Phillips 66 (PSX) has experienced ups and downs lately with its stock oscillating, despite substantial gains in the market. While some institutional investors fortified their hold on the company shares, some other entities, like Toronto Dominion Bank, Sei Investments, and Alley Investment Management, lowered their position.
Legal & General Group Plc and Gabelli Funds LLC see potential in the company and boosted their holdings. Observations suggest a strategic retaining strategy, which seems to have worked for the company, resulting in a higher
76% institutional ownership. There is concern from Elliott Management around
activist pressure on the company. Despite having a disappointing Q1 2024 earnings report, the company is aiming to rebound. PSX further surprises the market with their Q2 earnings highlighting
strong midstream results. Another highlight was the
dividend increase for the investors. They also plan to
modernize data protection operations. PSX expects a global refining shortage next year.
The company continues to divest non-core gas assets, while acquiring rewarding Midland Basin Assets. There are also indications of taking steps towards a pipeline stake sale worth more than $1B. Overall, Phillips 66's path seems to be a work in progress.
Phillips 66 PSX News Analytics from Tue, 09 Jan 2024 08:00:00 GMT to Sun, 29 Sep 2024 16:29:39 GMT -
Rating 5
- Innovation 1
- Information 7
- Rumor -2
