BP Prudhoe Bay Royalty -8% after negative blog report

• BP Prudhoe Bay Royalty (BPT -7.8%) drops near 52-week lows following a negative report from AlphaExposure, which says the price of the trust would need to be cut in half and then nearly cut in half again before it reaches fair value.
• Modeling cash flows based on WTI oil’s forward pricing curve, AlphaExposure believes BPT's downside to fair value exceeds 70%.
• BPT has plunged 40% since last Wednesday when CAS Investment Partners highlighted new risk language in the trust's 10-K that said royalties would end after 2020.