A Bounce Back Day For BP (BP)

Investors that picked up shares of BP (BP) yesterday are sitting pretty. The troubled oil and gas company was up over 12% today. It looks like investors considered BP a value play under $30. Value investors like Whitney Tilson came out in support of BP shares yesterday.

Analysts seem to agree with Tilson's assessment. Oppenheimer & Co. analyst Fadel Gheit believes that "bankruptcy protection would only make sense to protect assets from unquantifiable liabilities, while conducting business without the distraction of lawsuits. Driving BP out of business, however, would not clean the Gulf Coast, pay plaintiffs or help its 23,000 U.S. employees, and more retirees."

The estimated damage to the entire region is still estimated to be under $70 billion. A company the size of BP could easily pay these claims over a 10 to 20 year time period.