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WEST PALM BEACH, Fla. - Elliott Investment Management L.P., a significant shareholder in Phillips 66 (market cap: $43.2 billion), released a new podcast episode featuring Michael Heim, a nominee for the company’s board. According to InvestingPro analysis, Phillips 66 is currently trading below its Fair Value, suggesting potential upside opportunity for investors. In the episode, Heim, a founder of Targa Resources and experienced energy industry leader, discusses the potential of Phillips 66’s assets and the importance of strategic growth and governance to enhance shareholder value.
Heim emphasizes the quality of Phillips 66’s assets, located in major U.S. basins, and suggests that with proper strategy and board support for organic growth, the company could perform competitively with its peers. The company currently generates annual revenue of $137.77 billion and offers an attractive dividend yield of 4.53%. InvestingPro subscribers can access detailed analysis of Phillips 66’s competitive position and growth potential through the comprehensive Pro Research Report, along with 30+ additional key metrics and ProTips. He advocates for a dedicated management team with incentives aligned with the company’s success, separate from refinery operations. Heim also underscores the need for governance that ensures shareholder return maximization.
The podcast is part of Elliott’s "Streamline 66" campaign, promoting their slate of director nominees for the upcoming annual meeting. The campaign aims to unlock value from Phillips 66’s high-quality assets and improve its trading performance to match its midstream competitors. Elliott has filed a definitive proxy statement with the SEC to solicit proxies for the election of its director candidates.
The episode is accessible on Streamline66.com/podcast and is also available on major podcast platforms, including Apple and Spotify. Full episodes can be watched on YouTube.
Elliott Investment Management, with assets of approximately $72.7 billion as of December 31, 2024, is one of the oldest funds under continuous management. Its investors range from pension plans to high net worth individuals. The firm is actively engaging Phillips 66 shareholders to vote for its nominees using the GOLD proxy card provided. Phillips 66 maintains a FAIR overall financial health score of 2.31 according to InvestingPro metrics, with analyst price targets suggesting up to 23% potential upside from current levels.
This news is based on a press release statement from Elliott Investment Management L.P.
In other recent news, Phillips 66 reported its financial results for the first quarter of 2023, announcing earnings of $487 million, or $1.18 per share. Despite this, the company faced an adjusted loss of $368 million, or $0.90 per share, due to challenging market conditions. In response to shareholder concerns, Elliott Investment Management, a significant shareholder, proposed a strategic overhaul of Phillips 66, aiming to improve performance through board enhancements and operational improvements. Elliott has also submitted a proxy statement to the SEC to elect its director candidates at the 2025 stockholders meeting. In a counter-move, Phillips 66 defended its current strategy, highlighting a 67% total shareholder return under CEO Mark Lashier and criticizing Elliott’s proposals as high-risk. The company emphasized its integrated model’s success in generating shareholder distributions and announced plans for midstream growth and chemical sector advancements. Phillips 66 returned $716 million to shareholders in Q1 2023, including $247 million in share repurchases, underscoring its commitment to shareholder value.
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