15 Recent Activist Investor Campaigns

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6. Phillips 66 (NYSE:PSX)

Value of Stake $2.5 Billion

Elliott Management Activist Campaign Initiated: February 2025

Number of Hedge Fund Holders: 47

Phillips 66 (NYSE:PSX) is a diversified energy company that processes, transports and markets fuels and products globally. It also boasts business interests in refining, midstream, chemicals, and marketing. The company has underperformed in the overall energy sector, its stock tanking 43% over the past year. Amid the underperformance, activist hedge fund Elliott Management is ramping up pressure and pushing for sweeping changes in a bid to turn around the company’s prospects.

According to Elliott Management, CEO Mark Lashier has been disparaging the value of Phillips 66’s impressive assets and competitive advantage by claiming that the company is fairly valued. The activist hedge fund is already pushing for an overhaul of corporate governance and improvements in the refining business. It has also nominated four directors to the Phillips 66 (NYSE:PSX) board.

The activist investor has also sent a letter to investors urging them to consider plans that include pushing for asset divestment, including the midstream arm, to unlock shareholder value.

“At this point, it has become clear that sweeping changes are needed — changes to the company’s structure, its operations and its board,” Elliott said in the filing.

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