Published 11 days ago • loading... • Updated 10 days ago

Activist Investor Elliott Builds $2.5 Billion Stake In Phillips 66, Pressures For Midstream Spinoff: Report - Phillips 66 (NYSE:PSX), BP (NYSE:BP)

Elliott Investment Management has acquired a $2.5 billion stake in Phillips 66, becoming one of its top five shareholders and pushing for operational restructuring, especially in the midstream business.
Phillips 66's stock price has fallen from $163.34 to $123.71, raising concerns from Elliott about unfulfilled promises and operational inefficiencies.
Elliott aims to advocate for the sale or spinoff of Phillips 66's midstream operations to enhance shareholder value, aligning with its recent activism in the industrial sector.
Phillips 66 reported a loss of earnings per share, missing analysts' estimates of $1.23, indicating financial challenges for the company.

Insights by Ground AI

Does this summary seem wrong?

19 Articles

All

Left

Center

Right

thedailyupside.com

Activist Investor Elliott Tightens Grip on Oil Giants Phillips 66 and BP

It’s a CEO’s worst nightmare and, numbers suggest, a shareholder’s dream come true: Elliott Investment Management is outside with a boombox, demanding attention. The ever-persistent gadfly of Wall Street, arguably its most feared and fearsome activist investor, disclosed a $2.5 billion position in oil refining giant Phillips 66 on Tuesday, with plans to push for operational changes. Meanwhile, another oil sector giant, British supermajor BP, ann…

10 days ago

Read Full Article

Oil Price

Aggressive Activist Investor is Gunning for Phillips 66

Elliott Investment Management is at it again, this time sinking its teeth into U.S. refiner Phillips 66 with a $2.5 billion stake and a laundry list of demands. The aggressive activist investor—best known for shaking up boardrooms and strong-arming CEOs into “unlocking value” (i.e., making changes that boost Elliott’s returns)—wants Phillips 66 to spin off its midstream business and tighten up operations. If this feels like déjà vu, that’s becau…

11 days ago·London, United Kingdom

Read Full Article

defenseworld.net

Phillips 66 (NYSE:PSX) Shares Gap Up – Still a Buy?

Shares of Phillips 66 (NYSE:PSX – Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $123.71, but opened at $130.00. Phillips 66 shares last traded at $128.57, with a volume of 735,230 shares changing hands. Wall Street Analyst Weigh In A number of equities research analysts recently weighed in on PSX shares. UBS Group lowered their price target on Phillips 66 from $150.00 to $138.00 and set a “bu…

San Antonio Express-News

Elliott builds more than $2.5B stake in Phillips 66, wants it to sell or spin off midstream unit

Activist investor Elliott Investment Management LP has built up a more than $2.5 billion stake in Phillips 66, and is looking for the oil company to either sell or spin off its midstream unit to help boost its stock price

11 days ago·United States

Read Full Article

sherwood.news

Elliott twists Phillips 66’s arm even more as it builds $2.5 billion stake

The activist investor and oil refiner struck a deal a year ago. Apparently it wasn’t enough....

11 days ago

Read Full Article

Benzinga

Activist Investor Elliott Builds $2.5 Billion Stake In Phillips 66, Pressures For Midstream Spinoff: Report - Phillips 66 (NYSE:PSX), BP (NYSE:BP)

Activist investor Elliott Investment Management has amassed a $2.5 billion stake in Phillips 66 (NYSE:PSX), significantly expanding its position in the U.S. oil refiner and intensifying pressure for operational restructuring, particularly regarding its midstream business. Elliott's latest investment, which places it among Phillips 66’s top five shareholders, comes less than a year after its initial $1 billion stake secured a board seat for refin…

11 days ago·New York, United States

Read Full Article

Think freely.Subscribe and get full access to Ground NewsSubscriptions start at $9.99/year