's value and cash for distributions was at $1.4 billion and $109 million, respectively, but market value was at $2.3 billion. The level indicated investors might be paying about 61 percent more in than all future cash flows might be worth.
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