Latest news with #Phillips66
Yahoo
2 days ago
- Business
- Yahoo
Phillips 66 (PSX) Suffered From An Overreaction After Elliot Victory, Says Jim Cramer
We recently published a list of . In this article, we are going to take a look at where Phillips 66 (NYSE:PSX) stands against other stocks that Jim Cramer discusses. Phillips 66 (NYSE:PSX) is a diversified American oil and gas company. The firm operates in the chemicals, oil refining, storage, and transportation industries. It made its way to Cramer's morning appearance as activist Elliott Investment managed to secure two seats on the firm's board. Phillips 66 (NYSE:PSX)'s shares dropped by 7.5% on the news as investors weighed whether Elliott's demands of business unit spinoffs would generate uncertainty for the firm's future cash flows. For his part, Cramer attributed the fall to an overreaction: '[On share price movement after activist investor Elliott won two board seats] Yeah that's a reaction. I think there are people who felt that there could be an immediate transaction or something which was never the case. I think that's an overreaction. Not a great group right now but it's an overreaction.' A refinery manager walking through an array of pipes and pumping systems, recognizing the company's vast refining power. Cramer has discussed Phillips 66 (NYSE:PSX) several times this year. For instance, in May he remarked that the firm was being unfairly treated as an oil company while it was a refiner instead. In January, he praised Phillips 66 (NYSE:PSX)'s business acumen after the firm bought NGL assets for $2.2 billion. Here's what Cramer said: 'And listen, that's not even an exhaustive list of M&A activity this week. Well, on Monday, Phillips 66 announced a deal to acquire certain privately held natural gas infrastructure assets for over $2 billion… Looking at the transactions we've seen just this week, while some of them likely would've been challenged by Biden's ideologically driven regulators, most of them seem pretty justifiable. All of them make great business sense…' Overall, PSX ranks 10th on our list of stocks that Jim Cramer discusses. While we acknowledge the potential of PSX, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than PSX and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Gas prices could soar with refineries closing in California
WALNUT CREEK, Calif. (KRON) — California is bracing for the closure of two major oil refineries, including one in the Bay Area. State lawmakers are sounding the alarm on what that could mean for gas prices. At just under $5 per gallon in Walnut Creek, some drivers are forking out over $100 to fill up the tank. With two refineries preparing to shut down, that's expected to drive up prices. In the East Bay, the Valero Benicia Refinery is expected to close in April 2026. Down in Southern California, owners of the Phillips 66 refinery are also planning to stop operations in the next year. California Governor Gavin Newsom wants to phase out fossil fuels. He set a goal to ban the sale of gas-powered cars in the state by 2035 to cut down on emissions. But the U.S. Senate is blocking that goal. Oakland residents blast city's removal of self-installed speed bumps Either way, fewer refineries will mean higher prices. It's a simple case of supply and demand. That has some state lawmakers concerned about the future. Assemblymember Cottie Petrie-Norris (D-Irvine) said, 'If all we're doing here in California is reducing our emissions, which are 1% global emissions, it doesn't matter a damn. I would argue again that when we're thinking about climate leadership, we need to make sure that the policies that we're implementing here in California are affordable and accessible for all Californians. I know that what climate leadership does not look like, and that is $10 gas.' The head of California's energy commission is telling lawmakers that the closure of two refineries could force the state to import more gas. So far, there has been no action from the assembly. One estimate from the University of Southern California shows gas prices could jump by 75 percent when the refineries close. That would add up to more than $8 a gallon next year. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Los Angeles Times
