Agman Capital LLC Has $31,000 Position in Phillips 66 $PSX

Key Points

• Agman Capital increased its Phillips 66 position by 832.1% in the second quarter, owning 183,634 shares valued at approximately $31,000. Institutional investors collectively hold 76.93% of PSX shares.
• Phillips 66 reported quarterly earnings of $9.41 per share, exceeding estimates of $7.50, on revenue of $52.04 billion. The company also authorized a $10 billion buyback and declared a quarterly dividend of $1.27 per share.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $206.56 price target, though the stock’s sharp rise, cyclical refining exposure and recent insider selling warrant caution.

Agman Capital LLC grew its position in Phillips 66 (NYSE:PSX - Free Report) by 832.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 183,634 shares of the oil and gas company's stock after purchasing an additional 163,932 shares during the period. Phillips 66 comprises about 0.0% of Agman Capital LLC's portfolio, making the stock its 19th largest position. Agman Capital LLC's holdings in Phillips 66 were worth $31,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PSX. Brighton Jones LLC lifted its position in Phillips 66 by 238.5% during the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock worth $1,166,000 after buying an additional 7,214 shares in the last quarter. Woodline Partners LP raised its holdings in shares of Phillips 66 by 40.7% in the 1st quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company's stock valued at $4,308,000 after purchasing an additional 10,089 shares during the period. Sei Investments Co. raised its holdings in shares of Phillips 66 by 28.3% in the 2nd quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company's stock valued at $18,788,000 after purchasing an additional 34,698 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Phillips 66 by 9.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company's stock valued at $41,359,000 after purchasing an additional 28,988 shares during the last quarter. Finally, Glenview Trust co lifted its stake in Phillips 66 by 2.6% in the 2nd quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company's stock valued at $1,068,000 after purchasing an additional 229 shares during the last quarter. 76.93% of the stock is owned by institutional investors.

Phillips 66 Stock Up 3.1%

PSX stock opened at $232.55 on Friday. The business has a 50-day simple moving average of $191.72 and a 200 day simple moving average of $175.55. Phillips 66 has a 52 week low of $119.80 and a 52 week high of $232.89. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. The company has a market cap of $92.79 billion, a PE ratio of 13.25, a price-to-earnings-growth ratio of 0.16 and a beta of 0.68.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, topping analysts' consensus estimates of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The firm had revenue of $52.04 billion for the quarter, compared to analysts' expectations of $43.60 billion. During the same quarter in the previous year, the firm posted $2.38 earnings per share. Sell-side analysts anticipate that Phillips 66 will post 24.44 EPS for the current fiscal year.

Phillips 66 declared that its board has authorized a stock buyback program on Friday, July 31st that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Phillips 66 Dividend Announcement

The company 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 of this dividend is Tuesday, August 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.2%. Phillips 66's dividend payout ratio is currently 28.95%.

Phillips 66 News Roundup

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

• Positive Sentiment: Refining margins and cash flow remain strong. Phillips 66 reported second-quarter refining margins of $24.08 per barrel, while debt declined by $6.6 billion. Supply disruptions linked to the Iran conflict have also supported fuel margins across major U.S. refiners, potentially sustaining earnings and shareholder payouts. U.S. refiners ramp up buybacks as Iran war boosts fuel margins
• Positive Sentiment: Shareholder returns are a major catalyst. Phillips 66 authorized a $10 billion share-repurchase program, equal to approximately 11.8% of shares outstanding, and maintains a quarterly dividend of $1.27 per share. Stronger margins and reduced leverage improve the company’s capacity to return capital. Phillips 66 stock analysis
• Positive Sentiment: Analyst support and infrastructure expansion add confidence. J.P. Morgan maintained its Buy rating, while Phillips 66 and partners approved the approximately $5 billion Western Gateway refined-products pipeline. The 1,300-mile project could create longer-term transportation and logistics opportunities. J.P. Morgan maintains Buy rating
• Neutral Sentiment: Valuation and regulatory risks warrant caution. Strong refining margins, diversified cash flows and debt reduction support PSX’s premium valuation, but refining is cyclical and potential regulatory changes could pressure future profitability. Should You Buy Phillips 66 Stock at Its Current Premium Valuation?
• Negative Sentiment: Multiple executives have sold shares. EVP Richard Harbison sold 52,100 shares for about $11.7 million, while EVP Brian Mandell sold 33,300 shares for roughly $7.2 million. Additional option-related sales totaled about $1.7 million. The transactions may represent profit-taking after a strong run, but they could weigh on near-term sentiment. Phillips 66 insider selling activity

Insider Transactions at Phillips 66

In related news, CFO Kevin J. Mitchell sold 11,021 shares of the firm's stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the transaction, the chief financial officer owned 97,376 shares in the company, valued at $18,504,361.28. This trade represents a 10.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of the business's stock in a transaction on 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 completion of the sale, the executive vice president directly owned 39,094 shares in the company, valued at approximately $8,747,673.44. This represents a 57.13% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 100,507 shares of company stock worth $21,770,810. 0.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

PSX has been the topic of a number of recent analyst reports. Tudor Pickering raised Phillips 66 from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 30th. The Goldman Sachs Group raised their price objective on Phillips 66 from $207.00 to $235.00 and gave the company a "neutral" rating in a research report on Wednesday, July 22nd. UBS Group lifted their target price on Phillips 66 from $212.00 to $235.00 and gave the stock a "buy" rating in a research note on Monday, July 27th. Mizuho upgraded shares of Phillips 66 from a "neutral" rating to an "outperform" rating and raised their target price for the stock from $170.00 to $212.00 in a research note on Wednesday, May 27th. Finally, Citigroup reaffirmed a "neutral" rating on shares of Phillips 66 in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $206.56.

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.

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