Phillips 66 trading volume plummets 71 percent to 251st place as Elliott Management proxy battle intensifies

On May 14, 2025, Phillips 66 (PSX) experienced a significant drop in trading volume, with a total turnover of $402 million, marking a 71.11% decrease from the previous day. This decline placed Phillips 66 at the 251st position in the daily stock market rankings. The stock price of Phillips 66 also decreased by 0.69%.

Elliott Management, a major shareholder, has been actively pushing for changes within Phillips 66's boardroom. The firm has nominated four independent candidates in an effort to refresh the board and achieve its strategic goals. This move has sparked a proxy battle, with Phillips 66 defending its integrated business model as the optimal path to shareholder value.

Phillips 66 has issued statements in response to the support received by Elliott from proxy advisory firms Glass Lewis and ISS. The company argues that Elliott's proposed changes could introduce significant risks to shareholders, as they are driven by a short-term thesis. Phillips 66 maintains that its current strategy is best suited to deliver long-term value to investors.

Despite the recent share price increase, the consensus price target for Phillips 66 remains around $129.75. The ongoing dispute between Phillips 66 and Elliott Management continues to unfold, with both parties presenting their cases to shareholders ahead of the upcoming annual meeting.