Insider Selling: Phillips 66 (NYSE:PSX) CFO Sells $4,998,000.00 in Stock

Phillips 66 (NYSE:PSX) CFO Kevin Mitchell sold 29,400 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the completion of the sale, the chief financial officer owned 97,376 shares in the company, valued at $16,553,920. This represents a 23.19% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Phillips 66 Stock Down 0.1%

Shares of NYSE:PSX opened at $171.58 on Friday. The company’s fifty day moving average is $170.56 and its 200-day moving average is $151.64. The company has a market capitalization of $68.79 billion, a PE ratio of 16.90, a P/E/G ratio of 0.26 and a beta of 0.70. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. Phillips 66 has a 52 week low of $109.75 and a 52 week high of $190.61.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $1.03. The business had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.90) EPS. Equities research analysts predict that Phillips 66 will post 17.39 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Monday, May 18th will be issued a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Monday, May 18th. Phillips 66’s payout ratio is currently 50.05%.

Hedge Funds Weigh In On Phillips 66

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Phillips 66 by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company’s stock worth $6,701,052,000 after acquiring an additional 205,480 shares during the last quarter. State Street Corp boosted its position in Phillips 66 by 0.8% during 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 acquiring an additional 175,616 shares during the last quarter. Geode Capital Management LLC boosted its position in Phillips 66 by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock worth $1,338,596,000 after acquiring an additional 45,340 shares during the last quarter. Norges Bank acquired a new position in Phillips 66 during the 4th quarter worth approximately $640,206,000. Finally, Charles Schwab Investment Management Inc. boosted its position 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 worth $509,006,000 after acquiring an additional 89,621 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Key Stories Impacting Phillips 66

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

• Positive Sentiment: Argus raised its price target on Phillips 66 to $197 from $185 and reiterated a buy rating, suggesting meaningful upside from current levels.
• Positive Sentiment: BMO Capital Markets boosted its target to $215 from $195 and maintained an outperform rating, adding to the bullish analyst momentum around PSX.
• Positive Sentiment: Several recent reports argue Phillips 66 may be entering a new refining upcycle, which is supporting sentiment for downstream energy stocks. Article Title
• Positive Sentiment: Shareholders approved the board, executive compensation, and auditor at the annual meeting, and the company appointed Greg Hayes as lead independent director, both of which signal governance stability. Article Title
• Neutral Sentiment: CFO Kevin Mitchell disclosed the sale of 600 shares, which is a small insider transaction and not necessarily a major fundamental signal.
• Neutral Sentiment: Phillips 66 also recently highlighted a quarterly dividend of $1.27 per share, reinforcing the stock’s income appeal for investors.
• Negative Sentiment: Weiss Ratings downgraded Phillips 66 from buy to hold, which slightly offsets the otherwise constructive analyst backdrop.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. BMO Capital Markets upped their price target on Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a research note on Wednesday. Argus upped their price target on Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a research note on Thursday. Wall Street Zen raised Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 2nd. Piper Sandler upped their price target on Phillips 66 from $168.00 to $177.00 and gave the company a “neutral” rating in a research note on Wednesday, April 8th. Finally, Tudor Pickering raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Phillips 66 has a consensus rating of “Moderate Buy” and a consensus target price of $186.28.

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.