Elliott Investment Management built a roughly $2.5 billion stake in Phillips 66
The shares of energy giants BP plc (NYSE:BP) and Phillips 66 (NYSE:PSX) are moving in opposite directions this morning. Below, let's take a closer look at what is driving their price action.
BP Brushes Off Quarterly Win
BP missed earnings estimates for the fourth quarter, and watched quarterly profits hit a four-year low, while annual profits missed estimates following a 35% decline. BP is down 0.4% to trade at $34.28 at last check, looking to snap a five-day win streak as it retreats from yesterday's surge to its highest level since September. So far in 2025, BP has added 15.5%.
At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), BP's 10-day call/put volume ratio of 9.17 stands in the 92nd percentile of annual readings. An unwinding of this bullishness could pressure shares lower.
PSX Surges on Elliott Stake
PSX was last seen up 4.3% to trade at $129.05, following news that Elliott Investment Management built an over $2.5 billion stake in the oil company, with plans to implement operational changes. Though PSX carries a 10.7% year-over-year deficit, it earlier hit its highest level since December.
Options volume is running at 3 times the intraday average, with 3,375 calls and 2,463 puts exchanged so far today. Most popular is the weekly 2/14 121-strike put, with new positions being bought to open there.