Hennion & Walsh Asset Management Inc. Sells 3,329 Shares of Phillips 66 $PSX

Hennion & Walsh Asset Management Inc. lowered its holdings in Phillips 66 (NYSE:PSX) by 34.6% during the 2nd quarter, Holdings Channel reports. The firm owned 6,305 shares of the oil and gas company’s stock after selling 3,329 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Phillips 66 were worth $1,066,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of PSX. Norges Bank bought a new stake in shares of Phillips 66 during the 4th quarter worth $640,206,000. M&T Bank Corp boosted its holdings in shares of Phillips 66 by 462.9% in the 4th quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock worth $352,007,000 after buying an additional 2,243,268 shares during the last quarter. AQR Capital Management LLC grew its position in Phillips 66 by 424.7% during the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock valued at $257,512,000 after buying an additional 1,532,389 shares during the period. Amundi grew its position in Phillips 66 by 62.0% during the first quarter. Amundi now owns 3,667,451 shares of the oil and gas company’s stock valued at $668,137,000 after buying an additional 1,403,493 shares during the period. Finally, Worldquant Millennium Advisors LLC purchased a new stake in Phillips 66 during the second quarter worth about $107,967,000. Institutional investors own 76.93% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PSX. Barclays raised their price target on shares of Phillips 66 from $183.00 to $216.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 6th. Zacks Research downgraded shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. TD Cowen boosted their price target on shares of Phillips 66 from $240.00 to $255.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. The Goldman Sachs Group boosted their price target on shares of Phillips 66 from $207.00 to $235.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Finally, BMO Capital Markets raised their price objective on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and an average price target of $206.56.

Phillips 66 Stock Performance

NYSE:PSX opened at $232.55 on Friday. The business’s fifty day moving average is $191.72 and its 200 day moving average is $175.55. The firm has a market cap of $92.79 billion, a price-to-earnings ratio of 13.25, a PEG ratio of 0.16 and a beta of 0.68. 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 52-week low of $119.80 and a 52-week high of $232.89.

Phillips 66 (NYSE:PSX) last issued its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, topping the consensus estimate of $7.50 by $1.91. The business had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same quarter last year, the company earned $2.38 EPS. Research analysts predict that Phillips 66 will post 24.44 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be given a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Tuesday, August 18th. Phillips 66’s dividend payout ratio (DPR) is 28.95%.

Phillips 66 announced that its board has authorized a stock repurchase plan on Friday, July 31st that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to reacquire up to 11.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Trending Headlines about Phillips 66

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

• Positive Sentiment: Refining margins and cash flow remain strong. Phillips 66 reported second-quarter refining margins of $24.08 per barrel, while debt declined by $6.6 billion. Supply disruptions linked to the Iran conflict have also supported fuel margins across major U.S. refiners, potentially sustaining earnings and shareholder payouts. U.S. refiners ramp up buybacks as Iran war boosts fuel margins
• Positive Sentiment: Shareholder returns are a major catalyst. Phillips 66 authorized a $10 billion share-repurchase program, equal to approximately 11.8% of shares outstanding, and maintains a quarterly dividend of $1.27 per share. Stronger margins and reduced leverage improve the company’s capacity to return capital. Phillips 66 stock analysis
• Positive Sentiment: Analyst support and infrastructure expansion add confidence. J.P. Morgan maintained its Buy rating, while Phillips 66 and partners approved the approximately $5 billion Western Gateway refined-products pipeline. The 1,300-mile project could create longer-term transportation and logistics opportunities. J.P. Morgan maintains Buy rating
• Neutral Sentiment: Valuation and regulatory risks warrant caution. Strong refining margins, diversified cash flows and debt reduction support PSX’s premium valuation, but refining is cyclical and potential regulatory changes could pressure future profitability. Should You Buy Phillips 66 Stock at Its Current Premium Valuation?
• Negative Sentiment: Multiple executives have sold shares. EVP Richard Harbison sold 52,100 shares for about $11.7 million, while EVP Brian Mandell sold 33,300 shares for roughly $7.2 million. Additional option-related sales totaled about $1.7 million. The transactions may represent profit-taking after a strong run, but they could weigh on near-term sentiment. Phillips 66 insider selling activity

Insider Activity

In related news, CFO Kevin J. Mitchell sold 11,021 shares of the business’s stock in a transaction that occurred on Thursday, July 9th. The shares were 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 owned 97,376 shares of the company’s stock, valued at approximately $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brian Mandell sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the sale, the executive vice president directly owned 61,595 shares in the company, valued at $13,242,925. This trade represents a 32.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 100,507 shares of company stock valued at $21,770,810 over the last ninety days. 0.40% of the stock is owned by insiders.

Phillips 66 Company Profile

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.