Phillips 66's stock surges after Warren Buffett boosts stake
Shares of Phillips 66 surged 1.2% in morning trade Thursday, outperforming the energy sector, after Warren Buffett's Berkshire Hathaway Inc. boosted its stake in the company to more than 15%. The SPDR Energy Select Sector ETF tacked on just 0.3%. Berkshire disclosed late Wednesday in a filing with the Securities and Exchange Commission that it bought 1,019,974 shares of Phillips 66 over the previous three sessions, and now owns 80,671,982 shares of the energy company. With about 15.4% of the shares outstanding, Berkshire is by far Phillips 66's largest shareholder. The second largest shareholder is The Vanguard Group Inc. with 30.5 million shares, or 5.8%, according to FactSet. Phillips 66's stock has lost 4.7% year to date, while the energy ETF has soared 13% and the S&P 500 has gained 4%.
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