BP Shares Surge As Activist Investor Elliott Builds Stake In Company
By
Fiona Craig
PUBLISHED:
10 Feb 2025 @ 20:59
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Shares in oil giant BP (LSE:BP.) have soared after a report from Bloomberg says that activist investor Elliott Investment Management had acquired a stake in the company.
The company’s shares surged over 7% in Monday morning trading on the London Stock Exchange, pushing them to their highest since August.
Bloomberg said that Elliott is pushing for major changes to be made at BP to boost shareholder value, believing that the company is undervalued, with with a market capitalization of approximately £69 billion ($85.62 billion), compared to Shell’s £161 billion valuation.
BP has been taking steps to streamline its operations. Last week, it announced plans to sell a German refinery as part of efforts to cut its costs by at least $2 billion by the end of 2026.
The company warned recently that lower refining margins and planned maintenance would weigh on profits, potentially reducing earnings by up to $300 million quarter-on-quarter.
The company’s fourth-quarter and full-year financial results are scheduled to be released on February 11.
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