With BP’s stock rapidly declining,buy,sell or hold?

Goldman Sachs sold $250 million of BP stock before the oil spill occurred. So did a few other big institutional investors.
Just coincidence?

BP faces a tough balancing act, caught between worried investors and an increasingly angry U.S. government and public. It's a key stock for millions of investors and pension funds.

About 40 percent of BP shares are held in the U.S. The stock also accounts for about 6 percent of all the UK equity money held by defined benefit pension schemes.

BP has already spent about $1 billion on cleanup costs. CEO Tony “I’d like my life back” Hayward says the eventual cost could be about $3 billion. Which is being roundly laughed at as the lowball of the year. “I’m pretty damn confident that the Street is not buying that,” says New Orleans–based oil analyst Blake Fernandez. A more accurate estimate seems to be in the realm of $10 billion and up, to maybe $30 billion.