Mcdonald Partners LLC reduced its holdings in Phillips 66 (NYSE:PSX – Free Report) by 59.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,065 shares of the oil and gas company’s stock after selling 27,025 shares during the period. Mcdonald Partners LLC’s holdings in Phillips 66 were worth $3,054,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. NFSG Corp raised its holdings in shares of Phillips 66 by 105.6% during the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after purchasing an additional 75 shares during the last quarter. Axiom Investment Management LLC acquired a new position in Phillips 66 during the first quarter valued at $27,000. SWAN Capital LLC boosted its holdings in Phillips 66 by 1,055.6% in the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock valued at $27,000 after purchasing an additional 190 shares during the last quarter. Wealth Watch Advisors INC purchased a new stake in Phillips 66 in the third quarter valued at $36,000. Finally, Sfam LLC acquired a new stake in Phillips 66 during the 4th quarter worth about $34,000. Institutional investors and hedge funds own 76.93% of the company’s stock.
Phillips 66 Stock Up 3.1%
PSX stock opened at $232.55 on Friday. Phillips 66 has a one year low of $119.80 and a one year high of $232.89. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32. The firm’s fifty day moving average is $191.72 and its 200 day moving average is $175.55. The firm has a market cap of $92.79 billion, a PE ratio of 13.25, a P/E/G ratio of 0.16 and a beta of 0.68.
Phillips 66 Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be paid a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Tuesday, August 18th. Phillips 66’s payout ratio is currently 28.95%.
Phillips 66 announced that its Board of Directors has approved a stock repurchase program on Friday, July 31st that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the oil and gas company to buy up to 11.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.
Phillips 66 News Summary
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
Analysts Set New Price Targets
A number of equities analysts have weighed in on the company. Scotiabank lifted their price objective on Phillips 66 from $140.00 to $151.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Jefferies Financial Group upped their target price on Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a research note on Thursday, July 9th. Zacks Research lowered Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Wells Fargo & Company lifted their price target on Phillips 66 from $201.00 to $239.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Finally, Piper Sandler boosted their price target on Phillips 66 from $208.00 to $209.00 and gave the company a “neutral” rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $206.56.
Read Our Latest Research Report on Phillips 66
Insiders Place Their Bets
In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 3,523 shares of the firm’s stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the sale, the executive vice president directly owned 27,537 shares of the company’s stock, valued at approximately $5,811,683.85. This trade represents a 11.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of the business’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 value of $11,657,896.00. Following the completion of the sale, the executive vice president owned 39,094 shares of the company’s stock, valued at $8,747,673.44. This trade represents a 57.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 100,507 shares of company stock worth $21,770,810. 0.40% of the stock is owned by company insiders.
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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