British Petroleum is out with its Q1 earnings, and a burgeoning number of analysts like what they see  -- so much so, that some are touting BP as a great rebound play.

BP certainly seems to be on the upswing. On May 3 it got the court ruling it wanted on the Deepwater Horizon Gulf of Mexico spill back in 2010. A New Orleans District Court judge gave BP preliminary approval of a $7.8-billion settlement to alleviate about 100,000 claims against the oil giant.

U.S. District Judge Carl Barbier split ...