3 days ago
- Business
- Los Angeles Times
What do the Dodgers and Giants have in common? An iconic ad — for Big Oil
Long before Clayton Kershaw donned No. 22 and Fernando Valenzuela wore No. 34, another number told fans it was time for Dodger baseball: 76. Union Oil Co., the 76 gasoline brand's former owner, helped finance Dodger Stadium's construction. The brand's current owner, Phillips 66, remains a major sponsor. Through six World Series titles, orange-and-blue 76 logos have been a constant presence at Chavez Ravine. They tower above the scoreboards and grace the outfield walls. So when 76 recently posted on Instagram that it had begun sponsoring L.A.'s rivals in San Francisco — with an orange-and-blue logo on the center field clock at Oracle Park — some Dodgers fans weren't pleased. 'THE BETRAYAL,' one fan wrote on Instagram. 'bestiessss nooooo,' another lamented. 76 was unfazed, responding: 'Still a bestie, just spreading the love!' Strange as the reactions may sound, it's not unheard of for long-lived ad campaigns to take on a life of their own, evolving from paid promotions to cultural touchstones. Outside Fenway Park in Boston, Red Sox fans have fought to preserve the massive Citgo sign, with its logo of a Venezuelan-owned oil company. Nor is it shocking that Houston-based Phillips 66 would market itself through another baseball team. The 76 gasoline brand, after all, evokes the patriotism of 1776 — a clever marketing ploy. And what's more American than Major League Baseball? Still, the timing of Phillips 66's decision to start sponsoring the Giants is intriguing. Since last summer, nearly 30,000 people have signed a petition urging Dodgers ownership to cut ties with the oil company. California is currently suing Phillips 66 and other oil and gas companies for climate damages, accusing them of a 'decades-long campaign of deception' to hide the truth about the climate crisis. The Sierra Club Angeles Chapter held its third protest at Dodger Stadium before a game against the Athletics on May 15. Activists cloaked in sackcloth marched outside the parking lots. One played a bagpipe. 'It was a bit hard for the fans to comprehend,' organizer Lisa Kaas Boyle acknowledged. Still, she believes the cause is righteous. A former environmental crimes prosecutor and a co-founder of the Plastic Pollution Coalition, Kaas Boyle lost her home in the Palisades fire. She's also a Dodgers fan, having caught the bug from her husband, whose 89-year-old mom grew up cheering for the team in Brooklyn. She has a special place in her heart for Kiké Hernández. So when the Dodgers joined other sports teams in pledging $8 million to wildfire relief, she felt the organization was 'speaking out of two sides of its mouth.' She pointed to a study concluding that the weather conditions that helped drive the Palisades and Eaton fires were 35% more likely due to climate change. 'If you really care about us fire victims, you wouldn't be promoting one of the major causes of the disaster,' Kaas Boyle said. 'If you really care, you wouldn't be boosting their image, greenwashing it through baseball.' At least one member of the Dodgers ownership group cares about presenting a climate-friendly image. Tennis star Billie Jean King posted on Facebook, Instagram and X in the fall promoting a climate summit being held next week at the University of Oxford, co-hosted by an arm of the United Nations. U.N. Secretary-General António Guterres has called on all countries to ban fossil fuel advertising. So, what does King think of the 76 ads at Dodger Stadium? Hard to say. Her publicist didn't respond to my request for comment. The Dodgers also declined to respond. Same goes for the Giants and Phillips 66. So why is the oil company 'spreading the love' to the Bay Area? Again, hard to know for sure. But Duncan Meisel has a theory. He runs the advocacy group Clean Creatives, which pressures ad agencies to stop working with fossil fuel clients. And he suspects that lawmakers and regulators based in Sacramento are less likely to attend a baseball game in L.A. than in nearby San Francisco. 