Elliott Management, an activist investor, has publicly stated the necessity for a significant board change at
Phillips 66, to unlock potential value they believe could push the company's share price to $200. This comes at an interesting period when Phillips 66 stock reached new 12-month lows. Despite volatile dynamics, investors have enjoyed a 162% return over five years. Amidst these clashes, Phillips 66 has successfully completed the acquisition of
EPIC NGL assets via a $2 billion deal. Significant share purchases by institutions such as the National Bank of Canada, O Shaughnessy Asset Management, and others indicate increased market faith. With high-stakes proxy battles and activist pressures, Phillips 66 has maintained focus on expansion, strategic acquisitions, and has reported strong financial results for the first-quarter. Yet, some underperformance and the pressure applied by Elliott Management cannot be ignored, as the latter proposes new board candidates and pushes for a pipeline sale. Other occurrences include Phillips 66 being downgraded to Neutral by Goldman Sachs and rumors of Chevron interested in acquiring its chemical stake. Lastly, the company's fourth-quarter profit plunged due to weak refining margins.
Phillips 66 PSX News Analytics from Tue, 29 Oct 2024 07:00:00 GMT to Sat, 05 Apr 2025 23:18:07 GMT -
Rating 0
- Innovation -1
- Information 7
- Rumor -5
