Phillips 66′ stock soars 6% after Elliott Management discloses $1 billion stake and says it sees 75% upside

Phillips 66’s stock PSX rose 6% in premarket trade Wednesday, after Elliott Investment Management LP said it has accrued a roughly $1 billion investment in the energy company and sees potential upside of about 75%. The hedge fund of activist investor Paul Singer published a letter to the company’s management outlining how it can remedy what it views as underperformance, including adding new directors backed by Elliott. While the company’s 2025 targets are “admirable,” investors “are skeptical of the company’s ability to achieve them. said the fund. “At present, we believe Mr. Lashier and the rest of the management team…