Adell Harriman & Carpenter Inc. raised its holdings in Phillips 66 (NYSE:PSX – Free Report) by 4.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 75,320 shares of the oil and gas company’s stock after buying an additional 3,105 shares during the quarter. Adell Harriman & Carpenter Inc.’s holdings in Phillips 66 were worth $13,722,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Norges Bank acquired a new stake in shares of Phillips 66 during the 4th quarter worth approximately $640,206,000. M&T Bank Corp raised its holdings in shares of Phillips 66 by 462.9% during the fourth quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock valued at $352,007,000 after purchasing an additional 2,243,268 shares during the period. AQR Capital Management LLC raised its holdings in shares of Phillips 66 by 424.7% during the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock valued at $257,512,000 after purchasing an additional 1,532,389 shares during the period. Worldquant Millennium Advisors LLC bought a new position in shares of Phillips 66 during the 2nd quarter worth about $107,967,000. Finally, NewEdge Advisors LLC boosted its position in shares of Phillips 66 by 732.0% during the 4th quarter. NewEdge Advisors LLC now owns 996,955 shares of the oil and gas company’s stock worth $128,647,000 after purchasing an additional 877,131 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors.
Insider Activity
In related news, CFO Kevin J. Mitchell sold 11,021 shares of the business’s stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Omar Meyers acquired 175 shares of Phillips 66 stock in a transaction on Wednesday, May 6th. The stock was purchased at an average cost of $173.12 per share, with a total value of $30,296.00. Following the completion of the transaction, the director directly owned 16,799 shares in the company, valued at $2,908,242.88. This represents a 1.05% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders sold 41,021 shares of company stock valued at $7,195,257. 0.40% of the stock is currently owned by corporate insiders.
Phillips 66 News Roundup
- Positive Sentiment: Phillips 66’s refining network and access to low-cost crude are being highlighted as key advantages that could support long-term growth and stronger margins if fuel demand stays firm. Here’s Why Phillips 66’s Refining Strength Supports Long-Term Growth
- Positive Sentiment: Renewed Middle East tensions are tightening refined-product markets, which could lift crack spreads and improve profitability for refiners like Phillips 66. Renewed Middle East Tensions Threaten Supply: 3 Energy Stocks to Watch
- Positive Sentiment: Bloomberg reported that the recent surge in U.S. crude exports may last longer than expected, a favorable backdrop for the broader energy logistics and refining sector. Texas Port CEO Sees US Oil Exports Holding Above Prewar Levels
- Neutral Sentiment: Phillips 66 CFO Kevin Mitchell sold 11,021 shares under a pre-arranged Rule 10b5-1 trading plan, but he still retains a sizable personal stake, so the transaction appears more routine than alarming. Phillips 66’s CFO Cashed In Options but Kept an $18.3 Million Stake — Here’s What Investors Should Focus On Instead
- Neutral Sentiment: Analysts currently maintain a “Moderate Buy” consensus on PSX, with price targets that suggest expectations remain constructive but not euphoric. Phillips 66 (NYSE:PSX) Given Consensus Recommendation of “Moderate Buy” by Brokerages
Analysts Set New Price Targets
A number of brokerages recently commented on PSX. Zacks Research lowered Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Jefferies Financial Group raised their price objective on Phillips 66 from $191.00 to $207.00 and gave the company a “hold” rating in a research note on Thursday, July 9th. Weiss Ratings downgraded Phillips 66 from a “buy (b-)” rating to a “hold (c)” rating in a report on Friday, May 1st. Wall Street Zen raised Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 13th. Finally, The Goldman Sachs Group increased their target price on Phillips 66 from $192.00 to $207.00 and gave the stock a “neutral” rating in a report on Tuesday, May 19th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $196.06.
Get Our Latest Stock Analysis on PSX
Phillips 66 Stock Up 1.6%
Shares of NYSE:PSX opened at $201.41 on Wednesday. The business’s 50 day moving average is $177.18 and its 200 day moving average is $164.20. Phillips 66 has a 12-month low of $118.07 and a 12-month high of $201.66. The stock has a market cap of $80.75 billion, a price-to-earnings ratio of 19.84, a PEG ratio of 0.27 and a beta of 0.69. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63.
Phillips 66 (NYSE:PSX – Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The business had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. During the same period in the prior year, the firm posted ($0.90) EPS. Phillips 66’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, sell-side analysts forecast that Phillips 66 will post 19.08 earnings per share for the current fiscal year.
Phillips 66 Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be paid a $1.27 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.5%. Phillips 66’s dividend payout ratio is presently 50.05%.
Phillips 66 Company Profile
Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.
The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.
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