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Elliott wants a review of BHP petroleum

17 May 2017

BHP has destroyed about $31 billion in value through its foray into US shale and failed petroleum exploration as well as a further $9 billion in poorly timed share buybacks, Elliott said in a letter to the company's board. The fund owned 4,669 shares of the mining company's stock after buying an additional 519 shares during the period.

BHP said it would review the proposals and dismissed claims that it wasn't open to suggestions.

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A number of other large investors also recently modified their holdings of the company.

Over the last 52 weeks BHP Billiton PLC's stock price has increased by 0% from 0.00 to 1183.

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It instead said BHP's management should work harder to find a solution to the legacy structure, which it said is obsolete and creates a long-running mismatch between the two shares. About 7,920 shares traded. The hedge fund run by Michael Hintze held 495,799 shares of the precious metals company at the end of 2017Q1, valued at $17.96M, down from 1.42M at the end of the previous reported quarter. Finally, Deutsche Bank AG set a GBX 1,420 ($18.33) price target on shares of BHP Billiton plc and gave the stock a neutral rating in a research note on Friday, March 17th. The firm has a market cap of $96.04 billion, a PE ratio of 38.72 and a beta of 1.22. The 50 day moving average of LON:BLT is 1212.93 and the 200 day moving average is 1306.51. BHP Billiton Limited has a one year low of $25.75 and a one year high of $41.79. If you are accessing this piece of content on another domain, it was copied illegally and reposted in violation of U.S. and worldwide copyright and trademark legislation. Citigroup Inc reissued a buy rating on shares of BHP Billiton plc in a research note on Tuesday, April 11th. The rating was maintained by Liberum Capital on Wednesday, July 22 with "Sell". Five analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have given a buy rating to the stock. BHP Billiton plc presently has an average rating of "Hold" and a consensus target price of $37.50.

Speaking at the Bank of America Merrill Lynch Global Metals, Mining & Steel Conference in Spain, chief executive Andrew Mackenzie said BHP had made consistent progress in the a year ago on its plans to improve shareholder value.

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In recent years, the company has consolidated its portfolio of assets and sought to simplify its structure around iron ore, oil and gas, copper, and coal.

Elliott wants a review of BHP petroleum