Russell Investments Group Ltd. has added 31,441 Phillips 66 shares to its portfolio.
Elliott Management, backed by veteran energy executive Gregory Goff, is pushing for changes at Phillips 66 to unlock value, forecasting that the company's share price could reach $200 if proposals are implemented. Meanwhile, Phillips 66's stock has surged 11.1% and there has been a proxy battle for board control. Both Phillips 66 and Elliott Management have engaged shareholders through proxy statements and letters, with Elliott launching a podcast called 'Streamline 66' featuring discussions with director nominees. Several financial institutions, such as the
Bank of Nova Scotia and Invesco Ltd., have increased their investments in Phillips 66, while others like Disciplined Investors L.L.C. and Resona Asset Management Co. Ltd. have made new investments. Advisory sentiment on Phillips 66 has been mixed, with UBS reiterating a buy rating while Barclays and Mizuho lowered price targets amid economic uncertainty. Elliott Management has also taken legal action to protect Phillips 66 stockholders' rights. The company has completed its acquisition of EPIC NGL and also announced Q4 results, which despite recording a loss, topped revenue estimates. Looking ahead, Phillips 66's CEO Mark Lashier provided insights into the company's future vision at the THRIVE Energy Conference.
Phillips 66 PSX News Analytics from Tue, 17 Dec 2024 08:00:00 GMT to Sat, 12 Apr 2025 23:56:25 GMT -
Rating 6
- Innovation -1
- Information 7
- Rumor -2
