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.

Shares in BP rose by 7% on Monday, and were on track for the biggest daily gain in two years, as investors anticipated that activist shareholder Elliott Management will press for board changes and strategy shifts to boost returns.

BP's U.S.-listed shares are rising 6% Monday following reports that activist hedge fund Elliott Investment Management has amassed a stake in the British oil giant and is seeking to make changes.