Phillips 66 (PSX) has been experiencing significant market fluctuations. A series of different
investors have increased or reduced their holdings, from Great Lakes Advisors LLC and Saturna Capital Corp to Swiss National Bank and Zurcher Kantonalbank. PSX's CEO,
Mark Lashier, discussed the company's vision at the THRIVE Energy Conference as the company faces underperformance in the energy sector.
Activist Elliott Management has purchased a sizeable stake in the company and is urging an overhaul in the company's governance to increase the stock price. This includes calling for the separation of Phillips 66's
Midstream business. The company has also announced plans to cease operations at its Los Angeles-area refinery and announced
strategic initiatives following a Quarter 4 loss. Despite this, Phillips 66 topped revenue estimates and its shares are still up 118% over a five-year period. Looking forward, Barclays has raised the price target of PSX and the potential of an acquisition by
Chevron (CVX) looms.
Phillips 66 PSX News Analytics from Fri, 11 Oct 2024 07:00:00 GMT to Sat, 15 Mar 2025 23:01:54 GMT -
Rating 7
- Innovation 5
- Information 8
- Rumor 4
