Why Oil & Gas Company Phillips 66 Shares Are Falling On Tuesday?
Portfolio Pulse from Lekha Gupta
Phillips 66 shares are falling after the company announced the sale of its 49% stake in Coop Mineraloel AG for $1.24 billion. The sale supports strategic priorities, including shareholder returns, and requires Swiss Competition Commission approval. The transaction is expected to close in Q1 2025.
October 15, 2024 | 1:20 pm
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Phillips 66 shares are down after announcing the sale of its 49% stake in Coop Mineraloel AG for $1.24 billion. The sale aligns with strategic priorities and requires regulatory approval.
The sale of a significant asset can lead to short-term uncertainty among investors, causing a drop in share price. The transaction's pending regulatory approval adds to this uncertainty.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
VanEck Oil Refiners ETF, which includes Phillips 66, may see minor fluctuations due to the company's asset sale and resulting stock price movement.
As an ETF holding Phillips 66, CRAK may experience minor fluctuations due to the company's stock price movement, but the overall impact is limited.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
iShares U.S. Oil & Gas Exploration & Production ETF, which includes Phillips 66, may experience slight changes due to the company's asset sale.
IEO, holding Phillips 66, may see slight changes due to the company's stock price movement, but the impact is not significant.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50