CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Has $12.36 Million Stake in Phillips 66 $PSX

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT reduced its holdings in Phillips 66 (NYSE:PSX) by 59.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 73,100 shares of the oil and gas company’s stock after selling 107,000 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Phillips 66 were worth $12,358,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Summit Wealth Group LLC Co. lifted its holdings in shares of Phillips 66 by 6.1% during the 2nd quarter. Summit Wealth Group LLC Co. now owns 1,997 shares of the oil and gas company’s stock valued at $338,000 after purchasing an additional 114 shares in the last quarter. Atria Investments Inc increased its stake in Phillips 66 by 3.5% during the 2nd quarter. Atria Investments Inc now owns 19,061 shares of the oil and gas company’s stock worth $3,222,000 after purchasing an additional 648 shares in the last quarter. Angeles Wealth Management LLC raised its holdings in Phillips 66 by 1.6% during the 2nd quarter. Angeles Wealth Management LLC now owns 6,004 shares of the oil and gas company’s stock worth $1,015,000 after buying an additional 95 shares during the period. Sciencast Management LP acquired a new stake in Phillips 66 during the 2nd quarter worth approximately $3,991,000. Finally, NewSquare Capital LLC lifted its stake in Phillips 66 by 5.8% in the second quarter. NewSquare Capital LLC now owns 38,405 shares of the oil and gas company’s stock valued at $6,492,000 after buying an additional 2,117 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insider Buying and Selling

In related news, EVP Brian Mandell sold 30,000 shares of the 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 completion of the transaction, the executive vice president directly owned 61,595 shares of the company’s stock, valued at approximately $13,242,925. This represents a 32.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Kevin J. Mitchell sold 11,021 shares of the firm’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 value 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. This represents a 10.17% decrease in their ownership of the stock. 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 100,507 shares of company stock worth $21,770,810 in the last three months. Insiders own 0.40% of the company’s stock.

Phillips 66 Stock Performance

Shares of PSX opened at $232.55 on Friday. The stock has a market capitalization of $92.79 billion, a price-to-earnings ratio of 13.25, a PEG ratio of 0.16 and a beta of 0.68. Phillips 66 has a 12 month low of $119.80 and a 12 month high of $232.89. The firm has a fifty day simple moving average of $191.72 and a 200 day simple moving average of $175.55. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57.

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

Phillips 66 declared that its board has authorized a stock repurchase plan on Friday, July 31st that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Phillips 66 Announces Dividend

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

Key Stories Impacting 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

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PSX shares. Barclays upped their price target on shares of Phillips 66 from $183.00 to $216.00 and gave the company an “equal weight” rating in a report on Thursday, August 6th. Zacks Research cut shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Phillips 66 in a research note on Wednesday, July 29th. The Goldman Sachs Group increased their target price on Phillips 66 from $207.00 to $235.00 and gave the stock a “neutral” rating in a report on Wednesday, July 22nd. Finally, Morgan Stanley lifted their price target on Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $206.56.

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.