Ok, shares are up today by 7%. Like WTF is going on?
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A quoute below from Neil Wilson of TipRanks. Love the bit about 'a dodgy bet'!!
"Investors have been left unhappy since Looney (former BP boss) made a dodgy bet in 2020 that global oil demand had peaked, driving the company towards a low-carbon strategy that has failed to pay off. Since then, shares have lagged peers significantly."
https://www.sharesmagazine.co.uk/news/shares/bp-shares-surge-to-six-month-high-as-activist-elliott-builds-stake
Looks like Eliott would consider ditching HL. And not before time. They should take a close look at the LT, with particular reference to their "strategist", GC. BL left a mess behind him, and yet, landed on his feet.
Because activist investor has taken a stake in BP and market think they would do a better job than current LT! From what I've read looks like they would prioritise upstream oil and gas and exit low carbon. So a U turn on looneys strategy.