Phillips 66 Shares Rise for 2nd Day as Elliott Management Seeks Board Seat

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Phillips 66 ($NYSE:PSX) is an American multinational energy company that specializes in the production and sale of fuels, lubricants, petrochemicals, and related equipment. Its shares have been on the rise for the past two days following major investor Elliott Management’s acquisition of a stake in the company and their push for a board seat. Elliott Management is a New York-based hedge fund founded by billionaire Paul Singer, and is known for taking an activist approach to investing.

The news of Elliott Management’s investment in Phillips 66 has been welcomed by analysts, who believe that the move could help to drive further growth for the company. Analysts are also optimistic that the presence of Elliott Management in the boardroom could lead to positive changes in strategy and operations for the company.

Price History

On Thursday, shares of Phillips 66, a diversified energy manufacturing and logistics company, rose for a second consecutive day. With an opening price of $122.7, PHILLIPS 66 stock closed at $128.9, representing a 5.5% increase from its prior closing price of $122.2. This rise in price follows news that Elliott Management Corporation, a prominent activist investor, had taken an undisclosed stake in the company and was seeking to add three of its representatives to the company’s Board of Directors. Elliott Management is known for its willingness to push for strategic and organizational changes in companies it invests in, and investors are likely seeing PHILLIPS 66 as a prime candidate for such changes. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Phillips 66. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Phillips 66. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Phillips 66. More…

Key Ratios Snapshot

Some of the financial key ratios for Phillips 66 are shown below. More…

Analysis

GoodWhale has conducted an analysis of PHILLIPS 66‘s wellbeing. According to our Star Chart, PHILLIPS 66 is strong in dividend and medium in asset, growth, and profitability. We also found that PHILLIPS 66 has a high health score of 9/10, meaning it is financially capable to sustain its operations in times of crisis. We classify PHILLIPS 66 as a ‘rhino’ company, which means that it has achieved moderate revenue or earnings growth. Investors looking for a reliable and stable source of income may be interested in investing in PHILLIPS 66. Those who are looking for more growth-oriented investments may be attracted to the company’s medium ratings in asset, growth, and profitability. PHILLIPS 66’s consistent dividend payments and strong health score can be attractive to investors looking for long-term returns. More…

Peers

Phillips 66 is an American multinational energy company headquartered in Houston, Texas. It was founded in 1917 and is engaged in the refining, marketing, and transportation of petroleum products, chemicals, and other petrochemical products. The company has a market capitalization of $46.61 billion as of February 2021. Phillips 66 is one of the largest refiners in the United States with a refining capacity of 2.2 million barrels per day. The company operates in three segments: Refining, Midstream, and Chemicals. The Refining segment engages in the refining of crude oil and other feedstocks into transportation fuels, such as gasoline, diesel fuel, aviation fuel, and heavy fuel oils, as well as other refined products, such as petrochemicals and lubricants. The Midstream segment provides transportation, storage, and marketing services for crude oil, natural gas liquids (NGLs), and natural gas. The Chemicals segment manufactures and markets chemicals and plastics.

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Summary

Investing in Phillips 66 is looking more attractive after the company’s stock price increased for a second day, due to the push from Elliott Management Corporation for a board seat and a stake in the company. Analysts believe this move could spur long-term growth and increased earnings for Phillips 66. The company has a strong portfolio of refining and marketing assets, with a number of strategies in place to increase returns.

The company also has a good balance sheet and is well positioned to capitalize on future opportunities. Investors should keep an eye on developments with Phillips 66 as it looks set to benefit from this new push from Elliott Management.