Several BP Plc shareholders said they welcome activist Elliott Investment Management taking a stake in the British oil major because the company needs to make meaningful changes.

The oil and gas giant is expected to reverse course on renewable energy commitment due to decreased profits and a shifting political climate.

BP said profit fell more than expected and that it would reset its strategy, days after reports that activist hedge fund Elliott Management is pushing for change at the company.

The energy giant was vague on details, but analysts say the changes is likely to include less spending on renewable sources and a bigger investment in oil and natural gas production.

KEY TAKEAWAYS BP announced plans to "fundamentally reset" its strategy Tuesday as Elliott Investment Management reportedly has taken a "significant" stake in the British oil giant.BP CEO Murray Auchincloss said the company plans to share a "new direction" during its Capital Markets Update on Feb.