Phillips 66 (NYSE:PSX) is currently in a
proxy battle against
Elliott Management, which is taking legal action in order to protect the rights of the company's shareholders. Elliott is pushing for a governance overhaul at Phillips 66 and has sued the company over a board seat dispute. Amidst this, Phillips 66 has proposed new board members in an attempt to mitigate the situation. Despite the ongoing dispute, the company's share price remains
robust. The investment firm
LPL Financial LLC and
Moment Partners LLC have both recently increased their stakes in Phillips 66, purchasing additional shares.
Prudential Financial Inc. and
Elo Mutual Pension Insurance Co have, however, sold shares of Phillips 66. In terms of performance, Phillips 66's share price is ascending but remains behind the broader market. The company's intrinsic value estimate suggests that shares could be 45% below their current market value. Goldman Sachs recently
downgraded Phillips 66 to a neutral stance from buy. Despite a five-year decline in earnings, Phillips 66 shareholders are still up by 118% over this period.
Phillips 66 PSX News Analytics from Tue, 24 Sep 2024 07:00:00 GMT to Sat, 29 Mar 2025 23:42:10 GMT -
Rating -4
- Innovation -5
- Information 7
- Rumor -1
