BP shares jumped early Monday following weekend reports that activist investor Elliott Management has built a stake in the struggling oil major.

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.

The Feb. 26 strategy update has long been seen as a crucial test of Auchincloss’s vision for BP, even before Bloomberg reported that Elliott had built up a stake. After several years of falling further behind peers, investors want to see significant changes at the company.