BP Activist Sees Sign of Strategy Shift But Wants Bolder Action

BP Plc is showing signs of a pivot back toward oil and gas that should boost returns, but is doing it too quietly to benefit its share price, according to activist investor Bluebell Capital Partners.

Four years into its plan to shift away from fossil fuels, BP is under increasing pressure from some shareholders to raise its profitability and narrow the valuation gap with more oil-focused US rivals. Bluebell co-founders Giuseppe Bivona and Marco Taricco, who have led high-profile campaigns against corporate giants such as Danone and Bayer AG, turned their sights on the energy company late last ...