VLO - Phillips 66 Stock Soars As Elliott Investment's $1B Bet Signals Major Turnaround | Benzinga
Phillips 66 (NYSE: PSX) shares are trading higher following a letter from Elliott Investment Management that it has taken a $1 billion stake in the company, making it one of the largest investors.
Elliott Investment's letter detailed the factors behind Phillips 66's underperformance and the significant value-creation potential available – potentially about 75% upside from the current stock price.
Following its 2012 spin from ConocoPhillips (NYSE: COP), most investors regarded Phillips 66 as a well-run and high-performing company, the letter read.
In recent years, Phillips 66's performance has declined as it has shifted its focus away from its Refining segment, Elliott noted.
During the refining super-cycle of 2022 and 2023, Phillips 66 was not well-prepared to capitalize on the opportunities, unlike its peers Marathon Petroleum Corporation (NYSE: ...