Bank of America Corp DE Buys Shares of 2,780,067 Phillips 66 $PSX

Key Points

• Bank of America acquired 2.78 million Phillips 66 shares worth approximately $470 million, giving it about a 0.70% stake. Institutional investors and hedge funds collectively own 76.93% of the company.
• Analysts remain broadly positive, with Phillips 66 carrying a consensus “Moderate Buy” rating and an average price target of $231.76; several firms recently raised their targets, including Raymond James to $300.
• Phillips 66 reported quarterly EPS of $9.41, beating estimates of $7.50, and announced a $10 billion share-repurchase authorization. The company also pays a $1.27 quarterly dividend, equivalent to a 1.9% yield.

Bank of America Corp DE purchased a new position in Phillips 66 (NYSE:PSX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,780,067 shares of the oil and gas company's stock, valued at approximately $469,970,000. Bank of America Corp DE owned about 0.70% of Phillips 66 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. Birmingham Capital Management Co. Inc. AL acquired a new stake in shares of Phillips 66 in the second quarter valued at about $266,000. Port Capital LLC bought a new position in shares of Phillips 66 during the second quarter worth about $356,000. Freestone Grove Partners LP acquired a new position in shares of Phillips 66 in the 2nd quarter worth approximately $28,422,000. Pointe Capital Management LLC acquired a new position in Phillips 66 in the second quarter worth $213,000. Finally, Man Group plc bought a new position in shares of Phillips 66 during the second quarter valued at approximately $8,823,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PSX. Jefferies Financial Group lifted their price objective on shares of Phillips 66 from $191.00 to $207.00 and gave the company a "hold" rating in a research report on Thursday, July 9th. Wall Street Zen raised Phillips 66 from a "buy" rating to a "strong-buy" rating in a report on Sunday, July 26th. Raymond James Financial increased their price objective on Phillips 66 from $240.00 to $300.00 and gave the company an "outperform" rating in a research report on Monday. Piper Sandler raised their target price on Phillips 66 from $209.00 to $264.00 and gave the stock a "neutral" rating in a research report on Thursday, September 3rd. Finally, TD Cowen boosted their target price on Phillips 66 from $240.00 to $255.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $231.76.

Phillips 66 Trading Up 3.1%

PSX stock opened at $265.07 on Wednesday. The business has a fifty day moving average of $226.17 and a 200-day moving average of $191.20. Phillips 66 has a twelve month low of $126.74 and a twelve month high of $266.70. The company has a market cap of $105.77 billion, a P/E ratio of 15.10 and a beta of 0.71. 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 (NYSE:PSX - Get Free Report) last announced its quarterly 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. The company had revenue of $52.04 billion for the quarter, compared to analysts' expectations of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same period last year, the firm posted $2.38 earnings per share. As a group, equities research analysts expect that Phillips 66 will post 24.47 EPS for the current year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th were issued a dividend of $1.27 per share. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 1.9%. Phillips 66's payout ratio is presently 28.95%.

Phillips 66 declared that its Board of Directors has initiated a stock 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 purchase up to 11.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is undervalued.

Insider Activity at Phillips 66

In other Phillips 66 news, CFO Kevin 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 value of $2,094,320.63. Following the transaction, the chief financial officer directly owned 97,376 shares of the company's stock, valued at $18,504,361.28. This represents a 10.17% decrease in their position. The transaction was disclosed in a legal 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 Harbison sold 52,100 shares of Phillips 66 stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total value of $11,657,896.00. Following the sale, the executive vice president directly owned 39,094 shares of the company's stock, valued at $8,747,673.44. This represents a 57.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 100,507 shares of company stock valued at $21,770,810 over the last three months. Company insiders own 0.40% of the company's stock.

Key Stories Impacting Phillips 66

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

• Positive Sentiment: Morgan Stanley raised its price target to $284 from $196 and maintained an Overweight rating. The upgrade reflects expectations for stronger refining margins and sector conditions, reinforcing investor optimism. Morgan Stanley Adjusts Price Target on Phillips 66
• Positive Sentiment: Refining margins and elevated fuel prices remain supportive. Tight refining capacity, strong industry profits and elevated crack spreads are improving expectations for Phillips 66’s earnings, cash generation and shareholder returns. Why Phillips 66 Stock Is Up Today
• Positive Sentiment: Recent operating results provide fundamental support. Phillips 66 reported second-quarter adjusted EPS of $9.41, well above the $7.50 consensus estimate, with refining performance benefiting from higher market crack spreads. UBS has also reportedly raised its price target to $300. Phillips 66 Delivers Strong Second-Quarter Results
• Neutral Sentiment: Crude prices near $100 are a mixed factor. Higher oil prices can signal resilient energy demand and support broader energy-sector sentiment, but they may also increase Phillips 66’s feedstock costs. Forecasts for 2026 oil demand and prices remain divided. Crude Enters the Week Near $100
• Negative Sentiment: Labor negotiations represent a potential operational risk. Teamsters at the Bayway refinery planned a rally ahead of the current contract’s October 1 expiration. A dispute or work stoppage could disrupt production, although no disruption was reported. Phillips 66 Teamsters to Rally for Fair Contract

Phillips 66 Company Profile

Phillips 66 NYSE: PSX is an energy company that operates across the midstream, chemicals, refining and marketing sectors. Headquartered in Houston, Texas, the company was established in 2012 when ConocoPhillips separated its downstream businesses into an independent company.

The company's midstream operations include transportation, processing, storage and other infrastructure for crude oil, natural gas and natural gas liquids. Phillips 66 also owns and operates refineries that process crude oil into transportation fuels, lubricants, specialty products and other refined petroleum products.

Phillips 66 markets gasoline, diesel and other fuels under the Phillips 66, Conoco and 76 brands, primarily in the United States.

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