22,519 Phillips 66 $PSX Shares Purchased by Bokf Na

Key Points

• Bokf Na increased its Phillips 66 stake by 23.2% in the third quarter, purchasing 22,519 additional shares and bringing its holdings to 119,678 shares valued at approximately $30.6 million. Institutional investors own 76.93% of PSX.
• Phillips 66 reported a major third-quarter earnings beat, with $14.08 in EPS on $50.54 billion in revenue, driven by stronger refining margins and 98% utilization. The company also generated about $7.3 billion in operating cash flow and reduced debt by roughly $2 billion.
• The company raised its quarterly dividend to $1.33 per share, or $5.32 annually, and maintains a $10 billion share-repurchase authorization. Analysts give PSX a “Moderate Buy” consensus rating, though investors remain concerned that refining margins may be near peak-cycle levels.

Bokf Na grew its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 23.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 119,678 shares of the oil and gas company's stock after purchasing an additional 22,519 shares during the period. Bokf Na's holdings in Phillips 66 were worth $30,555,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in PSX. 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 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 first quarter valued at approximately $27,000. Compass Financial Management LLC bought a new stake in shares of Phillips 66 in the second quarter valued at approximately $28,000. Kelleher Financial Advisors acquired a new stake in Phillips 66 during the second quarter worth approximately $29,000. Finally, J.Safra Asset Management Corp acquired a new stake in Phillips 66 during the second quarter worth approximately $30,000. 76.93% of the stock is owned by institutional investors.

Trending Headlines about Phillips 66

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

• Positive Sentiment: Record profit and earnings beat: Phillips 66 reported approximately $5.6 billion in adjusted third-quarter earnings, or $14.08 per diluted share, versus consensus estimates near $11.7–$12.0 per share and $2.52 a year earlier. Revenue also exceeded expectations at $50.54 billion. Phillips 66 beats quarterly profit estimates as refining margins soar
• Positive Sentiment: Refining strength drove the result: Refining earnings nearly doubled sequentially to $6.03 billion, supported by wider margins, higher volumes and 98% utilization. Record Central Corridor processed-input volume and stronger fuel-export demand linked to Middle East tensions further supported profitability. Phillips 66 Q3 Earnings Beat Estimates on Strong Refining Margins
• Positive Sentiment: Cash generation and balance-sheet improvement: Operating cash flow totaled roughly $7.3 billion. The company returned $2.8 billion through dividends and share repurchases and reduced total debt by about $2 billion to $18.5 billion, strengthening the shareholder-return story. Phillips 66: 3 Key Takeaways for Long-Term Investors
• Neutral Sentiment: Strong results may reflect peak-cycle conditions: The quarter benefited from unusually favorable refining margins, while midstream volumes also remained solid. Investors will likely focus on whether these conditions persist into the fourth quarter.
• Negative Sentiment: Margin and valuation risks remain: Gasoline prices and expectations for increased fuel supply had raised concerns that refining margins could cool. Analysts had also warned that much of the sector’s earnings recovery was already reflected in share prices, potentially limiting further upside after the rebound. Phillips 66 Slides as Traders Reassess Refining Upside Ahead of Earnings

Phillips 66 Stock Performance

Shares of Phillips 66 stock opened at $273.51 on Thursday. The stock has a market cap of $109.14 billion, a price-to-earnings ratio of 15.58, a P/E/G ratio of 0.16 and a beta of 0.71. The company's fifty day moving average is $264.69 and its 200 day moving average is $197.13. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. Phillips 66 has a twelve month low of $127.16 and a twelve month high of $299.39.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $11.73 by $2.35. The company had revenue of $50.54 billion during the quarter, compared to the consensus estimate of $44.91 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%. During the same period last year, the company earned $2.52 earnings per share. Sell-side analysts forecast that Phillips 66 will post 31.39 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Tuesday, November 17th will be issued a dividend of $1.33 per share. This represents a $5.32 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Tuesday, November 17th. This is an increase from Phillips 66's previous quarterly dividend of $1.27. Phillips 66's dividend payout ratio (DPR) is 30.31%.

Phillips 66 announced that its board has approved a share buyback program on Friday, July 31st that allows the company to buy back $10 billion in shares. This buyback authorization allows the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

PSX has been the topic of a number of recent research reports. The Goldman Sachs Group raised their price objective on Phillips 66 from $245.00 to $274.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 30th. Wells Fargo & Company upped their target price on Phillips 66 from $335.00 to $345.00 and gave the company an "overweight" rating in a research report on Wednesday, October 14th. Weiss Ratings raised Phillips 66 from a "buy (b)" rating to a "buy (b+)" rating in a report on Thursday, October 8th. Wall Street Zen raised Phillips 66 from a "buy" rating to a "strong-buy" rating in a report on Sunday, July 26th. Finally, TD Cowen raised their price target on Phillips 66 from $295.00 to $308.00 and gave the stock a "buy" rating in a research report on Thursday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, Phillips 66 currently has an average rating of "Moderate Buy" and a consensus price target of $269.88.

Insider Buying and Selling

In other news, EVP Brian Mandell sold 23,400 shares of the firm's stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $265.06, for a total value of $6,202,404.00. Following the completion of the sale, the executive vice president directly owned 61,595 shares in the company, valued at $16,326,370.70. This trade represents a 27.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Richard G. Harbison sold 52,100 shares of the business's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the sale, the executive vice president directly owned 39,094 shares of the company's stock, valued at approximately $8,747,673.44. The trade was a 57.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 108,800 shares of company stock valued at $25,016,566. 0.40% of the stock is currently owned by corporate insiders.

Phillips 66 Company Profile

Phillips 66 NYSE: PSX is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips' downstream and midstream businesses.

Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.

The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.

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