Phillips 66 (NYSE:PSX) Share Price Breaks Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Phillips 66 (NYSE:PSX) crossed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $202.00 and traded as high as $275.80. Phillips 66 shares last traded at $271.2930, with a volume of 1,842,017 shares traded.

Key Phillips 66 News

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

• Positive Sentiment: Refining margins remain unusually strong. Tight fuel markets, low inventories and elevated crack spreads are supporting profitability for independent refiners, with industry indicators pointing to a potentially stronger third quarter than the prior period. Refiners Phillips 66, Delek, Par Pacific cut at Mizuho after more than doubling YTD
• Positive Sentiment: Investors are positioning ahead of Phillips 66’s October 28 earnings report, with market expectations for strong refining results helping lift sentiment. The company also provided a clearer succession plan for its refining division after announcing its current refining chief’s retirement and the appointment of a former executive to lead the unit. Phillips 66 Rises as Strong Refining Margins and Recent Company Updates Support Shares
• Neutral Sentiment: Phillips 66 reached a fresh 52-week high, reflecting strong momentum, but the move also raises valuation and profit-taking concerns after a substantial year-to-date rally. Phillips 66 Hits Fresh High: Is There Still Room to Run?
• Negative Sentiment: Mizuho downgraded Phillips 66 to Neutral from Outperform, saying the refining-stock rally has largely priced in higher earnings and leaves limited average upside. Although Mizuho raised its PSX target to $300, the downgrade signals reduced near-term conviction. Mizuho cuts Phillips 66, Delek, Par Pacific as refiner rally prices in gains
• Negative Sentiment: The United States plans to temporarily allow additional Russian diesel supplies, including potentially millions of tons. The added supply pushed diesel futures lower and could pressure diesel prices and refining margins, creating a headwind for PSX’s refining earnings. Trump Announces Russian Diesel Supply Agreement Following Putin Talks, U.S. Eases Sanctions

Analysts Set New Price Targets

PSX has been the topic of several recent analyst reports. Morgan Stanley boosted their price target on Phillips 66 from $196.00 to $284.00 and gave the company an “overweight” rating in a research note on Monday, September 14th. Zacks Research upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 7th. Raymond James Financial lifted their price objective on shares of Phillips 66 from $240.00 to $300.00 and gave the stock an “outperform” rating in a report on Monday, September 14th. UBS Group increased their target price on shares of Phillips 66 from $235.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, September 8th. Finally, Barclays raised their price target on shares of Phillips 66 from $183.00 to $216.00 and gave the company an “equal weight” rating in a research report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, Phillips 66 currently has a consensus rating of “Moderate Buy” and an average price target of $252.00.

Phillips 66 Stock Down 1.4%

The firm has a market capitalization of $110.77 billion, a P/E ratio of 15.82 and a beta of 0.71. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. The company has a fifty day simple moving average of $246.80 and a 200 day simple moving average of $202.74.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, topping the consensus estimate of $7.50 by $1.91. The business had revenue of $51 billion for the quarter, compared to analysts’ expectations of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same quarter last year, the company posted $2.38 EPS. On average, equities analysts expect that Phillips 66 will post 29.01 EPS for the current fiscal year.

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

Insider Activity

In other news, EVP Richard G. Harbison sold 52,100 shares of the 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. This trade represents a 57.13% 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 Vanessa Sutherland sold 3,523 shares of Phillips 66 stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total value of $743,529.15. Following the completion of the transaction, the executive vice president owned 27,537 shares in the company, valued at $5,811,683.85. This represents a 11.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 112,886 shares of company stock valued at $25,878,894. 0.40% of the stock is currently owned by insiders.

Institutional Trading of Phillips 66

Several hedge funds have recently modified their holdings of the company. Pointe Capital Management LLC grew its position in Phillips 66 by 4.3% during the second quarter. Pointe Capital Management LLC now owns 1,261 shares of the oil and gas company’s stock valued at $213,000 after purchasing an additional 52 shares in the last quarter. Key Client Fiduciary Advisors LLC increased its position in Phillips 66 by 3.5% in the 2nd quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company’s stock worth $275,000 after purchasing an additional 55 shares during the last quarter. Threadgill Financial LLC increased its position in Phillips 66 by 3.5% in the 2nd quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company’s stock worth $286,000 after purchasing an additional 58 shares during the last quarter. Nilsine Partners LLC raised its stake in shares of Phillips 66 by 1.5% during the 2nd quarter. Nilsine Partners LLC now owns 4,068 shares of the oil and gas company’s stock worth $688,000 after purchasing an additional 59 shares in the last quarter. Finally, Calamos Wealth Management LLC grew its stake in shares of Phillips 66 by 2.0% in the 2nd quarter. Calamos Wealth Management LLC now owns 3,084 shares of the oil and gas company’s stock valued at $521,000 after buying an additional 60 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Company Profile

Phillips 66 is an energy manufacturing and logistics company engaged in the processing, transportation, storage and marketing of energy products. Its operations include refining crude oil into gasoline, diesel, jet fuel, lubricants and other refined products, as well as distributing and marketing fuels under the Phillips 66, 76 and JET brands.

The company also operates midstream infrastructure, including pipelines, terminals, processing facilities and storage assets that support the movement of crude oil, natural gas liquids and refined products.