PSX - Why Phillips 66 Rallied in March
2024-04-06 08:53:00 ET
Shares of U.S. oil and chemical refiner and midstream giant Phillps 66 (NYSE: PSX) rallied 14.6% in March, according to data from S&P Global Market Intelligence .
Not only did Phillips 66 benefit from an increasingly favorable pricing environment for refiners, but the company's CEO also said in an interview its new strategy earned the approval of the company's high-profile activist investor.
In an interview on March 27, Phillips CEO Mark Lashier said that Elliott Management, the activist hedge fund that took a $1 billion stake in the refining giant last fall, had signed off on the company's strategy to boost shareholder value.
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Why Phillips 66 Rallied in March