Insider Selling: Phillips 66 (NYSE:PSX) CFO Sells $2,970,604.03 in Stock

Phillips 66 (NYSE:PSX) CFO Kevin Mitchell sold 15,629 shares of the firm’s stock in a transaction that occurred on Monday, March 30th. The stock was sold at an average price of $190.07, for a total value of $2,970,604.03. Following the sale, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $18,508,256.32. This represents a 13.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Phillips 66 Trading Up 0.8%

PSX traded up $1.49 during trading on Thursday, hitting $177.13. The company’s stock had a trading volume of 582,292 shares, compared to its average volume of 3,066,540. The firm has a market capitalization of $70.98 billion, a P/E ratio of 16.42, a PEG ratio of 0.34 and a beta of 0.76. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $190.61. The stock’s fifty day moving average price is $161.72 and its 200-day moving average price is $144.41. The company has a quick ratio of 0.91, a current ratio of 1.30 and a debt-to-equity ratio of 0.62.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.32. The company had revenue of $32.16 billion during the quarter, compared to analyst estimates of $33.81 billion. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. During the same quarter in the previous year, the business posted ($0.15) EPS. Analysts anticipate that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 4th. Stockholders of record on Monday, February 23rd were given a dividend of $1.27 per share. This is a boost from Phillips 66’s previous quarterly dividend of $1.20. The ex-dividend date of this dividend was Monday, February 23rd. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.9%. Phillips 66’s payout ratio is currently 46.95%.

Hedge Funds Weigh In On Phillips 66

Hedge funds have recently bought and sold shares of the company. Board of the Pension Protection Fund purchased a new stake in shares of Phillips 66 in the fourth quarter valued at about $26,000. Accordant Advisory Group Inc grew its position in Phillips 66 by 900.0% in the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 180 shares in the last quarter. SWAN Capital LLC increased its stake in Phillips 66 by 1,055.6% in the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 190 shares during the last quarter. Evolution Wealth Management Inc. bought a new position in shares of Phillips 66 during the 2nd quarter worth approximately $25,000. Finally, Eagle Bay Advisors LLC bought a new position in shares of Phillips 66 during the 4th quarter worth approximately $27,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PSX shares. Mizuho upped their price target on Phillips 66 from $152.00 to $170.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 17th. Wall Street Zen upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 14th. TD Cowen increased their target price on Phillips 66 from $155.00 to $213.00 and gave the stock a “buy” rating in a report on Wednesday. Piper Sandler lifted their price target on shares of Phillips 66 from $153.00 to $156.00 and gave the company a “neutral” rating in a research report on Thursday, February 5th. Finally, Citigroup upped their price objective on shares of Phillips 66 from $146.00 to $159.00 and gave the stock a “neutral” rating in a report on Monday, February 9th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $169.56.

Phillips 66 News Summary

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

• Positive Sentiment: Analyst upgrades and higher price targets: TD Cowen raised its price target to $213 and kept a “buy” rating, and Wells Fargo raised its target to $201 with an “overweight” rating — these calls imply further upside if the company meets expectations. TD Cowen price target raise Wells Fargo price target raise
• Positive Sentiment: Quarterly outlook is constructive: analysts expect a substantial (triple?digit) jump in Q1 bottom?line results, making the upcoming earnings report a potential catalyst for upside if Phillips 66 delivers. Q1 expectations
• Neutral Sentiment: Company?specific move vs. market: coverage notes the stock fell while broader markets were up, suggesting today’s weakness is more company?specific than market driven. Market context
• Negative Sentiment: Insider selling — CFO sold $2.97M in shares near the 52?week high: Kevin Mitchell’s sizable sale and additional recent insider selling can trigger investor concern and selling pressure. CFO sale
• Negative Sentiment: Broader insider activity: reports show roughly $1.9M of insider sales over the past year, which some investors interpret as a signal of reduced insider conviction and can weigh on sentiment. Insider sales summary

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.