Pacer Advisors Inc. Has $3.67 Million Stock Position in Phillips 66 $PSX

Key Points

• Pacer Advisors cut its Phillips 66 stake by 50.6% in the first quarter, selling 20,685 shares and retaining 20,173 shares valued at approximately $3.67 million. Hedge funds and institutional investors collectively own 76.93% of PSX.
• Phillips 66 reported strong quarterly results, with EPS of $9.41 versus the $7.50 consensus estimate and revenue of $52.04 billion. Improved refining margins, record midstream volumes and stronger chemicals performance contributed to the earnings beat.
• The company authorized a $10 billion share-repurchase program, equivalent to up to 11.8% of outstanding shares, and declared a quarterly dividend of $1.27. Analysts maintain a “Moderate Buy” consensus with an average price target of $206.50, though some view the stock as fully valued after its rally.

Pacer Advisors Inc. lowered its position in Phillips 66 (NYSE:PSX - Free Report) by 50.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,173 shares of the oil and gas company's stock after selling 20,685 shares during the quarter. Pacer Advisors Inc.'s holdings in Phillips 66 were worth $3,675,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Phillips 66 during the 4th quarter valued at about $640,206,000. M&T Bank Corp raised its position in Phillips 66 by 462.9% during the fourth quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company's stock valued at $352,007,000 after acquiring an additional 2,243,268 shares in the last quarter. AQR Capital Management LLC raised its position in Phillips 66 by 424.7% during the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company's stock valued at $257,512,000 after acquiring an additional 1,532,389 shares in the last quarter. Amundi lifted its stake in Phillips 66 by 62.0% in the first quarter. Amundi now owns 3,667,451 shares of the oil and gas company's stock valued at $668,137,000 after acquiring an additional 1,403,493 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC acquired a new stake in Phillips 66 in the second quarter valued at approximately $107,967,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 News Roundup

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

• Positive Sentiment: Strong refining performance: More than doubled refining margins, improved execution and tight product supplies drove the earnings surge. Phillips 66 expects refining utilization in the mid-90% range during the third quarter and believes favorable market conditions could persist through 2027. Phillips 66 Profit Jumps as Refining Margins More Than Double
• Positive Sentiment: Broader operational gains: Record midstream volumes, stronger chemicals results and improved marketing performance supplemented the refining gains, reducing reliance on a single business line. PSX Q2 Earnings and Revenues Beat Estimates
• Positive Sentiment: Capital returns and balance-sheet improvement: Phillips 66 reduced debt by $6.6 billion and expanded its stock-repurchase authorization by $10 billion, potentially supporting per-share value and investor confidence. Phillips 66 Cashes in on Refining Boom
• Positive Sentiment: Higher analyst valuation: TD Cowen maintained a Buy rating and lifted its price target from $240 to $255, citing stronger fundamentals, balance-sheet progress and enhanced capital returns. Aggregate fair value estimates also rose to about $207.53 from $194.11. TD Cowen Raises Phillips 66 Price Target
• Neutral Sentiment: U.S. oil imports from Saudi Arabia fell to zero in July, an event that underscores shifting supply flows and may contribute to regional product tightness, but its direct effect on PSX remains uncertain. U.S. Oil Imports from Saudi Arabia at Zero in July
• Negative Sentiment: Valuation is becoming a concern after the rally: Bank of America reiterated a Hold rating with a $213 target, arguing that strong execution is largely reflected in the shares. Refining margins are also cyclical and could weaken if supply conditions normalize. Phillips 66 Neutral Rating Reiterated

Insider Transactions at Phillips 66

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 3,523 shares of the company's stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the sale, the executive vice president directly owned 27,537 shares of the company's stock, valued at approximately $5,811,683.85. This represents a 11.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin J. Mitchell sold 11,021 shares of the firm's stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the sale, the chief financial officer directly owned 97,376 shares of the company's stock, valued at approximately $18,504,361.28. The trade was a 10.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 15,707 shares of company stock valued at $3,059,584 in the last quarter. 0.40% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Tudor Pickering upgraded shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 30th. Scotiabank lifted their price objective on shares of Phillips 66 from $140.00 to $151.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. Citigroup reiterated a "neutral" rating on shares of Phillips 66 in a report on Thursday. Jefferies Financial Group increased their target price on shares of Phillips 66 from $191.00 to $207.00 and gave the stock a "hold" rating in a research report on Thursday, July 9th. Finally, Zacks Research lowered Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. One investment 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 currently has a consensus rating of "Moderate Buy" and a consensus target price of $206.50.

Phillips 66 Stock Performance

NYSE:PSX opened at $205.02 on Friday. Phillips 66 has a 1 year low of $118.07 and a 1 year high of $216.08. The firm's fifty day simple moving average is $187.83 and its 200 day simple moving average is $172.73. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $82.20 billion, a PE ratio of 11.68, a PEG ratio of 0.16 and a beta of 0.68.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, topping the consensus estimate of $7.50 by $1.91. The firm had revenue of $52.04 billion for the quarter, compared to the consensus estimate of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 20.51%. During the same quarter last year, the firm posted $2.38 EPS. On average, sell-side analysts anticipate that Phillips 66 will post 22.43 EPS for the current year.

Phillips 66 announced that its board has authorized a share buyback plan on Friday, July 31st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be issued 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 2.5%. Phillips 66's dividend payout ratio is presently 28.95%.

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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