There are major changes in Phillips 66 (PSX). Layoffs in Los Angeles are set to begin in December. Elliott, an activist investment firm, is locked in a tense boardroom battle with Phillips 66 but has succeeded in securing two board seats. Nevertheless, the market response to these moves has been bearish, with Phillips 66 stock dropping amidst the turbulence.
Reports suggest that strategic issues have prompted Morgan Stanley to maintain caution on PSX. UBS has increased its stake in PSX, likely hoping for a turn in fortune at the next annual meeting in 2025.
PSX has agreed to sell a majority interest in their retail marketing business in Germany and Austria. This divestment is viewed as part of a broader portfolio reshaping strategy that also seeks to prioritize dividend growth.
Despite this, PSX still faces severe strategic challenges. These are exemplified by mass shareholder sell-off and overwhelming support for Elliott's proposed board changes as indicated by Institutional Shareholder Services (ISS).
As PSX continues to navigate these rocky waters, investor support continues to fluctuate, reflecting the conflicted sentiment towards PSX's future trajectory.
Phillips 66 PSX News Analytics from Wed, 02 Apr 2025 07:00:00 GMT to Sat, 24 May 2025 11:38:21 GMT - Rating -8 - Innovation -7 - Information 6 - Rumor -8
