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Elliott Investment Management has significantly bolstered its position in Phillips 66 (NASDAQ: PSX), acquiring more than $2.5 billion in shares. This acquisition positions Elliott as one of the top five stakeholders in the company.
The investment firm is reportedly advocating for strategic changes within Phillips 66, particularly focusing on the potential sale or spinoff of its midstream operations. Elliott’s push for these changes comes on the heels of Phillips 66’s recent performance, which has lagged behind its industry peers.
Previously, Elliott had entered into a performance improvement agreement with Phillips 66 after initially acquiring a $1 billion stake.
Phillips 66’s Stock Gains in Premarket Trading
Phillips 66’s stock has shown notable movements in recent trading sessions. The stock opened at $123.71 and is currently trading at a premarket price of $131.00, up over 5.89% for the session.
This performance is a part of a broader trend observed over recent weeks, with the stock fluctuating between a 52-week low of $108.91 and a high of $174.08. Analysts have set a target high price of $162.00 and a low of $115.00, with a mean target price of $136.97, reflecting mixed expectations about the company’s future performance.
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PSX Stock Brief
Phillips 66 presents a dividend rate of $4.60, translating to a yield of 3.81%. The company’s market capitalization stands at $51.09 billion, with a debt to equity ratio of 67.14, indicating a moderate level of leverage.
The trailing P/E ratio is 24.79, while the forward P/E is significantly lower at 10.12, suggesting potential earnings growth. Analysts maintain a “Buy” recommendation with a mean rating of 1.95, indicating optimism about the company’s future prospects despite the current market volatility.
Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.
About the author
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird’s US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
