Phillips 66 $PSX Position Decreased by ProShare Advisors LLC

ProShare Advisors LLC cut its holdings in shares of Phillips 66 (NYSE:PSX) by 2.7% during the third quarter, HoldingsChannel.com reports. The firm owned 73,812 shares of the oil and gas company’s stock after selling 2,065 shares during the period. ProShare Advisors LLC’s holdings in Phillips 66 were worth $18,845,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. NFSG Corp boosted its position in shares of Phillips 66 by 105.6% in the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after purchasing an additional 75 shares in the last quarter. Axiom Investment Management LLC purchased a new position in Phillips 66 during the 1st quarter worth $27,000. Compass Financial Management LLC acquired a new position in Phillips 66 during the 2nd quarter valued at about $28,000. Kelleher Financial Advisors acquired a new position in Phillips 66 during the 2nd quarter valued at about $29,000. Finally, J.Safra Asset Management Corp acquired a new position in Phillips 66 during the 2nd quarter valued at about $30,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 News Summary

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

• Positive Sentiment: Morgan Stanley raised its price target to $290 and maintained an “overweight” rating, implying additional upside based on the stock’s recent trading level. Morgan Stanley price target article
• Positive Sentiment: Phillips 66 and Restaurant Technologies agreed to a long-term used-cooking-oil supply arrangement to support sustainable aviation fuel production in California. The deal strengthens PSX’s renewable-fuels feedstock supply and could support its lower-carbon fuels strategy, although the near-term earnings impact was not disclosed. Phillips 66 sustainable aviation fuel article
• Positive Sentiment: Technical momentum has improved: PSX moved above its 20-day moving average, a signal that some traders interpret as a short-term bullish trend. Phillips 66 technical analysis article
• Neutral Sentiment: PSX was included among stocks favored by a DuPont-analysis screen, reflecting its strong profitability metrics. However, screen-based selections do not represent a new company-specific catalyst. DuPont analysis stock picks article
• Negative Sentiment: Freedom Broker upgraded PSX from “sell” to “hold” but set a $258 price target, below the recent trading level. The upgrade reduces outright bearishness, but the target signals limited near-term valuation support. Freedom Broker Phillips 66 rating article
• Negative Sentiment: Oil prices above $100 and tighter physical supply are supporting the energy sector broadly, but higher crude costs can pressure refiners such as Phillips 66 if refined-product prices and margins do not rise enough to offset them. Oil stocks to watch article

Insider Transactions at Phillips 66

In other news, EVP Brian Mandell sold 30,000 shares of the company’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total value of $6,450,000.00. Following the sale, the executive vice president owned 61,595 shares in the company, valued at $13,242,925. This represents a 32.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Richard G. Harbison sold 52,100 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total value of $11,657,896.00. Following the sale, the executive vice president directly owned 39,094 shares in the company, valued at approximately $8,747,673.44. This trade represents a 57.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 108,800 shares of company stock valued at $25,016,566 in the last quarter. Company insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

PSX has been the topic of several recent analyst reports. Piper Sandler upped their price objective on shares of Phillips 66 from $264.00 to $268.00 and gave the company a “neutral” rating in a report on Thursday, October 29th. Freedom Broker upgraded shares of Phillips 66 from a “sell” rating to a “hold” rating and lifted their target price for the stock from $173.00 to $258.00 in a research note on Friday. Mizuho downgraded shares of Phillips 66 from an “outperform” rating to a “neutral” rating and boosted their target price for the stock from $220.00 to $300.00 in a research report on Thursday, October 8th. Raymond James Financial restated an “outperform” rating and set a $335.00 price target on shares of Phillips 66 in a research note on Monday, October 19th. Finally, UBS Group raised their price target on shares of Phillips 66 from $235.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, September 8th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $269.82.

Phillips 66 Stock Down 2.9%

PSX stock opened at $274.76 on Tuesday. The company has a market capitalization of $107.17 billion, a P/E ratio of 8.78, a price-to-earnings-growth ratio of 0.16 and a beta of 0.71. Phillips 66 has a 12 month low of $127.16 and a 12 month high of $299.39. The firm’s fifty day simple moving average is $266.81 and its 200-day simple moving average is $199.19. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00.

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 the consensus estimate of $11.73 by $2.35. The firm had revenue of $50.54 billion during the quarter, compared to analysts’ expectations of $44.91 billion. Phillips 66 had a net margin of 7.27% and a return on equity of 34.36%. During the same quarter last year, the company posted $2.52 earnings per share. As a group, equities research analysts forecast that Phillips 66 will post 33.11 earnings per share for the current year.

Phillips 66 announced that its Board of Directors has initiated a share buyback program on Friday, July 31st that permits the company to buy back $10 billion in shares. This buyback authorization permits the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Share buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Phillips 66 Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Tuesday, November 17th will be given a dividend of $1.33 per share. The ex-dividend date of this dividend is Tuesday, November 17th. This represents a $5.32 annualized dividend and a yield of 1.9%. This is an increase from Phillips 66’s previous quarterly dividend of $1.27. Phillips 66’s payout ratio is 16.99%.

About Phillips 66

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.