Phillips 66 $PSX Shares Sold by Convergence Financial LLC

Convergence Financial LLC lowered its position in Phillips 66 (NYSE:PSX) by 50.0% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 4,979 shares of the oil and gas company’s stock after selling 4,979 shares during the quarter. Convergence Financial LLC’s holdings in Phillips 66 were worth $1,271,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in PSX. Pointe Capital Management LLC grew its stake in shares of Phillips 66 by 4.3% during the second quarter. Pointe Capital Management LLC now owns 1,261 shares of the oil and gas company’s stock valued at $213,000 after acquiring an additional 52 shares in the last quarter. Community Financial Services Group LLC increased its position in shares of Phillips 66 by 9.2% during the third quarter. Community Financial Services Group LLC now owns 615 shares of the oil and gas company’s stock worth $163,000 after acquiring an additional 52 shares during the last quarter. AMI Investment Management Inc. increased its position in shares of Phillips 66 by 3.1% during the third quarter. AMI Investment Management Inc. now owns 1,752 shares of the oil and gas company’s stock worth $447,000 after acquiring an additional 53 shares during the last quarter. Key Client Fiduciary Advisors LLC increased its position in shares of Phillips 66 by 3.5% during the second quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company’s stock worth $275,000 after acquiring an additional 55 shares during the last quarter. Finally, Threadgill Financial LLC lifted its stake in shares of Phillips 66 by 3.5% in the second quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company’s stock worth $286,000 after acquiring an additional 58 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Zacks Research raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a report on Monday, September 7th. UBS Group raised their price objective on Phillips 66 from $235.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, September 8th. Barclays lifted their price objective on Phillips 66 from $216.00 to $282.00 and gave the stock an “equal weight” rating in a report on Monday, October 12th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $276.00 target price on shares of Phillips 66 in a research report on Sunday, October 11th. Finally, Piper Sandler upped their target price on Phillips 66 from $209.00 to $264.00 and gave the company a “neutral” rating in a research report on Thursday, September 3rd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $269.88.

Phillips 66 News Roundup

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

• Positive Sentiment: Record profit and earnings beat: Phillips 66 reported approximately $5.6 billion in adjusted third-quarter earnings, or $14.08 per diluted share, versus consensus estimates near $11.7–$12.0 per share and $2.52 a year earlier. Revenue also exceeded expectations at $50.54 billion. Phillips 66 beats quarterly profit estimates as refining margins soar
• Positive Sentiment: Refining strength drove the result: Refining earnings nearly doubled sequentially to $6.03 billion, supported by wider margins, higher volumes and 98% utilization. Record Central Corridor processed-input volume and stronger fuel-export demand linked to Middle East tensions further supported profitability. Phillips 66 Q3 Earnings Beat Estimates on Strong Refining Margins
• Positive Sentiment: Cash generation and balance-sheet improvement: Operating cash flow totaled roughly $7.3 billion. The company returned $2.8 billion through dividends and share repurchases and reduced total debt by about $2 billion to $18.5 billion, strengthening the shareholder-return story. Phillips 66: 3 Key Takeaways for Long-Term Investors
• Neutral Sentiment: Strong results may reflect peak-cycle conditions: The quarter benefited from unusually favorable refining margins, while midstream volumes also remained solid. Investors will likely focus on whether these conditions persist into the fourth quarter.
• Negative Sentiment: Margin and valuation risks remain: Gasoline prices and expectations for increased fuel supply had raised concerns that refining margins could cool. Analysts had also warned that much of the sector’s earnings recovery was already reflected in share prices, potentially limiting further upside after the rebound. Phillips 66 Slides as Traders Reassess Refining Upside Ahead of Earnings

Phillips 66 Trading Up 1.9%

NYSE PSX opened at $273.51 on Thursday. The company has a market capitalization of $109.14 billion, a price-to-earnings ratio of 15.58, a price-to-earnings-growth ratio of 0.16 and a beta of 0.71. 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 has a 12 month low of $127.16 and a 12 month high of $299.39. The company’s fifty day moving average price is $264.69 and its two-hundred day moving average price is $197.13.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share for the quarter, topping the consensus estimate of $11.73 by $2.35. The company had revenue of $50.54 billion during the quarter, compared to the consensus estimate of $44.91 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same quarter in the previous year, the firm earned $2.52 EPS. As a group, research analysts predict that Phillips 66 will post 31.39 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders 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 is a positive change from Phillips 66’s previous quarterly dividend of $1.27. This represents a $5.32 annualized dividend and a dividend yield of 1.9%. Phillips 66’s dividend payout ratio is 30.31%.

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

Insider Activity

In related news, EVP Brian Mandell sold 30,000 shares of Phillips 66 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 completion of the transaction, the executive vice president directly owned 61,595 shares in the company, valued at approximately $13,242,925. This trade represents a 32.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Richard Harbison sold 52,100 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total value 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 approximately $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 108,800 shares of company stock worth $25,016,566 in the last ninety days. Corporate insiders own 0.40% of the company’s stock.

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.