The Case for Buying Shares of BP Stock

The week closed with shares of BP (BP) down less than 2% for the week. Not bad, given that the company's beleaguered CEO Tony Hayward was grilled before a hostile U.S. Senate.

The company said it would eliminate its dividend of 14 cents a share, or 84 cents an American depositary share for the first quarter, after telling shareholders less than a week earlier that the dividend would be paid. And BP announced it was putting $20 billion into a Deepwater Horizon victim spill fund to help with clean-up.

Doesn't sound like reasons to be positive on the stock, even though Hayward has been relieved of the day-to-day duties of managing the oil spill. So why is DailyFinance writer Dan Burrows turning into a BP bull? He explains, in this short video below.