'If you're 76, and you're worried about decision-makers in California, that's where you'd want to be,' he said. Indeed, Phillips 66 may have reasons to be worried. The company plans to close its Los Angeles County oil refinery this year — a troubling sign of the economic times for Big Oil as California shifts toward electric cars. Lawmakers are also weighing a 'polluters pay' bill that would require fossil fuel companies to help pay for damages from more intense heat waves, wildfires and storms. Phillips 66, meanwhile, was arraigned this month on charges that it violated the U.S. Clean Water Act by dumping oil and grease from its L.A. County refinery into the local sewer system. (It pleaded not guilty.) That followed a win for climate activists in March, when state Senate Majority Leader Lena Gonzalez (D-Long Beach) wrote to Dodgers controlling owner Mark Walter, urging him to dump Phillips 66. Hence, perhaps, the newfound relationship with the Giants. 'That's why you advertise,' Meisel said. 'If you're a company like Phillips 66 that's under threat from political and cultural pressures in California, it's hard to get a better deal than sponsoring a local sports team.' It's not just California turning up the heat on Phillips 66. Executives have been battling a pressure campaign from Elliott Investment Management, which won two seats on the company's board last week. As Elliott ramped up the pressure on Phillips 66 earlier this year, executives announced an expanded sponsorship deal with their hometown ball club — another Dodgers nemesis, as it happens, the cheating Houston Astros. Phillips 66 now sponsors the home run train atop the high left-field wall at Houston's Daikin Park (formerly Minute Maid Park). The train is filled with 25 oversized baseballs, each representing a special moment in Astros history — yes, including the World Series title they stole from the Dodgers. As Phillips 66 brand manager John Field said in an April news release: 'Sponsorships like these are more than just fun — they're a strategic investment.' Fun and strategic, sure, if you're mainly invested in oil industry profits. If you care about watching baseball games in safe temperatures, without choking on wildfire smoke, you might reach a different conclusion. One thing's for sure: Fossil fuel companies will keep pumping money into baseball so long as teams let them. The Astros, Texas Rangers and Cleveland Guardians all wear jersey patches sponsored by oil and gas companies. In California, meanwhile, Phillips 66 will keep reminding Dodgers fans how much they love looking at 76 logos — a playbook so successful it once inspired a campaign to save the rotating 76 balls above gas stations. 'This is a heavy play on Americana,' Roberta J. Newman said. A Yankees fan and professor in New York University's Liberal Studies program, Newman wrote the fascinating book, 'Here's the Pitch: The Amazing, True, New, and Improved Story of Baseball and Advertising.' There may be nobody with a better understanding of the cultural and political power of baseball-linked advertising. When a brand like 76 associates itself with the Dodgers — through special ticket deals, joint promotions with the team charity and TV commercials starring Vin Scully — it's engaged in 'meaning transfer,' Newman said. 'Your positive associations of the Dodgers will become positive associations with 76,' she said. Most fans won't drive away from Dodger Stadium and immediately choose 76 over a rival gasoline station. But in the long run, they'll have good vibes when they see the orange-and-blue logo. It'll feel familiar, friendly. If that sounds nuts — well, you might want to tell business executives they blew $1 trillion on ads last year. 'People might think, 'Oil is terrible. But 76 is the Dodgers,'' Newman said. Now it's the Giants, too — not that Newman thinks the dual loyalty will hurt the company. As one Instagram user, a Giants fan, wrote: 'Hey Dodger fans, it's OK! ... 76 is a California icon and tradition from North to South!' Fair enough. Wildfires are getting bigger and more destructive up there too. This is the latest edition of Boiling Point, a newsletter about climate change and the environment in the American West. Sign up here to get it in your inbox. And listen to our 'Boiling Point' podcast here. For more climate and environment news, follow @Sammy_Roth on X and @ on Bluesky.
