Phillips 66 $PSX Stock Position Reduced by Glenmede Trust Co. NA

Glenmede Trust Co. NA decreased its stake in Phillips 66 (NYSE:PSX) by 2.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 140,173 shares of the oil and gas company’s stock after selling 3,104 shares during the quarter. Glenmede Trust Co. NA’s holdings in Phillips 66 were worth $25,537,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PSX. Accordant Advisory Group Inc grew its stake in Phillips 66 by 900.0% in the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 180 shares in the last quarter. Eagle Bay Advisors LLC acquired a new stake in shares of Phillips 66 during the 4th quarter valued at about $27,000. NFSG Corp grew its stake in shares of Phillips 66 by 105.6% in the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 75 shares in the last quarter. Axiom Investment Management LLC bought a new stake in shares of Phillips 66 in the 1st quarter valued at approximately $27,000. Finally, SWAN Capital LLC increased its holdings in Phillips 66 by 1,055.6% in the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock worth $27,000 after buying an additional 190 shares during the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about Phillips 66

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

• Positive Sentiment: Phillips 66’s board authorized an additional $10 billion for share repurchases. The expanded authorization gives the refiner substantial flexibility to return capital, potentially reducing the share count, supporting future earnings per share and signaling management’s confidence in the company’s long-term cash generation. Phillips 66 approves $10 billion increase to share repurchase program
• Positive Sentiment: Recent strength across energy stocks and better-than-expected results from refining peer Valero Energy suggest a supportive sector backdrop for Phillips 66 ahead of its own quarterly report. Valero Energy Beats Q2 Earnings and Revenue Estimates
• Neutral Sentiment: Analysts are focusing on Phillips 66’s upcoming earnings, with expectations supported by softer crude costs and potentially stronger refinery margins. The report could provide the next major catalyst for PSX.
• Negative Sentiment: The stock’s premium valuation raises the stakes for the upcoming results. Any disappointment in refining margins, guidance or cash flow could limit the benefit of the buyback announcement. Phillips 66’s Q2 Earnings on Deck: Should You Bet on the Stock?

Phillips 66 Price Performance

Shares of NYSE:PSX opened at $211.56 on Friday. The company has a market cap of $84.82 billion, a price-to-earnings ratio of 20.84, a PEG ratio of 0.17 and a beta of 0.69. The business has a 50 day moving average price of $185.51 and a 200 day moving average price of $170.67. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63. Phillips 66 has a twelve month low of $118.07 and a twelve month high of $216.08.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping the consensus estimate of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The company had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. During the same period in the previous year, the business posted ($0.90) EPS. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. Research analysts predict that Phillips 66 will post 22.43 earnings per share for the current year.

Phillips 66 announced that its Board of Directors has approved a share buyback program 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 buy up to 11.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Phillips 66 Dividend Announcement

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 paid a $1.27 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.4%. Phillips 66’s dividend payout ratio (DPR) is presently 50.05%.

Insider Transactions at Phillips 66

In other news, CFO Kevin J. Mitchell sold 11,021 shares of the business’s 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 transaction, the chief financial officer owned 97,376 shares in the company, valued at approximately $18,504,361.28. The trade was a 10.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Omar Meyers bought 175 shares of Phillips 66 stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average price of $173.12 per share, with a total value of $30,296.00. Following the purchase, the director owned 16,799 shares of the company’s stock, valued at $2,908,242.88. This trade represents a 1.05% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have sold 45,107 shares of company stock worth $8,057,584. Insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Zacks Research lowered shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. TD Cowen increased their price target on shares of Phillips 66 from $220.00 to $240.00 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. JPMorgan Chase & Co. raised their price target on shares of Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Guggenheim raised shares of Phillips 66 to an “outperform” rating in a research note on Wednesday, May 27th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Phillips 66 in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, Phillips 66 presently has an average rating of “Moderate Buy” and a consensus target price of $201.72.

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.