Aggregated price index with volume information
- Oil Refining/Marketing stocks down 1.6% on average while median return down 1.6% in a day
- Oil Refining/Marketing stocks down 0.8% on average while median return down 0.7% in a week
- Oil Refining/Marketing stocks up 0.9% on average while median return up 1.9% in a month
- When average return is significantly different from median return, this implies an asymmetry - composite return is driven by some outliners.
Aggregated price index (close) is based on equal weighted constituencies returns. Average short volume and average total volumes are averaged across all volume data among constituencies.
- 1M winners are : Winners for past month are $TGS 23.1%, $UGP 17.1%, $PSX 9.3%, $NS 5.4%, $PARR 3.8%
- 1M losers are : Losers for past month are $VLO -0.6%, $MPC -1.2%, $CVI -4.1%, $PBF -7.3%, $AE -16.6%
- 1W winners are : Winners for past week are $PSX 8.2%, $NS 2.7%, $WES 1.7%, $VLO 0.3%, $TRGP 0.3%
- 1W losers are : Losers for past week are $DK -2.8%, $AE -2.9%, $CVI -3.0%, $TGS -5.2%, $PBF -5.9%
Index correlation analysis
Correlation for the past month is 42.3%, for the past 3 months is 40.3%
In the past month for a 5 days rolling window, the highest corrrelation is 63.1%, the lowest correlation is -0.2%, the latest correlation is 50.6%
When a correlation deviated from the normal level and goes lower or even negative, it indicates some of stocks have deviated from the normal direction of the group. The deviation could reverse if long term level of correlation was at a higher level. It creates trading opportunities and deserves study whether the deviation is idiosyncratic or systematic.
Among pairwise correlation, the highest correlation is 94.5% between MPC and VLO
The lowest correlation is -15.4% between AE and UGP
The acquisition is expected to boost ProPetro Holding's (PUMP) 2024 adjusted EBITDA by approximately $10 million, with 80-90% converting into free cash flow.
With clarity on labor costs and production back on track, the company is returning to its capital allocation framework by repurchasing $10 billion of common stock through an accelerated share repurchase program, raising its common stock dividend by 33% starting in 2024 and reinstating it fiscal-year 2023 earnings guidance. Shopify’s impressive Black Friday Cyber Monday sales performance suggests near 7%-plus upside to fourth-quarter consensus gross merchandise value.
The activist investment firm has taken a $1 billion stake in Phillips 66, flagging that the company's stock, recently trading at about $118 per share, could hit $200 with improvements. It said management had laid out sensible performance targets but could use help achieving its full potential. "We agree with Elliott that successful execution of our strategic priorities will drive substantial stock price performance and believe that we have the right management team and Board in place to delive...
Phillips 66 said on Wednesday it "plans to continue a constructive dialogue" with Elliott Investment Management after the company asked the U.S. refiner to revamp its board to boost lagging performance. The activist investment firm has taken a $1 billion stake in Phillips 66, flagging that the company's stock, recently trading at about $118 per share, could hit $200 with improvements. "We agree with Elliott that successful execution of our strategic priorities will drive substantial stock pric...
HOUSTON, November 29, 2023--Phillips 66 issued a statement today regarding a letter from Elliott Investment Management L.P.
The stock market struggled with the major indexes giving back gains on Wednesday. CrowdStrike rallied after a robust earnings report.
Shares of Phillips 66 (PSX) climbed Wednesday afternoon after activist investment firm Elliott Investment Management announced a $1 billion stake in the energy company. Along with the major equity investment, Elliott is seeking two board seats in a bid to help drive improved execution and performance at Phillips 66. Yahoo Finance's Josh Lipton and Julie Hyman break down the details of this trending ticker. For more expert insight and the latest market action, click here to watch this full episod...
Elliott Management has an approximately $1 billion investment in Phillips 66 and is pushing for at least two new board appointments as part of measures to "reassure investors that Phillips 66 is in the best possible position to achieve its value-creation potential," according to a letter the investment firm sent to PSX Wednesday. The activist investor told the Phillips 66 board Wednesday it believes PSX is underperforming but that there is 75% of upside which could be realized if the company fo...
Elliott Investment Management made a roughly $1 billion investment in Phillips 66 and pushed for the appointment of two directors as it seeks to bolster the energy company’s fortunes.
The US oil refiner Phillips 66 has become the latest target of Elliott Management after the activist investor took a $1bn stake and called for new blood on the company’s board to remedy “underperformance”. In a letter to the board on Wednesday, Paul Singer’s aggressive hedge fund said Phillips 66’s returns had lagged behind peers Valero and Marathon Petroleum and called for the installation of two “highly qualified new directors”. “We find the market’s scepticism to be understandable, and we b...