Shares in oil major BP rose as much as 7% to their highest since August in early trade on Monday after Reuters reported Elliott Management had built a stake in the company, citing a source.

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.

Elliott is known for its aggressive activism in the companies it invests in, frequently pushing for rapid and significant change.