Phillips 66 $PSX Position Raised by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. increased its stake in shares of Phillips 66 (NYSE:PSX) by 9.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 71,744 shares of the oil and gas company’s stock after acquiring an additional 6,164 shares during the period. Rakuten Investment Management Inc.’s holdings in Phillips 66 were worth $18,097,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Phillips 66 in the 2nd quarter valued at about $5,766,779,000. Bank of New York Mellon Corp bought a new position in Phillips 66 during the second quarter worth about $1,093,206,000. Bank of America Corp DE acquired a new position in Phillips 66 during the second quarter worth approximately $469,970,000. Legal & General Group Plc acquired a new position in shares of Phillips 66 during the 2nd quarter worth approximately $303,648,000. Finally, Deutsche Bank AG acquired a new position in shares of Phillips 66 during the 2nd quarter worth approximately $271,128,000. Institutional investors own 76.93% of the company’s stock.

Trending Headlines about Phillips 66

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

• Positive Sentiment: Phillips 66 agreed to a long-term deal with Restaurant Technologies to supply used cooking oil for renewable diesel and sustainable aviation fuel production at its Rodeo facility. The agreement supports feedstock access and the company’s lower-carbon fuels business. Article: Phillips 66 secures long-term used cooking oil supply
• Positive Sentiment: Morgan Stanley issued a buy rating on PSX, signaling confidence in the shares’ prospects. Article: Morgan Stanley issues a buy rating
• Neutral Sentiment: Citigroup raised its price target to $302 from $297 but kept a neutral rating. The higher target is supportive, though the unchanged rating suggests the bank sees limited reason to upgrade its stance. Article: Citigroup adjusts price target
• Negative Sentiment: A report highlighted a steep single-session drop in PSX shares, signaling notable near-term selling pressure. The article did not identify a specific company catalyst for the decline. Article: Phillips 66 drops in one session

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Morgan Stanley upped their price target on shares of Phillips 66 from $284.00 to $290.00 and gave the company an “overweight” rating in a research note on Monday. Weiss Ratings upgraded Phillips 66 from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, October 8th. The Goldman Sachs Group increased their price objective on Phillips 66 from $245.00 to $274.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 30th. TD Cowen increased their target price on shares of Phillips 66 from $295.00 to $308.00 and gave the stock a “buy” rating in a research report on Thursday, October 22nd. Finally, Zacks Research upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 7th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $270.12.

Phillips 66 Stock Down 4.6%

Shares of PSX opened at $259.38 on Thursday. The company has a market capitalization of $101.18 billion, a PE ratio of 8.28, a PEG ratio of 0.15 and a beta of 0.69. Phillips 66 has a 12 month low of $127.16 and a 12 month high of $299.39. The stock’s 50-day moving average price is $267.86 and its two-hundred day moving average price is $200.44. The company has a current ratio of 1.34, a quick ratio of 1.04 and a debt-to-equity ratio of 0.49.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share for the quarter, beating the consensus estimate of $11.73 by $2.35. Phillips 66 had a return on equity of 33.12% and a net margin of 7.27%. The company had revenue of $50.54 billion during the quarter, compared to analysts’ expectations of $44.91 billion. During the same quarter in the prior year, the firm posted $2.52 earnings per share. On average, analysts anticipate that Phillips 66 will post 33.63 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently announced 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. This is an increase from Phillips 66’s previous quarterly dividend of $1.27. This represents a $5.32 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, November 17th. Phillips 66’s payout ratio is 16.22%.

Phillips 66 declared that its Board of Directors has initiated a stock repurchase program on Friday, July 31st that permits the company to buy back $10 billion in outstanding shares. This repurchase authorization permits the oil and gas company to buy up to 11.8% of its shares through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity at Phillips 66

In other Phillips 66 news, EVP Brian Mandell sold 23,400 shares of Phillips 66 stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $265.06, for a total value of $6,202,404.00. Following the completion of the sale, the executive vice president directly owned 61,595 shares in the company, valued at approximately $16,326,370.70. The trade was a 27.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Richard Harbison sold 52,100 shares of the 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 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 108,800 shares of company stock valued at $25,016,566 in the last ninety days. 0.40% of the stock is currently owned by insiders.

Phillips 66 Profile

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.