Phillips 66's (PSX) market performance has notably fluctuated, with stock movement of -0.22% followed by a 3.21% downfall on June 4. Investment activity also remained variable, with numerous entities increasing and decreasing their positions, such as Eldred Rock Partners LLC acquiring 8,904 shares and Annex Advisory Services LLC decreasing their position. The oil refiner anticipates layoffs at its Los Angeles refinery in December, which may also impact the stock. PSX reported a Q1 loss but exceeded revenue estimates, initiating mixed market reactions. PSX also plans to divest its majority interest in its Germany and Austria retail marketing business. The move responds to pressure from Elliott Management, who won ISS backing in a proxy battle, which led to a split boardroom. Furthermore, Elliott Management stated that PSX share price could hit $200 if changes are implemented. A notable concern raised is PSX's ability to allocate capital, especially under the challenge posed by Elliott's nominees. Lastly, although PSX's Q1 earnings indicated a strategic navigation of challenges, Morgan Stanley remains cautious due to strategic issues.
Phillips 66 PSX News Analytics from Tue, 11 Feb 2025 08:00:00 GMT to Fri, 06 Jun 2025 12:09:00 GMT -
Rating -1
- Innovation 0
- Information 8
- Rumor 0