Phillips 66 $PSX Position Reduced by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its position in Phillips 66 (NYSE:PSX) by 9.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 470,073 shares of the oil and gas company’s stock after selling 49,310 shares during the period. Principal Financial Group Inc.’s holdings in Phillips 66 were worth $85,638,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Norges Bank purchased a new position in Phillips 66 during the 4th quarter worth approximately $640,206,000. M&T Bank Corp boosted its position in shares of Phillips 66 by 462.9% in the fourth quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock worth $352,007,000 after buying an additional 2,243,268 shares during the period. AQR Capital Management LLC boosted its position in shares of Phillips 66 by 424.7% in the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock worth $257,512,000 after buying an additional 1,532,389 shares during the period. Worldquant Millennium Advisors LLC purchased a new position in shares of Phillips 66 during the second quarter valued at $107,967,000. Finally, NewEdge Advisors LLC grew its holdings in shares of Phillips 66 by 732.0% during the fourth quarter. NewEdge Advisors LLC now owns 996,955 shares of the oil and gas company’s stock valued at $128,647,000 after buying an additional 877,131 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Price Performance

PSX opened at $201.24 on Friday. The stock has a market cap of $80.68 billion, a price-to-earnings ratio of 19.83, a PEG ratio of 0.26 and a beta of 0.69. Phillips 66 has a 1 year low of $118.07 and a 1 year high of $202.72. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The stock has a fifty day moving average price of $178.32 and a 200 day moving average price of $165.20.

Phillips 66 (NYSE:PSX) last issued its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share 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 analyst estimates of $35.86 billion. During the same period in the prior year, the firm posted ($0.90) EPS. The business’s revenue was up 6.9% compared to the same quarter last year. Analysts forecast that Phillips 66 will post 19.84 EPS for the current fiscal year.

Phillips 66 Announces Dividend

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 paid a $1.27 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.5%. Phillips 66’s payout ratio is presently 50.05%.

Insider Buying and Selling

In related news, CFO Kevin J. Mitchell sold 29,400 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $170.00, for a total value of $4,998,000.00. Following the transaction, the chief financial officer owned 97,376 shares in the company, valued at approximately $16,553,920. This represents a 23.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Kevin Omar Meyers acquired 175 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The shares were acquired at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the transaction, the director owned 16,799 shares of the company’s stock, valued at approximately $2,908,242.88. This represents a 1.05% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold 41,021 shares of company stock worth $7,195,257 in the last 90 days. 0.40% of the stock is currently owned by corporate insiders.

Key Headlines Impacting Phillips 66

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

• Positive Sentiment: Tight fuel markets and elevated crack spreads are boosting refining margins, which could improve Phillips 66’s earnings power. Can Tight Fuel Markets Benefit Phillips 66’s Refining Business?
• Positive Sentiment: Limited Middle East crude exposure may help cushion Phillips 66 if geopolitical supply disruptions continue, reducing a key risk for refiners. Can Tight Fuel Markets Benefit Phillips 66’s Refining Business?
• Neutral Sentiment: Analyst comparisons with ExxonMobil highlight Phillips 66’s diversification, but also note ongoing pressure in the refining segment, making the setup more balanced than purely bullish. ExxonMobil vs. Phillips 66: Which Energy Stock Should You Pick?
• Negative Sentiment: The stock has also faced a recent pullback, with traders citing broader weakness in refining and energy shares rather than a Phillips 66-specific setback. Phillips 66 (PSX) Stock Drops Despite Market Gains: Important Facts to Note
• Negative Sentiment: Weaker crude prices and softer sentiment across refiners after inventory data may keep pressure on PSX in the near term. Why Phillips 66 (PSX) Stock Is Down Today

Analyst Upgrades and Downgrades

PSX has been the subject of several research analyst reports. Morgan Stanley increased their price objective on Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Weiss Ratings cut Phillips 66 from a “buy (b-)” rating to a “hold (c)” rating in a research note on Friday, May 1st. Wall Street Zen upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 13th. Mizuho raised shares of Phillips 66 from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $170.00 to $212.00 in a research report on Wednesday, May 27th. Finally, Barclays raised their price target on shares of Phillips 66 from $177.00 to $183.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $196.06.

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.