Jun 4, 2013

Posted by in Featured, Hot Penny Stocks | 0 Comments

Midday Runners: BP PLC (NYSE:BP) and Infinity Pharmaceuticals (NASDAQ:INFI)

Midday Runners: BP PLC (NYSE:BP) and Infinity Pharmaceuticals (NASDAQ:INFI)

BP PLC (NYSE:BP) reported on Monday it intends to invest $1 billion and add two drilling rigs to its Alaska North Slope fields over the coming five years, stating that it was boosted by tax breaks received the previous month.

BP is the operator at the Prudhoe Bay oilfied and stakeholders consist of ExxonMobil Corp. (XOM) and ConocoPhillips. The firms will hike drilling and well works, enhance existing facilities and included up to 200 new jobs in the state, BP reported.

Production in the zone has been dropping for some time and Alaska lowered taxes for oil and gas firms, keeping taxes on profits an unchanged 35% and cutting a system that increased taxes as oil prices moved up. BP included that it has support from other stakeholders to invest a further $3 billion in new developments to the west of  Prudhoe Bay.

Production at Prudhoe Bay climaxed in the late 1980s and it has been dropping ever since, with concerns that the Trans-Alaska Pipeline could be closed down if levels persists to decline.

Piper Jaffray suggested buying Infinity Pharmaceuticals (NASDAQ:INFI) shares, following the firm’s ASCO oral presentation of IPI-145 Phase I data in lymphoma patients. Piper reported that shares were “too cheap to ignore” and keeps an Overweight rating on the company, with a $50 price target.

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