Elliott’s Activism Success Gives Hope for BP’s Depressed Shares

Beleaguered shareholders of BP Plc who’ve watched their investment lag over the past few years are banking on activist Elliott Investment Management LP’s track record to help them extract some value from their positions.

Paul Singer’s New York-based hedge fund has amassed a significant stake in BP, Bloomberg first reported on Saturday. Elliott is known for building positions in beaten-down companies and pushing for changes in leadership and strategy to raise the stock price.

BP shares responded to the news Monday, leaping by as much as 8.2% in London trading, the most intraday since November 2020, before trimming ...