Phillips 66 $PSX Stock Sold by Heritage Investors Management Corp

Heritage Investors Management Corp decreased its holdings in shares of Phillips 66 (NYSE:PSX) by 4.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm 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 quarter.

Other hedge funds have also made changes to their positions in the company. Pointe Capital Management LLC increased its position in 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 period. Community Financial Services Group LLC raised its stake in Phillips 66 by 9.2% during the 3rd quarter. Community Financial Services Group LLC now owns 615 shares of the oil and gas company’s stock valued at $163,000 after acquiring an additional 52 shares during the last quarter. AMI Investment Management Inc. raised its stake in Phillips 66 by 3.1% during the 3rd quarter. AMI Investment Management Inc. now owns 1,752 shares of the oil and gas company’s stock valued at $447,000 after acquiring an additional 53 shares during the last quarter. Key Client Fiduciary Advisors LLC lifted its position in 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 worth $275,000 after acquiring an additional 55 shares during the period. Finally, Threadgill Financial LLC lifted its position in 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 worth $286,000 after acquiring an additional 58 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on PSX shares. Piper Sandler lifted their target price on Phillips 66 from $264.00 to $268.00 and gave the company a “neutral” rating in a research note on Thursday. Weiss Ratings upgraded Phillips 66 from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, October 8th. Jefferies Financial Group reaffirmed a “hold” rating and set a $276.00 price target on shares of Phillips 66 in a report on Sunday, October 11th. UBS Group increased their price target on Phillips 66 from $235.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, September 8th. Finally, Wall Street Zen upgraded shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 26th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $270.19.

Insider Buying and Selling

In other news, 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 value of $11,657,896.00. Following the completion of the sale, the executive vice president directly owned 39,094 shares of the company’s stock, valued at $8,747,673.44. This trade represents a 57.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Brian Mandell sold 30,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the executive vice president directly owned 61,595 shares of the company’s stock, valued at $13,242,925. This represents a 32.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 108,800 shares of company stock valued at $25,016,566. Company insiders own 0.40% of the company’s stock.

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

Phillips 66 Trading Up 0.1%

Shares of Phillips 66 stock opened at $283.18 on Monday. The firm has a market cap of $110.46 billion, a price-to-earnings ratio of 9.04, a price-to-earnings-growth ratio of 0.15 and a beta of 0.69. Phillips 66 has a 52-week low of $127.16 and a 52-week high of $299.39. The company’s 50-day simple moving average is $266.19 and its 200-day simple moving average is $198.51. The company has a quick ratio of 1.04, a current ratio of 1.34 and a debt-to-equity ratio of 0.49.

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

Phillips 66 Increases Dividend

The firm also recently announced 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. This is a positive change from Phillips 66’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend is Tuesday, November 17th. This represents a $5.32 dividend on an annualized basis and a dividend yield of 1.9%. Phillips 66’s dividend payout ratio (DPR) is currently 16.22%.

Phillips 66 announced that its Board of Directors has approved a stock repurchase program on Friday, July 31st that authorizes the company to buy back $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 generally a sign that the company’s board believes its stock is undervalued.

About Phillips 66

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.