I texted you a few weeks ago and it appears you now have a different number.
Yea, you can't wait till all the unknowns are known to take actions.
I rest some hope in this BP situation that "fairness will prevail". Similar to how I look at my current short position in PRKR (which I consider possibly a sham company). And if indeed "fairness" does prevail, imo, BP will come out of this in very good shape. It is a very rich company and (I believe) now has very good management in place.
I still hold the BP I bought (just 300 shares) in June of 2012. Subtracting the dividends from the purchase price makes my cost about $36/sh.
On one hand, it sad that BP has so mismanaged the payout/damage agreement, but on the other hand, it is what is creating this investing opportunity.
BP and JPM are both in a somewhat congruent situation today imo. JPM is considering paying about a quarters worth of earnings as a fine to the Guv. I purchased JPM at around the same time, not long after the whale incident and still hold it. Both are extremely rich, cash printing machines, priced cheap, facing short term headwinds they created for themselves, that are surmountable in the near term. The catalysts are in place and the timer running. JPM has done better for me over that time and is still very cheap and prints gobs of cash.
I like your move but I'd use it as a replacement to fixed income securities and I'd sell out of the money call options to double the already generous dividend. That's how I use INTC and MSFT and a few other companies.
I bought a very small position of V/Visa in IRA #2 today and will continue to add more if it should continue its recent slide. Check out the growth of its free cash flow figures via Valueline-it's free for the Dow 30.