Phillips 66 (PSX) emerged as one of the best
dividend stocks last week with several noteworthy developments on multiple fronts.
Nicholson Wealth Management Group LLC and several other investment companies, such as
Mattern Capital Management LLC and
Truist Financial Corp, have increased their holdings in the company. At the same time, lenders like
ING Groep NV and
Blue Trust Inc. reduced their positions in PSX. The company has secured a lease on a new floating storage in Singapore and is planning to grow its midstream business after acquiring EPIC's NGL assets for $2.2 billion, marking an ambitious expansion strategy. Activist Investor
Elliott Management has taken a $2.5 billion stake in the company and is pushing for board seats and for a midstream business sale, naming it a $40B value unlock plan. Elliott’s involvement has resulted in the proposal of operational changes, which include seeking seats at the company's board. The company's Q4 earnings saw a loss but topped revenue estimates, with expectations driving the stock price to be raised to $132 at TD Cowen.
Phillips 66 PSX News Analytics from Wed, 16 Oct 2024 07:00:00 GMT to Sat, 22 Feb 2025 21:36:30 GMT -
Rating 7
- Innovation 3
- Information 8
- Rumor -3
