Shake-Up Alert: 40 Companies Facing Activist Pressure

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18. Elliot Management at Phillips 66 (NYSE:PSX)

Stock Return: 19.39%

S&P 500 Return: 17.86%

Investment date: 29/011/2023

Number of hedge funds holding stakes: 35

Phillips 66 (NYSE:PSX) is an energy manufacturing and logistics company transporting crude oil and feedstocks. It also produces and markets various chemicals, including ethylene and benzene.

After disclosing a $1 billion stake in Phillips 66 (NYSE:PSX) last year, Elliott Management pushed for board seats as it sought to push for strategic changes focusing on improving the oil refining business.

The activist investor has succeeded in pushing for the appointment of directors with refining experience to drive growth while also pushing for cost cuts. Since the firm invested in the company, Phillips 66 (NYSE:PSX) has climbed by over 25%. Likewise, it is up by 9% for the year. As of the end of Q1 2024, a total of 35 hedge funds tracked by the Insider Monkey database held stakes in the company, up from 29 as of 2023.

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