Actionable news
0
All posts from Actionable news
Actionable news in PSX: PHILLIPS 66,

Buffett Does It Again: Phillips Repurchase Precedes Earnings Beat

Warren Buffett's Berkshire Hathaway (BRK.A - Get Report) mystified many investors this year when it took a 180-degree turn on Houston-based refiner Phillips 66 (PSX - Get Report) by selling and then repurchasing the stock within the span of a few months. On Friday, Phillips 66 released superb operating results that proved again that it never pays to bet against Buffett.

In the second quarter of 2015, Buffett traded 19 million shares of his Phillips 66 stock for Phillips Specialty Products, a Phillips 66 segment that makes flow-enhancing chemicals for pipelines.

Then in August 2015, Buffett dove right back, spending $4.48 billion on an 11% stake in Phillips 66. At the time, he re-bought the stock at a bargain. Luckily for you, Phillips 66 still trades at a relatively attractive...


More