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Phillips 66 Stock Jumps as Elliott Reportedly Takes More than $2.5B Stake
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Key Points
- Phillips 66 shares are jumping About 4% of intraday trading reported on Tuesday Wall Street Journal Elliott Investment Management has established more than $2.5 billion in shares in the refinery.
- Elliott wants Phillips 66 to simplify its operations and to remove or sell its large midstream operations as part of a measure to increase Houston-based energy companies’ lagging stock prices.
- Phillips 66 shares fell 15% over the past year to Monday.
Phillips 66 (psx) Stock jumped about 4% In Tuesday’s intraday trading, a previous report Wall Street Journal Elliott Investment Management has established more than $2.5 billion in shares in the refinery.
According to reports from people citing the matter, Elliott wants Phillips 66 to simplify its operations and depart or sell its large midstream operations, a measure to increase the lagging stock price of Houston-based Energy Part. Middle Tour The company focuses on transportation And involves moving the extracted raw materials to the refinery to handle oil and gas.
Investopedia Elliott’s stake in Phillips 66 has not been independently confirmed.
Phillips 66 shares fell more than 11% in the past year.
Elliott revealed a $1 billion stake in the refinery in 2023, and a few months later, the Energy Company announced the appointment of directors as requested by the Radical Fund Company.
Elliott had a busy year. it It is said that In recent months, BP has accumulated a large number of shares (bp) and has been pushing it for a strategic reset, the BP giant Announced plan Tuesday. Honeywell International (honor) last week Under pressure from Elliott’s breakup, plans for a three-way split were announced.
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