Phillips 66 (NYSE:PSX) Stock Price Down 2.9% – What’s Next?

Shares of Phillips 66 (NYSE:PSX) traded down 2.9% during trading on Monday. The company traded as low as $274.38 and last traded at $274.7560. Approximately 3,874,879 shares were traded during mid-day trading, an increase of 36% from the average daily volume of 2,842,065 shares. The stock had previously closed at $282.83.

Key Headlines Impacting Phillips 66

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

• Positive Sentiment: Phillips 66 agreed to a long-term deal with Restaurant Technologies to supply used cooking oil for renewable diesel and sustainable aviation fuel production at its Rodeo facility. The agreement supports feedstock access and the company’s lower-carbon fuels business. Article: Phillips 66 secures long-term used cooking oil supply
• Positive Sentiment: Morgan Stanley issued a buy rating on PSX, signaling confidence in the shares’ prospects. Article: Morgan Stanley issues a buy rating
• Neutral Sentiment: Citigroup raised its price target to $302 from $297 but kept a neutral rating. The higher target is supportive, though the unchanged rating suggests the bank sees limited reason to upgrade its stance. Article: Citigroup adjusts price target
• Negative Sentiment: A report highlighted a steep single-session drop in PSX shares, signaling notable near-term selling pressure. The article did not identify a specific company catalyst for the decline. Article: Phillips 66 drops in one session

Analyst Ratings Changes

PSX has been the subject of several recent research reports. Morgan Stanley boosted their price objective on Phillips 66 from $284.00 to $290.00 and gave the stock an “overweight” rating in a report on Monday. Wells Fargo & Company lifted their price target on shares of Phillips 66 from $345.00 to $346.00 and gave the stock an “overweight” rating in a research report on Thursday, October 29th. Raymond James Financial reissued an “outperform” rating and set a $335.00 price target on shares of Phillips 66 in a research note on Monday, October 19th. Zacks Research raised shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 7th. Finally, Wall Street Zen raised shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 26th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $270.12.

Phillips 66 Stock Down 4.6%

The business has a fifty day moving average of $267.86 and a 200 day moving average of $200.44. The company has a quick ratio of 1.04, a current ratio of 1.34 and a debt-to-equity ratio of 0.49. The firm has a market cap of $101.18 billion, a P/E ratio of 8.28, a P/E/G ratio of 0.15 and a beta of 0.69.

Phillips 66 (NYSE:PSX) last issued its earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $11.73 by $2.35. The firm had revenue of $50.54 billion for the quarter, compared to analysts’ expectations of $44.91 billion. Phillips 66 had a return on equity of 33.12% and a net margin of 7.27%. During the same quarter last year, the business earned $2.52 earnings per share. On average, equities research analysts predict that Phillips 66 will post 33.63 EPS for the current year.

Phillips 66 Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 17th will be given a $1.33 dividend. The ex-dividend date is Tuesday, November 17th. This represents a $5.32 dividend on an annualized basis and a dividend yield of 2.1%. This is a positive change from Phillips 66’s previous quarterly dividend of $1.27. Phillips 66’s dividend payout ratio is 16.22%.

Phillips 66 declared that its board has authorized a stock repurchase program on Friday, July 31st that permits the company to buy back $10 billion in outstanding shares. This buyback authorization permits the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Share buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, EVP Brian Mandell sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the completion of the transaction, the executive vice president owned 61,595 shares in the company, valued at approximately $13,242,925. The trade was a 32.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Richard Harbison sold 52,100 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 39,094 shares of the company’s stock, valued at $8,747,673.44. The trade was a 57.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 108,800 shares of company stock valued at $25,016,566. Corporate insiders own 0.40% of the company’s stock.

Institutional Trading of Phillips 66

Large investors have recently made changes to their positions in the company. Proficio Capital Partners LLC bought a new stake in shares of Phillips 66 in the second quarter worth about $384,000. BlackRock Inc. acquired a new stake in shares of Phillips 66 during the second quarter worth about $5,766,779,000. Fifth Third Bancorp raised its position in shares of Phillips 66 by 543.7% during the first quarter. Fifth Third Bancorp now owns 128,156 shares of the oil and gas company’s stock worth $23,348,000 after purchasing an additional 108,248 shares during the period. Stack Financial Management Inc bought a new position in shares of Phillips 66 during the 2nd quarter valued at about $36,317,000. Finally, West Family Investments Inc. bought a new position in shares of Phillips 66 during the 2nd quarter valued at about $724,000. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Company 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.