Yahoo
4 days ago
- Business
- Yahoo
Phillips 66 (PSX) Suffered From An Overreaction After Elliot Victory, Says Jim Cramer
We recently published a list of . In this article, we are going to take a look at where Phillips 66 (NYSE:PSX) stands against other stocks that Jim Cramer discusses. Phillips 66 (NYSE:PSX) is a diversified American oil and gas company. The firm operates in the chemicals, oil refining, storage, and transportation industries. It made its way to Cramer's morning appearance as activist Elliott Investment managed to secure two seats on the firm's board. Phillips 66 (NYSE:PSX)'s shares dropped by 7.5% on the news as investors weighed whether Elliott's demands of business unit spinoffs would generate uncertainty for the firm's future cash flows. For his part, Cramer attributed the fall to an overreaction: '[On share price movement after activist investor Elliott won two board seats] Yeah that's a reaction. I think there are people who felt that there could be an immediate transaction or something which was never the case. I think that's an overreaction. Not a great group right now but it's an overreaction.' A refinery manager walking through an array of pipes and pumping systems, recognizing the company's vast refining power. Cramer has discussed Phillips 66 (NYSE:PSX) several times this year. For instance, in May he remarked that the firm was being unfairly treated as an oil company while it was a refiner instead. In January, he praised Phillips 66 (NYSE:PSX)'s business acumen after the firm bought NGL assets for $2.2 billion. Here's what Cramer said: 'And listen, that's not even an exhaustive list of M&A activity this week. Well, on Monday, Phillips 66 announced a deal to acquire certain privately held natural gas infrastructure assets for over $2 billion… Looking at the transactions we've seen just this week, while some of them likely would've been challenged by Biden's ideologically driven regulators, most of them seem pretty justifiable. All of them make great business sense…' Overall, PSX ranks 10th on our list of stocks that Jim Cramer discusses. While we acknowledge the potential of PSX, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than PSX and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
7 days ago
- Business
- Yahoo
Phillips 66's (NYSE:PSX) latest 10% decline adds to one-year losses, institutional investors may consider drastic measures
Given the large stake in the stock by institutions, Phillips 66's stock price might be vulnerable to their trading decisions The top 19 shareholders own 51% of the company Ownership research along with analyst forecasts data help provide a good understanding of opportunities in a stock Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. Every investor in Phillips 66 (NYSE:PSX) should be aware of the most powerful shareholder groups. With 76% stake, institutions possess the maximum shares in the company. That is, the group stands to benefit the most if the stock rises (or lose the most if there is a downturn). And institutional investors endured the highest losses after the company's share price fell by 10% last week. Needless to say, the recent loss which further adds to the one-year loss to shareholders of 18% might not go down well especially with this category of shareholders. Institutions or "liquidity providers" control large sums of money and therefore, these types of investors usually have a lot of influence over stock price movements. Hence, if weakness in Phillips 66's share price continues, institutional investors may feel compelled to sell the stock, which might not be ideal for individual investors. In the chart below, we zoom in on the different ownership groups of Phillips 66. See our latest analysis for Phillips 66 Many institutions measure their performance against an index that approximates the local market. So they usually pay more attention to companies that are included in major indices. As you can see, institutional investors have a fair amount of stake in Phillips 66. This implies the analysts working for those institutions have looked at the stock and they like it. But just like anyone else, they could be wrong. If multiple institutions change their view on a stock at the same time, you could see the share price drop fast. It's therefore worth looking at Phillips 66's earnings history below. Of course, the future is what really matters. Since institutional investors own more than half the issued stock, the board will likely have to pay attention to their preferences. Hedge funds don't have many shares in Phillips 66. Our data shows that The Vanguard Group, Inc. is the largest shareholder with 9.9% of shares outstanding. BlackRock, Inc. is the second largest shareholder owning 7.3% of common stock, and State Street Global Advisors, Inc. holds about 6.4% of the company stock. After doing some more digging, we found that the top 19 have the combined ownership of 51% in the company, suggesting that no single shareholder has significant control over the company. Researching institutional ownership is a good way to gauge and filter a stock's expected performance. The same can be achieved by studying analyst sentiments. There are plenty of analysts covering the stock, so it might be worth seeing what they are forecasting, too. The definition of an insider can differ slightly between different countries, but members of the board of directors always count. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it. I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions. Our information suggests that Phillips 66 insiders own under 1% of the company. As it is a large company, we'd only expect insiders to own a small percentage of it. But it's worth noting that they own US$119m worth of shares. It is always good to see at least some insider ownership, but it might be worth checking if those insiders have been selling. With a 23% ownership, the general public, mostly comprising of individual investors, have some degree of sway over Phillips 66. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run. I find it very interesting to look at who exactly owns a company. But to truly gain insight, we need to consider other information, too. Like risks, for instance. Every company has them, and we've spotted 4 warning signs for Phillips 66 (of which 1 is a bit unpleasant!) you should know about. If you would prefer discover what analysts are predicting in terms of future growth, do not miss this free report on analyst forecasts. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
