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(Bloomberg) – Elliott Investment Management has built up its stake in bp Plc to just over 5% of shares, as the activist investor continues its pressure campaign at the struggling oil giant.

The stake, disclosed in a regulatory filing on Tuesday, would make Elliott one of bp's largest shareholders, on par with Vanguard Group Inc., according to data compiled by Bloomberg. A spokesman for the oil company said it was notified by Elliott of the 5% holding and does not comment on individual shareholdings.

“Eight weeks ago, we announced a fundamentally reset strategy, and our focus now is on delivering that at pace,” spokesman David Nicholas said in an emailed statement. “We welcome constructive feedback from all shareholders as we focus on delivering.” 

Elliott is pushing bp to prioritize achieving $20 billion in annual free cash flow by 2027, 40% higher than the company’s current target, the Financial Times reported on Tuesday. The activist is also pushing for further spending reductions, the FT reported.

bp's shares initially surged after Bloomberg first reported Elliott’s involvement in February, with the activist pushing for transformative measures to turn around its weak performance relative to peers. But the company has fallen over the last two months as oil prices plunged and the strategy reset received a lukewarm response from investors, falling short of Elliott’s expectations.

The slump in crude prices since U.S. President Donald Trump launched his trade war has left bp's financial plans looking shaky. One key requirement of the company’s target for boosting cash flow and improving returns was an oil price of $70 a barrel, which is above current levels. 

bp's market valuation has plunged to below £57 billion ($76 billion), less than half that of its closest peer Shell Plc.

The UK major’s retreat from its energy transition plans and refocus on fossil fuels has also made climate-focused investors unhappy. Legal & General Group Plc, a top-10 investor in the oil major, is “deeply concerned by the recent substantive revisions made to the company’s strategy” and the impact on climate commitments, according to a post on its website.