Phillips 66 (PSX) Ramps Higher on Buffett Investment
Get Alerts PSX Hot Sheet
Join SI Premium – FREE
Shares of Phillips 66 (NYSE: PSX) are higher Friday after Warren Buffett disclosed on Bloomberg TV that his Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B) now has an investment in the company following the spin-off from ConocoPhillips (NYSE: COP).
Buffett told Bloomberg's "In the Loop With Betty Liu" that Berkshire trimmed its holdings in ConocoPhillips and bought into some of the refining operation.
"They spun it off and actually one of the two [Buffett’s deputy stock pickers Ted Weschler or Todd Combs] bought some of the refining operation," Buffett said.
Shares of Phillips 66 are up 3.7 percent to $34.23.
Buffett told Bloomberg's "In the Loop With Betty Liu" that Berkshire trimmed its holdings in ConocoPhillips and bought into some of the refining operation.
"They spun it off and actually one of the two [Buffett’s deputy stock pickers Ted Weschler or Todd Combs] bought some of the refining operation," Buffett said.
Shares of Phillips 66 are up 3.7 percent to $34.23.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Trian Sends Letter to Fellow Disney Shareholders Outlining the Need for Change
- Activist Third Point Has Stake in Advance Auto Parts (AAP) - WSJ
- Mogo (MOGO) Launches Moka.ai
Create E-mail Alert Related Categories
Hedge Funds, Insiders' BlogRelated Entities
Warren BuffettSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!