L2 Asset Management LLC Buys New Shares in Phillips 66 $PSX

Posted by Brenda Bartman on Aug 26th, 2026

L2 Asset Management LLC acquired a new position in shares of Phillips 66 (NYSE:PSX – Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 2,288 shares of the oil and gas company’s stock, valued at approximately $387,000.

Several other large investors have also made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Phillips 66 during the 2nd quarter valued at $5,766,779,000. State Street Corp increased its holdings in Phillips 66 by 0.8% in the 4th quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company’s stock valued at $3,043,996,000 after purchasing an additional 175,616 shares in the last quarter. Geode Capital Management LLC increased its holdings in Phillips 66 by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock valued at $1,338,596,000 after purchasing an additional 45,340 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in Phillips 66 in the second quarter valued at about $1,093,206,000. Finally, Norges Bank purchased a new position in Phillips 66 in the fourth quarter valued at about $640,206,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on PSX shares. Wall Street Zen upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 26th. Mizuho upgraded shares of Phillips 66 from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $170.00 to $212.00 in a research note on Wednesday, May 27th. Raymond James Financial boosted their target price on shares of Phillips 66 from $218.00 to $235.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. Wells Fargo & Company upped their target price on shares of Phillips 66 from $201.00 to $239.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Finally, JPMorgan Chase & Co. raised their price target on shares of Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, Phillips 66 presently has a consensus rating of “Moderate Buy” and a consensus price target of $206.56.

View Our Latest Stock Report on PSX

Phillips 66 Stock Performance

Shares of Phillips 66 stock opened at $237.00 on Wednesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32. Phillips 66 has a 1 year low of $126.74 and a 1 year high of $246.95. The firm’s 50-day simple moving average is $201.55 and its 200-day simple moving average is $180.94. The firm has a market cap of $94.57 billion, a PE ratio of 13.50, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68.

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 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.50 by $1.91. The business had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same period in the prior year, the company posted $2.38 EPS. Equities analysts forecast that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66’s dividend payout ratio (DPR) is 28.95%.

Phillips 66 announced that its board has authorized a share repurchase program on Friday, July 31st that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, EVP Brian Mandell sold 30,000 shares of the stock in a transaction dated 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 position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the firm’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the transaction, the executive vice president directly owned 27,537 shares in the company, valued at approximately $5,811,683.85. The trade was a 11.34% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 100,507 shares of company stock valued at $21,770,810 over the last three months. 0.40% of the stock is currently owned by company insiders.

Phillips 66 Profile

(Free Report)

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.