Oil in the US is north of $93/bbl and natural gas is north of $3.40. hard to see how BP doesn't make a pile of money at these prices. However, I took a big position when BP dropped to $40 a share. And, so far, it has not done as well as I thought. Still, I believe that $50 is not too far off.
Norris, you should sell call options every month and buy back the stock if you get called away. Ive been doing it for months now. I made about 22% on BP since last May and stock was only up about 10%. I will continue to do this until it stops working. If I get called, I just wait till a down day and buy back. I normally sell calls which are 3-4% out of the money for around a 1-3% premium. If I get called away like this past month, I still made 5.5% in a month.... ill take it.