Phillips 66 $PSX Stock Holdings Cut by Profund Advisors LLC

Profund Advisors LLC reduced its stake in shares of Phillips 66 (NYSE:PSX) by 27.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,401 shares of the oil and gas company’s stock after selling 5,474 shares during the quarter. Profund Advisors LLC’s holdings in Phillips 66 were worth $3,677,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of PSX. BlackRock Inc. acquired a new stake in shares of Phillips 66 in the 2nd quarter valued at approximately $5,766,779,000. State Street Corp raised its holdings in Phillips 66 by 1.1% in the second quarter. State Street Corp now owns 26,044,694 shares of the oil and gas company’s stock worth $4,402,856,000 after purchasing an additional 271,841 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Phillips 66 during the second quarter worth $1,093,206,000. Amundi boosted its position in shares of Phillips 66 by 62.0% during the first quarter. Amundi now owns 3,667,451 shares of the oil and gas company’s stock worth $668,137,000 after purchasing an additional 1,403,493 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Phillips 66 by 1.2% in the 1st quarter. Bank of America Corp DE now owns 2,971,036 shares of the oil and gas company’s stock valued at $541,263,000 after buying an additional 35,167 shares during the period. 76.93% of the stock is owned by institutional investors.

Phillips 66 Stock Up 3.5%

PSX stock opened at $283.18 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.34 and a quick ratio of 1.00. The stock has a market capitalization of $110.46 billion, a P/E ratio of 9.04, a P/E/G ratio of 0.16 and a beta of 0.71. Phillips 66 has a fifty-two week low of $127.16 and a fifty-two week high of $299.39. The business has a 50-day moving average of $266.19 and a 200-day moving average of $198.51.

Phillips 66 (NYSE:PSX) last announced its earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $11.73 by $2.35. The business had revenue of $50.54 billion for the quarter, compared to analyst estimates of $44.91 billion. Phillips 66 had a return on equity of 33.12% and a net margin of 7.27%. During the same quarter last year, the firm earned $2.52 EPS. On average, sell-side analysts anticipate that Phillips 66 will post 33.11 earnings per share for the current fiscal year.

Phillips 66 declared that its Board of Directors has authorized a share buyback program on Friday, July 31st that permits the company to buy back $10 billion in shares. This buyback authorization permits the oil and gas company to reacquire up to 11.8% of its shares through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Phillips 66 Increases Dividend

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

More Phillips 66 News

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

Insider Buying and Selling

In related news, EVP Brian Mandell sold 23,400 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $265.06, for a total transaction of $6,202,404.00. Following the completion of the transaction, the executive vice president directly owned 61,595 shares of the company’s stock, valued at approximately $16,326,370.70. This represents a 27.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Richard G. Harbison sold 52,100 shares of the business’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 value of $11,657,896.00. Following the transaction, the executive vice president directly owned 39,094 shares in the company, valued at $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. Insiders sold 108,800 shares of company stock worth $25,016,566 over the last quarter. 0.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PSX has been the subject of a number of research analyst reports. BMO Capital Markets boosted their target price on Phillips 66 from $260.00 to $310.00 and gave the company an “outperform” rating in a research note on Thursday, September 17th. Morgan Stanley lifted their price objective on Phillips 66 from $196.00 to $284.00 and gave the company an “overweight” rating in a report on Monday, September 14th. Jefferies Financial Group reiterated a “hold” rating and issued a $276.00 price objective on shares of Phillips 66 in a research report on Sunday, October 11th. Citigroup increased their target price on Phillips 66 from $217.00 to $297.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 13th. Finally, Zacks Research upgraded shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a report on Monday, September 7th. Two 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $270.19.

Phillips 66 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.