Phillips 66 $PSX Stake Lowered by Heritage Investors Management Corp

Heritage Investors Management Corp lowered its stake in shares of Phillips 66 (NYSE:PSX) by 4.9% during the third quarter, Holdings Channel reports. The institutional investor owned 67,858 shares of the oil and gas company’s stock after selling 3,485 shares during the period. Heritage Investors Management Corp’s holdings in Phillips 66 were worth $17,325,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PSX. NFSG Corp increased its holdings in Phillips 66 by 105.6% in the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 75 shares in the last quarter. Axiom Investment Management LLC acquired a new stake in shares of Phillips 66 during the 1st quarter valued at approximately $27,000. Compass Financial Management LLC purchased a new stake in shares of Phillips 66 during the 2nd quarter worth approximately $28,000. Kelleher Financial Advisors purchased a new stake in shares of Phillips 66 during the 2nd quarter worth approximately $29,000. Finally, J.Safra Asset Management Corp purchased a new stake in shares of Phillips 66 during the 2nd quarter worth approximately $30,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Phillips 66

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

• Positive Sentiment: Phillips 66 reported adjusted earnings per share of $14.08, well above the $11.73 analyst consensus and up sharply year over year. Revenue also exceeded expectations, while record refining margins, 98% refinery utilization and a 41% distillate yield drove the profit surge. Phillips 66 Posts Strong Earnings But the Stock Doesn’t Care
• Positive Sentiment: Management highlighted continued strength in refining and midstream, progress on debt reduction and shareholder returns, and investment in long-term projects such as the Western Gateway Pipeline system. These initiatives could improve cash flow durability and reduce leverage. PSX Q3 Earnings Call Highlights Refining Strength and Growth Plans
• Positive Sentiment: The company raised its quarterly dividend to $1.33 per share and continued substantial share repurchases, reinforcing the income and capital-return case for investors. Learn Why The Bull Case For Phillips 66 Stock Could Change Following Earnings Beat
• Positive Sentiment: Some coverage argues that PSX may still be undervalued despite its significant multiyear advance, citing record profitability, robust midstream volumes, deleveraging and a relatively low reported valuation multiple. Phillips 66 Stock Could Be Undervalued

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PSX. Weiss Ratings raised Phillips 66 from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, October 8th. Mizuho cut Phillips 66 from an “outperform” rating to a “neutral” rating and lifted their price objective for the stock from $220.00 to $300.00 in a report on Thursday, October 8th. Zacks Research upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 7th. BMO Capital Markets upped their target price on Phillips 66 from $260.00 to $310.00 and gave the company an “outperform” rating in a report on Thursday, September 17th. Finally, TD Cowen raised their price target on Phillips 66 from $295.00 to $308.00 and gave the company a “buy” rating in a research report on Thursday, October 22nd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $270.19.

Insider Transactions at Phillips 66

In other news, EVP Brian Mandell sold 23,400 shares of the business’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $265.06, for a total value of $6,202,404.00. Following the completion of the transaction, the executive vice president owned 61,595 shares of the company’s stock, valued at $16,326,370.70. The trade was a 27.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Richard Harbison sold 52,100 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The stock was 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 in the company, valued at approximately $8,747,673.44. This trade represents a 57.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 108,800 shares of company stock valued at $25,016,566. 0.40% of the stock is currently owned by company insiders.

Phillips 66 Stock Up 0.1%

Shares of NYSE PSX opened at $283.18 on Monday. The firm’s 50-day moving average is $266.19 and its two-hundred day moving average is $198.51. The company has a market capitalization of $110.46 billion, a PE ratio of 9.04, a price-to-earnings-growth ratio of 0.15 and a beta of 0.69. Phillips 66 has a 12-month low of $127.16 and a 12-month high of $299.39. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.34 and a quick ratio of 1.04.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share for the quarter, topping analysts’ consensus estimates of $11.73 by $2.35. The business had revenue of $50.54 billion during the quarter, compared to analysts’ expectations of $44.91 billion. Phillips 66 had a net margin of 7.27% and a return on equity of 33.12%. During the same period last year, the company posted $2.52 EPS. Equities analysts anticipate that Phillips 66 will post 33.11 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 17th will be given a dividend of $1.33 per share. The ex-dividend date is Tuesday, November 17th. This represents a $5.32 dividend on an annualized basis and a yield of 1.9%. This is a boost from Phillips 66’s previous quarterly dividend of $1.27. Phillips 66’s dividend payout ratio (DPR) is 16.22%.

Phillips 66 announced that its board has initiated a share buyback program on Friday, July 31st that allows the company to repurchase $10 billion in outstanding shares. This buyback authorization allows the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Share buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Phillips 66 Company Profile

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.