Phillips 66 $PSX Shares Newly Bought by State of Wyoming

State of Wyoming bought a new position in Phillips 66 (NYSE:PSX) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 3,695 shares of the oil and gas company’s stock, valued at approximately $943,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PSX. Raleigh Capital Management Inc. raised its holdings in Phillips 66 by 36.0% in the 3rd quarter. Raleigh Capital Management Inc. now owns 1,612 shares of the oil and gas company’s stock worth $412,000 after acquiring an additional 427 shares during the last quarter. International Assets Investment Management LLC lifted its position in Phillips 66 by 35.7% in the 3rd quarter. International Assets Investment Management LLC now owns 24,747 shares of the oil and gas company’s stock valued at $6,318,000 after acquiring an additional 6,517 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its position in Phillips 66 by 122.0% in the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 27,089 shares of the oil and gas company’s stock valued at $6,916,000 after acquiring an additional 14,889 shares in the last quarter. Parcion Private Wealth LLC lifted its position in Phillips 66 by 8.3% in the 3rd quarter. Parcion Private Wealth LLC now owns 15,517 shares of the oil and gas company’s stock valued at $3,962,000 after acquiring an additional 1,184 shares in the last quarter. Finally, Partners Wealth Management LLC boosted its stake in Phillips 66 by 117.9% during the 3rd quarter. Partners Wealth Management LLC now owns 3,112 shares of the oil and gas company’s stock valued at $794,000 after purchasing an additional 1,684 shares during the last quarter. Institutional investors own 76.93% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the company. Jefferies Financial Group reissued a “hold” rating and issued a $276.00 target price on shares of Phillips 66 in a report on Sunday, October 11th. Piper Sandler upped their price target on Phillips 66 from $264.00 to $268.00 and gave the company a “neutral” rating in a report on Thursday. Wells Fargo & Company increased their price objective on Phillips 66 from $345.00 to $346.00 and gave the company an “overweight” rating in a research report on Thursday. Barclays increased their price objective on Phillips 66 from $216.00 to $282.00 and gave the company an “equal weight” rating in a research report on Monday, October 12th. Finally, BMO Capital Markets lifted their price objective on Phillips 66 from $260.00 to $310.00 and gave the stock an “outperform” rating in a report on Thursday, September 17th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, Phillips 66 currently has a consensus rating of “Moderate Buy” and a consensus target price of $270.19.

Phillips 66 Stock Up 3.5%

NYSE PSX opened at $283.18 on Friday. The stock’s 50-day moving average price is $266.19 and its 200-day moving average price is $198.51. The company has a quick ratio of 1.00, a current ratio of 1.34 and a debt-to-equity ratio of 0.49. Phillips 66 has a 52 week low of $127.16 and a 52 week high of $299.39. The company has a market capitalization of $112.99 billion, a P/E ratio of 9.04, a price-to-earnings-growth ratio of 0.16 and a beta of 0.71.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $11.73 by $2.35. Phillips 66 had a net margin of 7.27% and a return on equity of 33.12%. The company had revenue of $50.54 billion during the quarter, compared to analyst estimates of $44.91 billion. During the same period in the prior year, the firm posted $2.52 EPS. On average, equities research analysts predict that Phillips 66 will post 31.39 earnings per share for the current year.

Phillips 66 Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 17th will be paid a $1.33 dividend. This represents a $5.32 dividend on an annualized basis and a dividend yield of 1.9%. This is a boost from Phillips 66’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend is Tuesday, November 17th. Phillips 66’s dividend payout ratio is currently 16.99%.

Phillips 66 declared that its Board of Directors has approved a stock buyback plan on Friday, July 31st that allows the company to buy back $10 billion in shares. This repurchase authorization allows the oil and gas company to purchase up to 11.8% of its shares through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Phillips 66 News Summary

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Phillips 66 reported adjusted earnings per share of $14.08, well above the $11.73 analyst consensus and up sharply year over year. Revenue also exceeded expectations, while record refining margins, 98% refinery utilization and a 41% distillate yield drove the profit surge. Phillips 66 Posts Strong Earnings But the Stock Doesn’t Care
• Positive Sentiment: Management highlighted continued strength in refining and midstream, progress on debt reduction and shareholder returns, and investment in long-term projects such as the Western Gateway Pipeline system. These initiatives could improve cash flow durability and reduce leverage. PSX Q3 Earnings Call Highlights Refining Strength and Growth Plans
• Positive Sentiment: The company raised its quarterly dividend to $1.33 per share and continued substantial share repurchases, reinforcing the income and capital-return case for investors. Learn Why The Bull Case For Phillips 66 Stock Could Change Following Earnings Beat
• Positive Sentiment: Some coverage argues that PSX may still be undervalued despite its significant multiyear advance, citing record profitability, robust midstream volumes, deleveraging and a relatively low reported valuation multiple. Phillips 66 Stock Could Be Undervalued

Insider Buying and Selling at Phillips 66

In related news, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the transaction, the executive vice president owned 39,094 shares in the company, valued at approximately $8,747,673.44. The trade was a 57.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Brian Mandell sold 23,400 shares of the company’s stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $265.06, for a total transaction of $6,202,404.00. Following the completion of the transaction, the executive vice president directly owned 61,595 shares of the company’s stock, valued at $16,326,370.70. This represents a 27.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 108,800 shares of company stock worth $25,016,566 over the last 90 days. Insiders own 0.40% of the company’s stock.

Phillips 66 Profile

Phillips 66 (NYSE: PSX) is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips’ downstream and midstream businesses.

Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.

The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.