Phillips 66 $PSX Stock Sold by ProShare Advisors LLC

ProShare Advisors LLC cut its holdings in Phillips 66 (NYSE:PSX) by 2.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 73,812 shares of the oil and gas company’s stock after selling 2,065 shares during the period. ProShare Advisors LLC’s holdings in Phillips 66 were worth $18,845,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Pointe Capital Management LLC lifted its holdings in shares of Phillips 66 by 4.3% in the 2nd quarter. Pointe Capital Management LLC now owns 1,261 shares of the oil and gas company’s stock valued at $213,000 after acquiring an additional 52 shares during the last quarter. Community Financial Services Group LLC boosted its holdings in shares of Phillips 66 by 9.2% in the 3rd quarter. Community Financial Services Group LLC now owns 615 shares of the oil and gas company’s stock worth $163,000 after purchasing an additional 52 shares during the period. AMI Investment Management Inc. boosted its holdings in shares of Phillips 66 by 3.1% in the 3rd quarter. AMI Investment Management Inc. now owns 1,752 shares of the oil and gas company’s stock worth $447,000 after purchasing an additional 53 shares during the period. Key Client Fiduciary Advisors LLC increased its position in shares of Phillips 66 by 3.5% during the 2nd 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 last quarter. Finally, Threadgill Financial LLC increased its position 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 valued at $286,000 after purchasing an additional 58 shares during the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Brian Mandell sold 23,400 shares of the stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $265.06, for a total transaction of $6,202,404.00. Following the transaction, the executive vice president directly owned 61,595 shares in the company, valued at approximately $16,326,370.70. This trade represents a 27.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction, the executive vice president directly owned 39,094 shares in the company, valued at approximately $8,747,673.44. The trade was a 57.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 108,800 shares of company stock valued at $25,016,566 over the last 90 days. 0.40% of the stock is currently owned by corporate insiders.

Trending Headlines about Phillips 66

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

• Positive Sentiment: Morgan Stanley raised its price target to $290 and maintained an “overweight” rating, implying additional upside based on the stock’s recent trading level. Morgan Stanley price target article
• Positive Sentiment: Phillips 66 and Restaurant Technologies agreed to a long-term used-cooking-oil supply arrangement to support sustainable aviation fuel production in California. The deal strengthens PSX’s renewable-fuels feedstock supply and could support its lower-carbon fuels strategy, although the near-term earnings impact was not disclosed. Phillips 66 sustainable aviation fuel article
• Positive Sentiment: Technical momentum has improved: PSX moved above its 20-day moving average, a signal that some traders interpret as a short-term bullish trend. Phillips 66 technical analysis article
• Neutral Sentiment: PSX was included among stocks favored by a DuPont-analysis screen, reflecting its strong profitability metrics. However, screen-based selections do not represent a new company-specific catalyst. DuPont analysis stock picks article
• Negative Sentiment: Freedom Broker upgraded PSX from “sell” to “hold” but set a $258 price target, below the recent trading level. The upgrade reduces outright bearishness, but the target signals limited near-term valuation support. Freedom Broker Phillips 66 rating article
• Negative Sentiment: Oil prices above $100 and tighter physical supply are supporting the energy sector broadly, but higher crude costs can pressure refiners such as Phillips 66 if refined-product prices and margins do not rise enough to offset them. Oil stocks to watch article

Wall Street Analyst Weigh In

Several analysts recently 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. Weiss Ratings upgraded shares of Phillips 66 from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, October 8th. Raymond James Financial reiterated an “outperform” rating and set a $335.00 price target on shares of Phillips 66 in a report on Monday, October 19th. Zacks Research raised shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 7th. Finally, Barclays raised their price objective on shares of Phillips 66 from $216.00 to $282.00 and gave the stock an “equal weight” rating in a research note on Monday, October 12th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and an average target price of $269.82.

Phillips 66 Stock Performance

Phillips 66 stock opened at $274.76 on Tuesday. The company has a 50 day moving average price of $266.81 and a 200-day moving average price of $199.19. 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 fifty-two week low of $127.16 and a fifty-two week high of $299.39. The company has a market capitalization of $107.17 billion, a PE ratio of 8.78, a P/E/G ratio of 0.16 and a beta of 0.71.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $11.73 by $2.35. Phillips 66 had a return on equity of 34.36% and a net margin of 7.27%. The company had revenue of $50.54 billion for the quarter, compared to analysts’ expectations of $44.91 billion. During the same quarter in the prior year, the firm earned $2.52 earnings per share. As a group, equities analysts forecast that Phillips 66 will post 33.11 earnings per share for the current year.

Phillips 66 announced that its Board of Directors has authorized a share repurchase program on Friday, July 31st that authorizes the company to repurchase $10 billion in shares. This buyback authorization authorizes the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Phillips 66 Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 17th will be issued a $1.33 dividend. The ex-dividend date is Tuesday, November 17th. This is an increase from Phillips 66’s previous quarterly dividend of $1.27. This represents a $5.32 annualized dividend and a dividend yield of 1.9%. Phillips 66’s dividend payout ratio is presently 16.99%.

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.