"Mann International"- Hedge Funds Snapping Up BP Stock...

Online, June 15, 2010 (Newswire.com) - "Mann International" has issued a BP price alert to its clients which apparently suggests that stock in the oil major is so attractively priced that they are "difficult to pass up".

The firm believes that the stock is seriously oversold, a condition, it says, that has been brought about by the sheer volume of negative sentiment stemming from its handling of the oil spill in the Mexican Gulf and the seemingly daily barrage of anti-BP rhetoric from the US government.

"Mann International" sources said that the firm is basing its opinion on the fundamentals of BP as a company rather than the sentiment which it believes will inevitably subside as the oil leak is eventually brought under control.

The price alert advises clients without exposure to BP to acquire the stock on weakness with a view to holding for a medium to long term period even if the dividend is temporarily suspended for two quarters.

"Mann International" said that large institutional investors have been trimming their holdings in the company but several hedge funds are buying in what it called a classic example of Warren Buffett's "be fearful when others are greedy and greedy when others are fearful" maxim.