10 Important News Updates Investors Shouldn’t Miss

8. BP p.l.c. (NYSE:BP)

Number of Hedge Fund Holders: 36

BP p.l.c. (NYSE:BP) produces and trades oil, gas, and low-carbon energy while also operating in refining, retail fuel, EV charging, and bioenergy.

Elliott Investment Management has taken a significant stake in BP, believing the company is undervalued and in need of major changes to improve shareholder returns, Bloomberg reported on February 8. BP has struggled with underperformance compared to rivals like Shell and Exxon, partly due to its previous net-zero strategy under former CEO Bernard Looney. Current CEO Murray Auchincloss is expected to shift focus back to oil and gas, but investor impatience is growing, especially after BP warned of slower share buybacks, the report stated. Elliott’s involvement follows its history of activist campaigns in the energy sector, and speculation has arisen about BP potentially being acquired.