Oil related companies

[hendi_alex]

I sold April 17 $55 puts for BPT at $5.50 yesterday. After today, the sell is looking very good, with almost a $5 buffer. Break even is all the way down to $49.50, and with expiration in just over 3 weeks. Of course there is the dividend declaration that should include a cut of over 60%, to near a dollar quarterly, but IMO that is mostly factored in already. Also, the stock will likely go ex. dividend in front of the expiration date, so some downside risk there as well. I'll likely sell puts until the shares come to me, but would like that to end up being closer to $40 than to $50. If these $55 shares get put to me, I'll immediately sell either $50 or $55 calls, probably going out to about October or November.