PensionDanmark Pensionsforsikringsaktieselskab Increases Stock Position in Phillips 66 $PSX

Key Points

• PensionDanmark increased its Phillips 66 stake by 12.8% in the second quarter, adding 9,777 shares for a total of 86,229 shares valued at approximately $14.6 million. Institutional investors collectively own 76.93% of PSX.
• Phillips 66 reported significantly stronger quarterly results, with earnings of $9.41 per share versus the $7.50 consensus estimate and revenue of $52.04 billion. Management cited broad-based operating improvements and expects tight supply and limited refining capacity to support margins through 2027.
• The company authorized a $10 billion share-repurchase program and declared a quarterly dividend of $1.27, while analysts maintain a “Moderate Buy” consensus. However, the stock is near its 12-month high, and investors remain concerned about cyclical margin normalization and valuation risks.

PensionDanmark Pensionsforsikringsaktieselskab boosted its holdings in Phillips 66 (NYSE:PSX - Free Report) by 12.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 86,229 shares of the oil and gas company's stock after buying an additional 9,777 shares during the period. PensionDanmark Pensionsforsikringsaktieselskab's holdings in Phillips 66 were worth $14,577,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of PSX. Vanguard Group Inc. boosted its holdings in shares of Phillips 66 by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company's stock worth $6,701,052,000 after acquiring an additional 205,480 shares during the period. State Street Corp raised its stake in shares of Phillips 66 by 0.8% during the 4th quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company's stock valued at $3,043,996,000 after purchasing an additional 175,616 shares during the period. Geode Capital Management LLC raised its stake in shares of Phillips 66 by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company's stock valued at $1,338,596,000 after purchasing an additional 45,340 shares during the period. Norges Bank purchased a new stake in Phillips 66 during the 4th quarter worth about $640,206,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Phillips 66 by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,944,561 shares of the oil and gas company's stock worth $509,006,000 after purchasing an additional 89,621 shares in the last quarter. Institutional investors own 76.93% of the company's stock.

Trending Headlines about Phillips 66

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

• Positive Sentiment: Record earnings and broad-based operating improvement: Second-quarter adjusted earnings reached approximately $3.8 billion, with net profit rising sharply as refining margins more than doubled. Refining, midstream, chemicals and marketing all contributed, while stronger execution helped the company exceed earnings expectations. Phillips 66 Profit Jumps as Refining Margins More Than Double
• Positive Sentiment: Favorable refining outlook: Management said tight product supply and limited refining capacity could keep margins strong through 2027, extending the period of elevated profitability. Phillips 66 sees strong refining margins continuing through 2027
• Positive Sentiment: Balance-sheet and shareholder-return catalysts: Debt reduction, midstream growth and potential for enhanced capital returns are improving the investment case. TD Cowen maintained a Buy rating and raised its price target to $255 from $240, citing stronger fundamentals and a healthier balance sheet. TD Cowen raises Phillips 66 price target
• Neutral Sentiment: Analyst sentiment is positive but not unanimous: Brokerages collectively rate PSX a “Moderate Buy,” while a fair-value estimate increased to $207.53. However, Bank of America reiterated a Hold rating with a $213 target, indicating some analysts view much of the upside as already reflected. Phillips 66 receives Moderate Buy recommendation
• Negative Sentiment: Cyclical and valuation risks remain: The stock is near its 12-month high after a substantial rally, leaving investors concerned that refining margins may normalize and that current earnings could represent a peak. That caution may be limiting further gains despite the upbeat results.

Insider Buying and Selling

In other news, EVP Vanessa Allen Sutherland sold 3,523 shares of the stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total value of $743,529.15. Following the transaction, the executive vice president owned 27,537 shares of the company's stock, valued at $5,811,683.85. This represents a 11.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the sale, the chief financial officer owned 97,376 shares in the company, valued at approximately $18,504,361.28. This trade represents a 10.17% 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. In the last three months, insiders sold 15,707 shares of company stock valued at $3,059,584. Corporate insiders own 0.40% of the company's stock.

Phillips 66 Stock Performance

Shares of PSX opened at $204.05 on Friday. Phillips 66 has a 12-month low of $118.07 and a 12-month high of $216.08. The company has a current ratio of 1.32, a quick ratio of 0.85 and a debt-to-equity ratio of 0.57. The company has a market cap of $81.42 billion, a PE ratio of 11.63, a price-to-earnings-growth ratio of 0.16 and a beta of 0.68. The stock has a 50-day moving average price of $188.40 and a 200-day moving average price of $172.95.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, topping the consensus estimate 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 in the prior year, the business earned $2.38 earnings per share. As a group, equities analysts forecast that Phillips 66 will post 22.43 earnings per share for the current fiscal year.

Phillips 66 declared that its board has initiated a share repurchase program 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 repurchase up to 11.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's management believes its shares are undervalued.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66's payout ratio is currently 28.95%.

Analyst Upgrades and Downgrades

PSX has been the subject of a number of recent analyst reports. Argus lifted their target price on Phillips 66 from $185.00 to $197.00 and gave the company a "buy" rating in a report on Thursday, May 14th. The Goldman Sachs Group increased their price target on shares of Phillips 66 from $207.00 to $235.00 and gave the stock a "neutral" rating in a report on Wednesday, July 22nd. Piper Sandler restated a "neutral" rating and issued a $208.00 price objective on shares of Phillips 66 in a research report on Thursday, July 23rd. Barclays boosted their price objective on shares of Phillips 66 from $183.00 to $216.00 and gave the company an "equal weight" rating in a research note on Thursday. Finally, Raymond James Financial upped their target price on shares of Phillips 66 from $218.00 to $235.00 and gave the stock an "outperform" rating in a report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $206.50.

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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