After Elliott Investment Management sent a public letter to the board of Phillips 66 revealing its roughly $1B position in the company and seeking the appointment of two directors with refining-operating experience to the board, Wells Fargo said the activist shareholder can be a positive catalyst for shareholders, assuming the investment announcement and action letter prods the board and management to take actions they otherwise might not. The firm, which says Phillips 66 remains its large cap refining top pick, maintains an Overweight rating and $143 price target on the shares.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on PSX:
- Early notable gainers among liquid option names on November 30th
- Phillips 66 (NYSE:PSX) Jumps as Elliott Takes a Stake
- Elliott seeks Phillips 66 board seats, sees 75% share upside
- Phillips 66 up 4% after CNBC report on activist Elliott building stake
- Elliott takes $1B stake in Phillips 66, seeks two board seats, CNBC reports