Why Phillips 66 Rallied in March [Yahoo! Finance]
Phillips 66 (PSX)
Last phillips 66 earnings: 5/1 07:00 am
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investor.phillips66.com/events-and-presentations/default.aspx
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Source: Yahoo! Finance
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. Elliott signs off as the 3-2-1 crack spread elevates 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. The strategy seeks to improve the company's refining performance, which has lagged behind peers, while also cutting costs up to $1.4 billion over time, with $1 billion in cost cuts targeted by the end of this year. Phillips is also targeting a 2025 mid-cycle, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) target of $14 billion, $4 billion higher than prior to the new strategic initiative. Phillips also plans to boost share repur
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News
- PBF Energy beats first-quarter profit estimates on stable demand [Reuters]Reuters
- Phillips 66 (NYSE:PSX) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- Phillips 66 First Quarter 2024 Earnings: EPS: US$1.74 (vs US$4.21 in 1Q 2023) [Yahoo! Finance]Yahoo! Finance
- Phillips 66 (NYSE: PSX) had its price target lowered by analysts at Barclays PLC from $155.00 to $147.00. They now have an "equal weight" rating on the stock.MarketBeat
- Traders scramble for US storage as distillates demand disappoints [Reuters]Reuters
PSX
Earnings
- 4/26/24 - Miss
PSX
Sec Filings
- 5/2/24 - Form 4
- 4/30/24 - Form 8-K
- 4/29/24 - Form 10-Q
- PSX's page on the SEC website