Florida Trust Wealth Management Co increased its holdings in shares of Phillips 66 (NYSE:PSX – Free Report) by 46.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 11,851 shares of the oil and gas company’s stock after acquiring an additional 3,760 shares during the period. Florida Trust Wealth Management Co’s holdings in Phillips 66 were worth $2,003,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Key Client Fiduciary Advisors LLC grew its holdings in Phillips 66 by 3.5% in the second quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company’s stock valued at $275,000 after purchasing an additional 55 shares during the period. Threadgill Financial LLC raised its stake in shares of Phillips 66 by 3.5% during the 2nd quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company’s stock worth $286,000 after buying an additional 58 shares during the period. Somerset Trust Co lifted its position in shares of Phillips 66 by 0.3% during the 2nd quarter. Somerset Trust Co now owns 21,301 shares of the oil and gas company’s stock valued at $3,601,000 after buying an additional 63 shares in the last quarter. Clifford Group LLC lifted its position in shares of Phillips 66 by 2.0% during the 4th quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company’s stock valued at $428,000 after buying an additional 64 shares in the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC grew its stake in Phillips 66 by 0.8% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 8,255 shares of the oil and gas company’s stock valued at $1,504,000 after acquiring an additional 65 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.
Wall Street Analyst Weigh In
PSX has been the subject of a number of research reports. BMO Capital Markets boosted their target price on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. Tudor Pickering upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Jefferies Financial Group raised their target price on Phillips 66 from $191.00 to $207.00 and gave the company a “hold” rating in a research report on Thursday, July 9th. JPMorgan Chase & Co. boosted their price target on Phillips 66 from $188.00 to $202.00 in a research report on Thursday, April 30th. Finally, Wall Street Zen raised Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 26th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $206.56.
Phillips 66 Trading Up 3.1%
PSX opened at $232.55 on Friday. The firm has a market capitalization of $92.79 billion, a price-to-earnings ratio of 13.25, a price-to-earnings-growth ratio of 0.16 and a beta of 0.68. The company’s 50 day simple moving average is $191.72 and its two-hundred day simple moving average is $175.55. Phillips 66 has a 1-year low of $119.80 and a 1-year high of $232.89. 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 – Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, beating the consensus estimate of $7.50 by $1.91. The firm had revenue of $52.04 billion during the quarter, compared to analysts’ expectations of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same quarter last year, the firm earned $2.38 earnings per share. Analysts expect that Phillips 66 will post 24.44 EPS for the current fiscal year.
Phillips 66 Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be given a dividend of $1.27 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.2%. Phillips 66’s payout ratio is presently 28.95%.
Phillips 66 declared that its board has authorized a share repurchase program on Friday, July 31st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.
Insider Activity
In other news, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 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 sale, the executive vice president owned 39,094 shares of the company’s stock, 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 30,000 shares of the company’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 value of $6,450,000.00. Following the completion of the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 100,507 shares of company stock worth $21,770,810. Company insiders own 0.40% of the company’s stock.
Key Phillips 66 News
Here are the key news stories impacting Phillips 66 this week:
- Positive Sentiment: Refining margins and cash flow remain strong. Phillips 66 reported second-quarter refining margins of $24.08 per barrel, while debt declined by $6.6 billion. Supply disruptions linked to the Iran conflict have also supported fuel margins across major U.S. refiners, potentially sustaining earnings and shareholder payouts. U.S. refiners ramp up buybacks as Iran war boosts fuel margins
- Positive Sentiment: Shareholder returns are a major catalyst. Phillips 66 authorized a $10 billion share-repurchase program, equal to approximately 11.8% of shares outstanding, and maintains a quarterly dividend of $1.27 per share. Stronger margins and reduced leverage improve the company’s capacity to return capital. Phillips 66 stock analysis
- Positive Sentiment: Analyst support and infrastructure expansion add confidence. J.P. Morgan maintained its Buy rating, while Phillips 66 and partners approved the approximately $5 billion Western Gateway refined-products pipeline. The 1,300-mile project could create longer-term transportation and logistics opportunities. J.P. Morgan maintains Buy rating
- Neutral Sentiment: Valuation and regulatory risks warrant caution. Strong refining margins, diversified cash flows and debt reduction support PSX’s premium valuation, but refining is cyclical and potential regulatory changes could pressure future profitability. Should You Buy Phillips 66 Stock at Its Current Premium Valuation?
- Negative Sentiment: Multiple executives have sold shares. EVP Richard Harbison sold 52,100 shares for about $11.7 million, while EVP Brian Mandell sold 33,300 shares for roughly $7.2 million. Additional option-related sales totaled about $1.7 million. The transactions may represent profit-taking after a strong run, but they could weigh on near-term sentiment. Phillips 66 insider selling activity
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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