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ValueAct's Jeffrey Ubben buys BP and says oil company can be 'part of the solution'

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ValueAct Capital founder Jeff Ubben bought shares of BP, saying the company is working to transform its operations.

As the energy sector faces mounting pressure from investors, BP in February announced that it plans to be carbon neutral by 2050.

Even as BP works to make its operations more environmentally friendly, Ubben noted that given how out of favor the sector is with investors, it could be hard to find a buyer on the other side. The sector has shed 28% over the last year, compared with the S&P 500's 12% gain. But Ubben also said that as an investor it's possible to push for meaningful change, which is why companies like BP can be included in ESG portfolios. The popular acronym denotes when a company's environmental, social and governance factors are taken into consideration when someone is choosing whether or not to buy a stock.

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