Phillips 66 $PSX Position Increased by Czech National Bank

Czech National Bank grew its holdings in shares of Phillips 66 (NYSE:PSX) by 4.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 114,121 shares of the oil and gas company’s stock after purchasing an additional 4,387 shares during the period. Czech National Bank’s holdings in Phillips 66 were worth $19,292,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Vanguard Group Inc. lifted its position in Phillips 66 by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company’s stock valued at $6,701,052,000 after purchasing an additional 205,480 shares during the last quarter. State Street Corp grew its holdings in Phillips 66 by 0.8% in the 4th quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company’s stock worth $3,043,996,000 after buying an additional 175,616 shares in the last quarter. Geode Capital Management LLC increased its position in Phillips 66 by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock valued at $1,338,596,000 after acquiring an additional 45,340 shares during the period. Norges Bank acquired a new stake in Phillips 66 in the 4th quarter valued at approximately $640,206,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Phillips 66 by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,944,561 shares of the oil and gas company’s stock valued at $509,006,000 after acquiring an additional 89,621 shares in the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

More Phillips 66 News

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

• Positive Sentiment: Record earnings and broad-based operating improvement: Second-quarter adjusted earnings reached approximately $3.8 billion, with net profit rising sharply as refining margins more than doubled. Refining, midstream, chemicals and marketing all contributed, while stronger execution helped the company exceed earnings expectations. Phillips 66 Profit Jumps as Refining Margins More Than Double
• Positive Sentiment: Favorable refining outlook: Management said tight product supply and limited refining capacity could keep margins strong through 2027, extending the period of elevated profitability. Phillips 66 sees strong refining margins continuing through 2027
• Positive Sentiment: Balance-sheet and shareholder-return catalysts: Debt reduction, midstream growth and potential for enhanced capital returns are improving the investment case. TD Cowen maintained a Buy rating and raised its price target to $255 from $240, citing stronger fundamentals and a healthier balance sheet. TD Cowen raises Phillips 66 price target
• Neutral Sentiment: Analyst sentiment is positive but not unanimous: Brokerages collectively rate PSX a “Moderate Buy,” while a fair-value estimate increased to $207.53. However, Bank of America reiterated a Hold rating with a $213 target, indicating some analysts view much of the upside as already reflected. Phillips 66 receives Moderate Buy recommendation
• Negative Sentiment: Cyclical and valuation risks remain: The stock is near its 12-month high after a substantial rally, leaving investors concerned that refining margins may normalize and that current earnings could represent a peak. That caution may be limiting further gains despite the upbeat results.

Wall Street Analysts Forecast Growth

PSX has been the subject of a number of analyst reports. UBS Group boosted their price target on Phillips 66 from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Scotiabank lifted their price objective on shares of Phillips 66 from $140.00 to $151.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. JPMorgan Chase & Co. upped their price objective on shares of Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Mizuho upgraded shares of Phillips 66 from a “neutral” rating to an “outperform” rating and increased their target price for the company from $170.00 to $212.00 in a research report on Wednesday, May 27th. Finally, Citigroup reissued a “neutral” rating on shares of Phillips 66 in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $206.50.

Phillips 66 Stock Down 0.7%

Shares of PSX stock opened at $204.05 on Friday. Phillips 66 has a 1 year low of $118.07 and a 1 year high of $216.08. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.85 and a current ratio of 1.32. The business’s fifty day moving average is $188.40 and its 200-day moving average is $172.95. The stock has a market cap of $81.42 billion, a PE ratio of 11.63, a price-to-earnings-growth ratio of 0.16 and a beta of 0.68.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating the consensus estimate of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.The business had revenue of $52.04 billion during the quarter, compared to analyst estimates of $43.60 billion. During the same quarter in the prior year, the firm posted $2.38 earnings per share. Equities analysts expect that Phillips 66 will post 22.43 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be issued a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66’s dividend payout ratio is presently 28.95%.

Phillips 66 declared that its Board of Directors has initiated a share buyback program on Friday, July 31st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 11.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Phillips 66

In other news, EVP Vanessa Allen Sutherland sold 3,523 shares of the firm’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the completion of the transaction, the executive vice president owned 27,537 shares in the company, valued at approximately $5,811,683.85. This trade represents a 11.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at $18,504,361.28. This represents a 10.17% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 15,707 shares of company stock valued at $3,059,584 over the last three months. 0.40% of the stock is owned by corporate insiders.

About Phillips 66

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.