Phillips 66 $PSX Shares Purchased by Oppenheimer & Co. Inc.

Key Points

• Oppenheimer & Co. increased its Phillips 66 holdings by 24.8% in the third quarter, adding 7,842 shares for a total position worth approximately $10.1 million. Institutional investors collectively own 76.93% of PSX.
• Phillips 66 reported quarterly EPS of $9.41, exceeding the $7.50 consensus estimate, and revenue of $51 billion. The company also raised its quarterly dividend from $1.27 to $1.33 per share and authorized a $10 billion share-repurchase program.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $269.88, but concerns include recent insider selling, potentially moderating refining margins, and several price targets that imply limited upside or a possible pullback.

Oppenheimer & Co. Inc. raised its holdings in Phillips 66 (NYSE:PSX - Free Report) by 24.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 39,478 shares of the oil and gas company's stock after buying an additional 7,842 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in Phillips 66 were worth $10,079,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. WESPAC Advisors LLC acquired a new stake in Phillips 66 in the third quarter worth $335,000. CPA Asset Management Group LLC bought a new stake in Phillips 66 in the third quarter valued at $217,000. Patton Albertson Miller Group LLC bought a new stake in Phillips 66 in the third quarter valued at $279,000. Deroy & Devereaux Private Investment Counsel Inc. bought a new stake in Phillips 66 in the third quarter valued at $207,000. Finally, Peterson Wealth Services increased its stake in Phillips 66 by 15.6% in the third quarter. Peterson Wealth Services now owns 2,079 shares of the oil and gas company's stock valued at $531,000 after purchasing an additional 280 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Stock Down 7.4%

Shares of PSX opened at $267.57 on Wednesday. Phillips 66 has a 12-month low of $127.16 and a 12-month high of $299.39. The business's fifty day moving average is $264.09 and its 200 day moving average is $196.48. The stock has a market cap of $106.77 billion, a P/E ratio of 15.25 and a beta of 0.71.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.50 by $1.91. The business had revenue of $51 billion during the quarter, compared to analyst estimates of $43.60 billion. During the same period in the previous year, the business posted $2.38 EPS. On average, analysts expect that Phillips 66 will post 31.39 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 17th will be issued a dividend of $1.33 per share. This is an increase from Phillips 66's previous quarterly dividend of $1.27. This represents a $5.32 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Tuesday, November 17th. Phillips 66's dividend payout ratio is 30.31%.

Phillips 66 announced that its Board of Directors has approved a share repurchase program on Friday, July 31st that authorizes the company to repurchase $10 billion in shares. This buyback authorization authorizes the oil and gas company to repurchase up to 11.8% of its stock through open market purchases. Share buyback programs are generally an indication that the company's management believes its stock is undervalued.

Key Stories Impacting Phillips 66

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

• Positive Sentiment: Analysts expect a significant year-over-year improvement in third-quarter results, with consensus estimates calling for approximately $11.79 in earnings per share and $43.23 billion in revenue, compared with $2.52 EPS in the prior-year quarter. How to Earn $500 a Month From Phillips 66 Stock Ahead of Q3 Earnings
• Positive Sentiment: Strong refining margins, supported by constrained global capacity and resilient fuel demand, remain the central bullish argument. Phillips 66’s ability to process a flexible crude slate and use discounted heavy crude could further support profitability; the company estimates that each $1 widening in the WTI-WCS spread can add about $140 million to annual EBITDA. How PSX’s Flexible Crude Slate Supports Its Refining Economics
• Positive Sentiment: Phillips 66 recently approved its second dividend increase of 2026, lifting the quarterly payout 4.7% to $1.33. The increase, combined with strong expected earnings and a relatively low payout ratio, reinforces the income and cash-flow case for the stock. Phillips 66 Dividend Information
• Neutral Sentiment: Zacks included PSX among its preferred refining and marketing stocks because of strong industry profit margins, while institutional trading was mixed, with more investors adding shares than reducing positions in the latest reported quarter. Top Refining and Marketing Picks
• Negative Sentiment: Gasoline futures fell to a seven-week low, raising concerns that fuel-market tightness and refining margins could moderate from unusually high levels. Traders may also be locking in gains after PSX’s powerful advance. Phillips 66 Slides as Traders Reassess Refining Upside Ahead of Earnings
• Negative Sentiment: A recent brokerage downgrade argued that much of the refining-sector earnings improvement is already reflected in share prices and that additional policy support may be limited. Reported insider activity has also been weighted heavily toward sales, adding to investor caution.
• Negative Sentiment: Several analyst price targets cited in recent coverage are below the current market valuation, suggesting expectations for a pullback if Wednesday’s results do not clearly exceed forecasts. Phillips 66 Price Swing

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Jefferies Financial Group reiterated a "hold" rating and set a $276.00 price objective on shares of Phillips 66 in a report on Sunday, October 11th. Morgan Stanley raised their target price on Phillips 66 from $196.00 to $284.00 and gave the company an "overweight" rating in a research note on Monday, September 14th. Raymond James Financial restated an "outperform" rating and issued a $335.00 target price on shares of Phillips 66 in a research note on Monday, October 19th. Barclays boosted their target price on Phillips 66 from $216.00 to $282.00 and gave the company an "equal weight" rating in a research report on Monday, October 12th. Finally, Mizuho reaffirmed a "neutral" rating and set a $300.00 price target (up from $220.00) on shares of Phillips 66 in a research note on Thursday, October 8th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $269.88.

Insider Transactions at Phillips 66

In other news, EVP Richard Harbison sold 52,100 shares of Phillips 66 stock in a transaction dated 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 completion of the transaction, the executive vice president directly owned 39,094 shares in the company, valued at $8,747,673.44. This trade represents a 57.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Brian Mandell sold 30,000 shares of the business's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the sale, the executive vice president directly owned 61,595 shares of the company's stock, valued at approximately $13,242,925. The trade was a 32.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 108,800 shares of company stock valued at $25,016,566 over the last quarter. Corporate insiders own 0.40% of the company's stock.

Phillips 66 Company Profile

Phillips 66 NYSE: PSX is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips' downstream and midstream businesses.

Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.

The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.

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