Why Phillips 66 Stock Has Been a Gusher for Investors This Week
An activist investor's battle for influence at downstream energy giant Phillips 66 (NYSE: PSX) is heating up, and it's pushing up the share price. The company's share price was up by nearly 13% week to date as of Thursday night, according to data compiled by S&P Global Market Intelligence, largely as a result of the latest development in that struggle. The activist firm is Elliott Investment Management, a corporate gadfly with years of experience in the activist game. It and Phillips 66 are locked in a proxy battle for control of the company, and have both put forth a slate of directors for its board. A vote on those directors will take place at Phillips 66's annual meeting next Wednesday, May 21.Image source: Getty Images.Continue reading
An activist investor's battle for influence at downstream energy giant Phillips 66 (NYSE: PSX) is heating up, and it's pushing up the share price. The company's share price was up by nearly 13% week to date as of Thursday night, according to data compiled by S&P Global Market Intelligence, largely as a result of the latest development in that struggle.
The activist firm is Elliott Investment Management, a corporate gadfly with years of experience in the activist game. It and Phillips 66 are locked in a proxy battle for control of the company, and have both put forth a slate of directors for its board. A vote on those directors will take place at Phillips 66's annual meeting next Wednesday, May 21.
Image source: Getty Images.
