Keep an eye on Phillips 66 (PSX).
The company has two massive catalysts.
One, Elliott Investment Management just took a $1 billion stake in PSX, and is pushing for two seats on its board. “Over the past three years, as Phillips 66 has fallen further and further behind, its stock has meaningfully underperformed these peers,” wrote Elliott partner John Pike and portfolio manager Mike Tomkins, as noted by CNBC. Elliott also said it backed CEO Mark Lashier’s plan to improve the company’s performance, which includes targeting $14 billion in EBITDA by 2025.
Two, while investors wait to see what happens from here, they can collect a quarterly
dividend of $1.05 per share. The dividend is payable on Dec. 1, 2023, to shareholders of record as of the close of business on Nov. 17, 2023.