Elliott Investment Management, which manages funds that together are a top-five shareholder in Phillips 66 (PSX), released findings from a recent Elliott-commissioned, third-party survey of the company’s institutional investors. The survey – conducted approximately two months ago – polled shareholders representing more than 60% of Phillips 66’s institutionally owned shares outstanding and revealed that investors share Elliott’s frustration with the company’s underperformance and lack of a compelling strategic direction.
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