CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Reduces Position in Phillips 66 $PSX

Key Points

• CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT cut its stake in Phillips 66 by 9.0% in Q4, selling 18,800 shares and now holding 190,900 shares worth about $24.63 million (1.4% of its portfolio, the firm’s 23rd largest position).
• Phillips 66 disclosed roughly $900 million of pre-tax mark-to-market losses on commodity hedges for Q1, along with related collateral outflows and operational headwinds, which have driven a recent selloff and increased near-term cash-flow risk.
• The company raised its quarterly dividend to $1.27 per share (from $1.20) and reported quarterly EPS of $2.47 (beating estimates), even as revenue missed forecasts; insiders have also sold material stock (95,923 shares worth about $16.4M over the last 90 days).

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lessened its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 9.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 190,900 shares of the oil and gas company's stock after selling 18,800 shares during the period. Phillips 66 comprises approximately 1.4% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's investment portfolio, making the stock its 23rd biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings in Phillips 66 were worth $24,634,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of PSX. Brighton Jones LLC boosted its position in shares of Phillips 66 by 238.5% during the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock valued at $1,166,000 after buying an additional 7,214 shares during the period. Woodline Partners LP boosted its position in shares of Phillips 66 by 40.7% during the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company's stock valued at $4,308,000 after buying an additional 10,089 shares during the period. Sei Investments Co. boosted its position in shares of Phillips 66 by 28.3% during the second quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company's stock valued at $18,788,000 after buying an additional 34,698 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Phillips 66 by 9.1% during the second 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 buying an additional 28,988 shares during the period. Finally, Glenview Trust co boosted its holdings in shares of Phillips 66 by 2.6% in the second 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 period. Hedge funds and other institutional investors own 76.93% of the company's stock.

Key Phillips 66 News

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

• Positive Sentiment: Board declared a quarterly cash dividend of $1.27 per share, supporting the stock’s income profile and signaling continued capital return to shareholders. Phillips 66 Announces Quarterly Dividend
• Positive Sentiment: Wells Fargo reaffirmed its Buy rating, providing some analyst support amid volatility. Wells Fargo Reaffirms Their Buy Rating on Phillips 66 (PSX)
• Positive Sentiment: CEO comments that global oil supply “will not snap back quickly” after the Iran conflict imply sustained tightness in product markets, which can support refining and marketing margins over time. Global oil supply will not snap back quickly after Iran war, Phillips 66 CEO Lashier says
• Neutral Sentiment: Recent pullback has attracted valuation checks: PSX is down over the past month but shows strong 3‑month and 1‑year returns — a reminder that near-term volatility may be a buying opportunity for longer-term holders. Phillips 66 (PSX) Valuation Check After Recent Share Price Pullback And Strong Longer Term Returns
• Negative Sentiment: Phillips 66 disclosed roughly $900M of pre-tax mark-to-market losses on commodity hedges for Q1, plus related collateral outflows and quarter-specific operational headwinds — a major driver of today’s selloff as investors reprice near-term cash flow risk. Phillips 66 slides as investors weigh $900M hedge mark-to-market hit and Q1 volatility ahead of earnings
• Negative Sentiment: Broader energy group weakness after reports the Strait of Hormuz was open reduced wartime risk premia in oil markets, pressuring refiners and integrated oil names including PSX. Energy Stocks Lose Wartime Gains
• Negative Sentiment: Jefferies cut PSX to Hold — another headwind for sentiment amid the recent volatility and earnings uncertainty. Phillips 66 NYSE: PSX Cut to "Hold" at Jefferies Financial Group

Analysts Set New Price Targets

A number of analysts recently issued reports on PSX shares. Weiss Ratings upgraded Phillips 66 from a "hold (c)" rating to a "buy (b-)" rating in a report on Monday, February 23rd. Morgan Stanley boosted their price target on Phillips 66 from $140.00 to $147.00 and gave the company an "equal weight" rating in a report on Thursday, February 5th. Wolfe Research boosted their price target on Phillips 66 from $187.00 to $193.00 and gave the company an "outperform" rating in a report on Monday, April 6th. JPMorgan Chase & Co. boosted their price target on Phillips 66 from $161.00 to $188.00 and gave the company an "overweight" rating in a report on Wednesday, April 8th. Finally, Scotiabank upgraded Phillips 66 to a "hold" rating in a report on Friday, March 27th. Eleven research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat, Phillips 66 presently has a consensus rating of "Hold" and an average target price of $180.72.

Phillips 66 Stock Down 4.2%

Phillips 66 stock opened at $156.44 on Friday. The business has a fifty day moving average of $166.55 and a two-hundred day moving average of $147.09. The company has a quick ratio of 0.91, a current ratio of 1.30 and a debt-to-equity ratio of 0.62. The firm has a market cap of $62.69 billion, a P/E ratio of 14.46, a P/E/G ratio of 0.29 and a beta of 0.76. Phillips 66 has a twelve month low of $95.70 and a twelve month high of $190.61.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.32. The company had revenue of $32.16 billion during the quarter, compared to analyst estimates of $33.81 billion. Phillips 66 had a return on equity of 9.13% and a net margin of 3.22%.During the same quarter in the prior year, the business earned ($0.15) earnings per share. On average, analysts forecast that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd were issued a dividend of $1.27 per share. This is an increase from Phillips 66's previous quarterly dividend of $1.20. This represents a $5.08 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Monday, February 23rd. Phillips 66's dividend payout ratio (DPR) is currently 46.95%.

Insider Activity at Phillips 66

In other Phillips 66 news, Director Lisa Ann Davis sold 3,800 shares of the company's stock in a transaction on Friday, March 13th. The stock was sold at an average price of $174.37, for a total transaction of $662,606.00. Following the completion of the sale, the director owned 8,701 shares in the company, valued at $1,517,193.37. This represents a 30.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Brian Mandell sold 42,800 shares of the company's stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $169.53, for a total value of $7,255,884.00. Following the sale, the executive vice president owned 61,595 shares of the company's stock, valued at approximately $10,442,200.35. This represents a 41.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 95,923 shares of company stock valued at $16,399,619 over the last 90 days. Insiders own 0.40% of the company's stock.

Phillips 66 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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