BP PLC (LSE:BP.) shares jumped over 7% on the news that they have attracted the interest of aggressive activist investor Elliott Investment Management ahead of a strategy announcement later this month and results tomorrow.
Elliott, led by Paul Singer, has built up what Bloomberg reported is a "significant stake" in the oil supermajor.
The oiler had already been expected to answer some big strategic questions at a planned capital markets day later this month, but CEO Murray Auchincloss now also has a demanding new investor to impress.
BP shares are down a fifth from highs in 2023 and almost 40% since all-time highs in 2026, not helped by some major missteps over the years and plenty of other issues being picked apart by analysts and investors more lately.
Major issues for BP in recent years that need to be addressed, analysts say, include poor capital allocation amid the strategic zigzagging as Auchincloss's predecessor Bernard Looney began a big shift to renewables that has been largely reversed.
There are "no easy fixes", one City observer said, but the capital markets day on 26 February offers a "much needed re-set to the investment case".
With investors expecting the US activist to encourage a big shake-up, as it has at several other FTSE names over the years, shares in BP ticked up to 464p, their highest since last July.