CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Has $12.36 Million Stock Holdings in Phillips 66 $PSX

Key Points

• Cushing Asset Management cut its Phillips 66 position by 59.4% in the second quarter, selling 107,000 shares and retaining 73,100 shares worth approximately $12.36 million.
• Phillips 66 reported strong quarterly results, with EPS of $9.41 beating estimates by $1.91 and revenue of $52.04 billion surpassing expectations. The company also authorized a $10 billion share-repurchase program and declared a quarterly dividend of $1.27 per share.
• PSX shares opened at $232.55, near their 12-month high, while analyst sentiment remained a “Moderate Buy.” However, several executives recently sold shares, and analysts cautioned that refining’s cyclical nature and regulatory risks could affect future performance.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT trimmed its holdings in Phillips 66 (NYSE:PSX - Free Report) by 59.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 73,100 shares of the oil and gas company's stock after selling 107,000 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings in Phillips 66 were worth $12,358,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PSX. NFSG Corp increased its position in 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 acquiring an additional 75 shares in the last quarter. Axiom Investment Management LLC acquired a new position in shares of Phillips 66 during the first quarter worth approximately $27,000. SWAN Capital LLC lifted its position in shares of Phillips 66 by 1,055.6% during the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock worth $27,000 after purchasing an additional 190 shares in the last quarter. Agman Capital LLC grew its stake in shares of Phillips 66 by 832.1% during the second quarter. Agman Capital LLC now owns 183,634 shares of the oil and gas company's stock valued at $31,000 after purchasing an additional 163,932 shares during the last quarter. Finally, Sfam LLC bought a new stake in shares of Phillips 66 during the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 76.93% of the company's stock.

Phillips 66 Stock Up 3.1%

NYSE:PSX opened at $232.55 on Friday. Phillips 66 has a 12-month low of $119.80 and a 12-month 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 firm has a market capitalization of $92.79 billion, a P/E ratio of 13.25, a P/E/G ratio of 0.16 and a beta of 0.68. The stock's fifty day simple moving average is $191.72 and its 200-day simple moving average is $175.55.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, beating analysts' consensus estimates of $7.50 by $1.91. The business had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same quarter in the prior year, the company posted $2.38 earnings per share. Equities research analysts expect that Phillips 66 will post 24.44 earnings per share for the current year.

Phillips 66 declared that its Board of Directors has initiated a stock repurchase plan 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 shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its shares are undervalued.

Phillips 66 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Tuesday, August 18th. Phillips 66's payout ratio is presently 28.95%.

Insider Buying and Selling

In related news, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the transaction, the executive vice president owned 39,094 shares of the company's stock, valued at $8,747,673.44. This trade represents a 57.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the business's stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the transaction, the executive vice president owned 27,537 shares of the company's stock, valued at approximately $5,811,683.85. This represents a 11.34% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 100,507 shares of company stock valued at $21,770,810 over the last 90 days. 0.40% of the stock is owned by corporate insiders.

Trending Headlines about Phillips 66

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

Analysts Set New Price Targets

A number of brokerages recently weighed in on PSX. Citigroup reissued a "neutral" rating on shares of Phillips 66 in a report on Thursday, August 6th. Mizuho raised Phillips 66 from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $170.00 to $212.00 in a research note on Wednesday, May 27th. The Goldman Sachs Group upped their price target on Phillips 66 from $207.00 to $235.00 and gave the company a "neutral" rating in a research note on Wednesday, July 22nd. Argus lifted their price objective on Phillips 66 from $185.00 to $197.00 and gave the stock a "buy" rating in a research report on Thursday, May 14th. Finally, Guggenheim raised Phillips 66 to an "outperform" rating in a report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $206.56.

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.

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