Phillips 66 (PSX) has been a point of focus for both analysts and investors recently, with a variety of moves impacting its market position. The energy company has been noted to deliver consistent dividend growth, boasting a 3.4% yield. Despite declines in the market, PSX has made attempts to ascend, with a moderate buy rating consensus from analysts. The company has been exploring strategic options, including diversification away from its traditional refining roots and has plans to cease operations at its Los Angeles-area refinery while also selling its interest in a Switzerland-based joint venture. A trade-secrets case resulted in a $604.9m verdict against the company, pressuring the stock to some degree. The upcoming earnings season might prove significant for the company, with projections of declines in its Q3 earnings. Institutional investors, who make up for 76% of the ownership, will also be keen to see if the stock can rebound from its 7.2% drop since the last earnings report. The company has come under pressure from activist Elliot Management, already it embarks on a plan to sell a 49% stake in Coop Mineraloel to a Swiss JV.
Phillips 66 PSX News Analytics from Tue, 23 Apr 2024 07:00:00 GMT to Sat, 26 Oct 2024 07:42:34 GMT -
Rating 0
- Innovation -3
- Information 0
- Rumor -4
