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    Home»Finanical News»BP Stock Jumps as Elliott Reportedly Builds Stake
    Finanical News

    BP Stock Jumps as Elliott Reportedly Builds Stake

    VoidBy VoidFebruary 10, 2025No Comments2 Mins Read
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    Peter Dazeley / Getty Images

    Peter Dazeley / Getty Images

    KEY TAKEAWAYS

    • BP’s U.S.-listed shares are rising 6% in premarket trading Monday following reports that activist hedge fund Elliott Investment Management has amassed a stake in the British oil giant and is seeking to make changes.
    • Elliott is pushing BP, which has pivoted away from oil and gas in recent years to focus on low-carbon investments, to consider “transformational changes to improve the company’s performance,” The Wall Street Journal reported.
    • The exact size of Elliott’s stake wasn’t immediately known but Bloomberg said it was “significant.”

    BP’s (BP) U.S.-listed shares are rising 6% in premarket trading Monday following reports that activist hedge fund Elliott Investment Management has amassed a stake in the British oil giant and is seeking to make changes.

    The exact size of Elliott’s stake wasn’t immediately known but Bloomberg said it was “significant.”

    Elliott is pushing BP, which has pivoted away from oil and gas in recent years to focus on low-carbon investments, to consider “transformational changes to improve the company’s performance,” The Wall Street Journal reported. Honeywell International (HON) last week announced plans for a three-way split following pressure from Elliott to break up.

    Shares of BP, which has struggled to bring down debt and reduce costs, are down 11% in the past year through Friday, while those of larger rivals ExxonMobil (XOM) and Shell (SHEL) are up 7% and 3%, respectively.

    BP, which is set to post fourth-quarter results Tuesday, didn’t immediately return an Investopedia request for comment. Elliott declined to comment.

    UPDATE—Feb. 10, 2025: This article has been updated to Elliott’s decline to comment.

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