Phillips 66 $PSX Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System cut its holdings in shares of Phillips 66 (NYSE:PSX) by 2.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 102,612 shares of the oil and gas company’s stock after selling 2,600 shares during the period. State of Michigan Retirement System’s holdings in Phillips 66 were worth $17,347,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Aviance Capital Partners LLC boosted its position in shares of Phillips 66 by 11.7% in the 2nd quarter. Aviance Capital Partners LLC now owns 7,374 shares of the oil and gas company’s stock worth $1,247,000 after purchasing an additional 770 shares in the last quarter. Worth Financial Advisory Group LLC acquired a new position in Phillips 66 during the 2nd quarter valued at about $860,000. Zhang Financial LLC raised its stake in Phillips 66 by 11.2% in the second quarter. Zhang Financial LLC now owns 1,467 shares of the oil and gas company’s stock valued at $248,000 after buying an additional 148 shares during the last quarter. Almanack Investment Partners LLC. acquired a new stake in Phillips 66 in the second quarter worth about $269,000. Finally, Lebenthal Global Advisors LLC boosted its holdings in Phillips 66 by 4.6% in the second quarter. Lebenthal Global Advisors LLC now owns 9,367 shares of the oil and gas company’s stock worth $1,583,000 after acquiring an additional 408 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Scotiabank upped their price objective on shares of Phillips 66 from $140.00 to $151.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Jefferies Financial Group lifted their target price on shares of Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a research note on Thursday, July 9th. Tudor Pickering raised shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Argus raised their price target on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Finally, Barclays lifted their price objective 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. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, Phillips 66 presently has an average rating of “Moderate Buy” and an average price target of $206.56.

Insider Buying and Selling at Phillips 66

In related news, EVP Vanessa Allen Sutherland sold 3,523 shares of the business’s stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the completion of the transaction, the executive vice president directly owned 27,537 shares in the company, valued at $5,811,683.85. The trade was a 11.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of the company’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the completion of the sale, the executive vice president directly owned 39,094 shares in the company, valued at approximately $8,747,673.44. The trade was a 57.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 100,507 shares of company stock worth $21,770,810 over the last ninety days. 0.40% of the stock is owned by insiders.

More Phillips 66 News

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

• Positive Sentiment: Takeover talks highlight strategic value. Phillips 66 and Marathon Petroleum reportedly discussed a potential combination valued at roughly $180 billion. Although the talks did not result in a deal, the discussions underscore PSX’s scale and could renew speculation about consolidation among U.S. refiners. Phillips 66 and Marathon Petroleum held takeover talks
• Positive Sentiment: Refining margins and shareholder returns remain supportive. Supply disruptions linked to the Iran conflict have lifted fuel margins, helping major refiners generate strong profits and increase buybacks and dividends. Phillips 66 has authorized a $10 billion repurchase program and pays a quarterly dividend of $1.27 per share. U.S. refiners ramp up buybacks as Iran war boosts fuel margins
• Positive Sentiment: Infrastructure expansion adds a longer-term growth angle. PSX, Kinder Morgan and HF Sinclair are advancing the approximately $5 billion Western Gateway refined-products pipeline, which is expected to improve market access and logistics flexibility. Phillips 66 and partners advance Western Gateway pipeline project
• Neutral Sentiment: Merger failure limits the immediate upside from consolidation. Antitrust concerns and operational complexity reportedly derailed the proposed Marathon Petroleum transaction. The outcome removes a near-term transformational catalyst, while the broader energy-sector rally and PSX’s premium valuation leave the stock more exposed to a reversal in refining margins. Reported Phillips 66 and Marathon Petroleum merger analysis
• Negative Sentiment: Heavy insider selling may weigh on sentiment. EVP Richard Harbison sold 52,100 shares for approximately $11.7 million, while EVP Brian Mandell sold 33,300 shares for about $7.2 million. The trades may be profit-taking after PSX’s strong rally, but they reduce insiders’ holdings and could raise short-term concerns about valuation. Richard Harbison sells Phillips 66 shares

Phillips 66 Trading Up 0.3%

Shares of NYSE:PSX opened at $233.29 on Friday. Phillips 66 has a 52-week low of $121.24 and a 52-week high of $236.14. The stock has a market cap of $93.09 billion, a price-to-earnings ratio of 13.29, a PEG ratio of 0.17 and a beta of 0.68. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. The business has a 50-day moving average price of $192.72 and a 200-day moving average price of $175.95.

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, beating analysts’ consensus estimates of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.The firm had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same quarter in the prior year, the firm earned $2.38 earnings per share. Equities analysts predict that Phillips 66 will post 24.44 EPS for the current year.

Phillips 66 Announces Dividend

The firm 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. This represents a $5.08 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66’s dividend payout ratio is 28.95%.

Phillips 66 announced that its Board of Directors has approved a share repurchase program on Friday, July 31st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to buy up to 11.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

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.