In the recent developments, Phillips 66 NYSE:PSX has experienced stock sales from different investment entities including national pension services, private advisor groups, and asset management companies. Despite a five-year decline in earnings issue, shareholder returns have gained 118% increase. Company's midstream business witnessed a push from activist shareholders for its separation. Financial groups such as Todd Asset Management and Oppenheimer & Co. continued to purchase shares strengthening their stock position in the company. In contrast, institutions such as QRG Capital Management, Amalgamated Bank, and First American Bank sold sizeable shares. Elliott Management, the activist shareholder, urged Phillips 66 for the overhaul of their assets and is also seeking board seats.
With its acquisition in focus, Chevron (CVX) eyes purchase of Phillips 66’s chemical stake. Moreover, the Q4 earnings of Phillips 66 demonstrated it surpassing the revenue estimates despite EPS missing the expectations. While the stake by Elliot Management in Phillips 66 seems promising, urging changes in operations. Globally, Phillips 66 has recently secured the lease for new floating storage in Singapore, signaling its plans to expand
Phillips 66 PSX News Analytics from Wed, 30 Oct 2024 07:00:00 GMT to Sat, 01 Mar 2025 19:22:00 GMT - Rating 0 - Innovation 4 - Information 6 - Rumor -3
