State of Michigan Retirement System Lowers Position in Phillips 66 $PSX

State of Michigan Retirement System decreased its position in shares of Phillips 66 (NYSE:PSX) by 2.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 102,612 shares of the oil and gas company’s stock after selling 2,600 shares during the quarter. State of Michigan Retirement System’s holdings in Phillips 66 were worth $17,347,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. SWAN Capital LLC grew its position in Phillips 66 by 1,055.6% during the fourth 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 period. NFSG Corp raised its position in shares of Phillips 66 by 105.6% in the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after acquiring an additional 75 shares during the period. Axiom Investment Management LLC acquired a new position in shares of Phillips 66 in the first quarter worth about $27,000. Agman Capital LLC boosted its stake in shares of Phillips 66 by 832.1% during the 2nd quarter. Agman Capital LLC now owns 183,634 shares of the oil and gas company’s stock worth $31,000 after acquiring an additional 163,932 shares in the last quarter. Finally, Sfam LLC acquired a new stake in shares of Phillips 66 during the 4th quarter valued at about $34,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PSX has been the subject of several recent analyst reports. BMO Capital Markets lifted their price target on Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. UBS Group raised their price objective on Phillips 66 from $212.00 to $235.00 and gave the company a “buy” rating in a report on Monday, July 27th. Piper Sandler upped their target price on Phillips 66 from $208.00 to $209.00 and gave the stock a “neutral” rating in a research note on Monday, August 10th. Wall Street Zen upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 26th. Finally, Guggenheim raised shares of Phillips 66 to an “outperform” rating in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, Phillips 66 has an average rating of “Moderate Buy” and a consensus target price of $206.56.

Phillips 66 Trading Up 0.3%

Shares of Phillips 66 stock opened at $233.29 on Friday. 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 has a twelve month low of $121.24 and a twelve month high of $236.14. The firm has a market capitalization of $93.09 billion, a PE ratio of 13.29, a P/E/G ratio of 0.17 and a beta of 0.68. The firm’s 50-day moving average price is $192.72 and its 200 day moving average price is $175.95.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, topping the consensus estimate of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.The company had revenue of $52.04 billion during the quarter, compared to analyst estimates of $43.60 billion. During the same period in the previous year, the business earned $2.38 EPS. On average, sell-side analysts predict that Phillips 66 will post 24.44 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Tuesday, August 18th. Phillips 66’s payout ratio is presently 28.95%.

Phillips 66 announced that its board has approved a share buyback plan on Friday, July 31st that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the oil and gas company to buy up to 11.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Phillips 66

In other news, 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 owned 39,094 shares of the company’s stock, valued at $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kevin J. Mitchell sold 11,021 shares of the stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the completion of the sale, the chief financial officer owned 97,376 shares of the company’s stock, valued at $18,504,361.28. This trade represents a 10.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 100,507 shares of company stock valued at $21,770,810 in the last 90 days. 0.40% of the stock is owned by company insiders.

Trending Headlines about Phillips 66

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 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.