BP (BP) Shares Rise as Elliott Management Increases Stake

3 days ago

BP's (BP, Financial) stock rose by 2% following news that activist investor Elliott Management has disclosed a stake of over 5% in the oil giant. This move aims to restore investor confidence as BP refocuses on its traditional oil and gas business. Elliott Management's increased stake to 5.006% makes it the fifth-largest shareholder, behind BlackRock, Vanguard, and Norway's Sovereign Wealth Fund.

Earlier this year, after news of Elliott's initial investment, BP announced an increase in fossil fuel investments to $10 billion by 2027, a significant shift from its previous "net-zero by 2050" commitment. The company, which once aimed to cut emissions by 40% by 2030, has revised this target to 20-30%.

BP's recent financial report shows a sharp decline in fourth-quarter profits, with performance lagging behind competitors like Shell. Analysts suggest Elliott's involvement may lead to BP divesting renewable energy assets, though this could face strong opposition from environmental investors.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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