Phillips 66
- Phillips 66 jumped 3.7% to $122.33 after the activist investor Elliott Investment Management disclosed a stake of $1 billion in the energy company in the hopes of a potential gain of 75%.
Elliott is seeking two board seat and plans to improve oil refiner and retailer's performance, according to the letter sent by the activist investor to the company's board.
Elliott is targeting operating earnings of $14 billion by 2025 by focusing on improving company's refining operations.
Nov 29, 2023
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