State of Wyoming Acquires New Shares in Phillips 66 $PSX

State of Wyoming bought a new position in Phillips 66 (NYSE:PSX) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 3,695 shares of the oil and gas company’s stock, valued at approximately $943,000.

Several other hedge funds have also recently modified their holdings of the stock. Pointe Capital Management LLC increased its holdings 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 last quarter. Community Financial Services Group LLC lifted its stake in Phillips 66 by 9.2% in the 3rd quarter. Community Financial Services Group LLC now owns 615 shares of the oil and gas company’s stock worth $163,000 after purchasing an additional 52 shares in the last quarter. AMI Investment Management Inc. boosted its holdings in shares of 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 purchasing an additional 53 shares during the last quarter. Key Client Fiduciary Advisors LLC boosted its holdings in shares of 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 valued at $275,000 after purchasing an additional 55 shares during the last quarter. Finally, Threadgill Financial LLC boosted its holdings in shares of 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 valued at $286,000 after purchasing an additional 58 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on PSX shares. Wells Fargo & Company raised their price objective on Phillips 66 from $345.00 to $346.00 and gave the company an “overweight” rating in a research report on Thursday. Wall Street Zen upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 26th. Piper Sandler increased their price target on Phillips 66 from $264.00 to $268.00 and gave the company a “neutral” rating in a research note on Thursday. BMO Capital Markets increased their price target on Phillips 66 from $260.00 to $310.00 and gave the company an “outperform” rating in a research note on Thursday, September 17th. Finally, Raymond James Financial restated an “outperform” rating and set a $335.00 price target on shares of Phillips 66 in a report on Monday, October 19th. Two equities research 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, the stock presently has an average rating of “Moderate Buy” and an average target price of $270.19.

Insiders Place Their Bets

In related news, EVP Richard Harbison sold 52,100 shares of the business’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the completion of the transaction, the executive vice president owned 39,094 shares in the company, valued at $8,747,673.44. The trade was a 57.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Brian Mandell sold 30,000 shares of the company’s stock in a transaction 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 transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 108,800 shares of company stock valued at $25,016,566. 0.40% of the stock is owned by company insiders.

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 Stock Performance

Phillips 66 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 firm has a market capitalization of $112.99 billion, a P/E ratio of 9.04, a price-to-earnings-growth ratio of 0.16 and a beta of 0.71. Phillips 66 has a 1-year low of $127.16 and a 1-year high of $299.39. The company’s 50-day moving average is $266.19 and its 200 day moving average is $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 the consensus estimate of $11.73 by $2.35. The business had revenue of $50.54 billion during 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 in the previous year, the business earned $2.52 earnings per share. Research analysts forecast that Phillips 66 will post 31.39 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Investors 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 dividend on an annualized basis 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 is 16.99%.

Phillips 66 declared that its board has approved a stock buyback program on Friday, July 31st that authorizes the company to buy back $10 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Share repurchase programs are usually an indication that the company’s leadership 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.