Phillips 66 $PSX Shares Sold by Franklin Parlapiano Turner & Welch LLC

Key Points

• Franklin Parlapiano Turner & Welch LLC cut its Phillips 66 stake by 41.9% in the third quarter, selling 10,119 shares and retaining 14,036 shares valued at $3.584 million.
• Phillips 66 reported quarterly earnings of $14.08 per share, beating the $11.73 consensus estimate, while revenue of $50.54 billion also exceeded expectations.
• The company raised its quarterly dividend to $1.33 from $1.27 and has authorized up to $10 billion in share repurchases. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $270.12.

Franklin Parlapiano Turner & Welch LLC lowered its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 41.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,036 shares of the oil and gas company's stock after selling 10,119 shares during the quarter. Franklin Parlapiano Turner & Welch LLC's holdings in Phillips 66 were worth $3,584,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of PSX. Next Level Wealth Planning LLC purchased a new position in shares of Phillips 66 in the 3rd quarter valued at approximately $36,000. NFSG Corp grew its position in shares of Phillips 66 by 105.6% in the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company's stock worth $27,000 after buying an additional 75 shares during the period. Axiom Investment Management LLC purchased a new stake in shares of Phillips 66 in the 1st quarter worth about $27,000. Compass Financial Management LLC bought a new position in shares of Phillips 66 in the 2nd quarter worth about $28,000. Finally, Putney Financial Group LLC purchased a new position in Phillips 66 during the 3rd quarter valued at about $43,000. 76.93% of the stock is owned by institutional investors.

Key Headlines Impacting Phillips 66

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

• Positive Sentiment: Phillips 66 agreed to a long-term deal with Restaurant Technologies to supply used cooking oil for renewable diesel and sustainable aviation fuel production at its Rodeo facility. The agreement supports feedstock access and the company’s lower-carbon fuels business. Article: Phillips 66 secures long-term used cooking oil supply
• Positive Sentiment: Morgan Stanley issued a buy rating on PSX, signaling confidence in the shares’ prospects. Article: Morgan Stanley issues a buy rating
• Neutral Sentiment: Citigroup raised its price target to $302 from $297 but kept a neutral rating. The higher target is supportive, though the unchanged rating suggests the bank sees limited reason to upgrade its stance. Article: Citigroup adjusts price target
• Negative Sentiment: A report highlighted a steep single-session drop in PSX shares, signaling notable near-term selling pressure. The article did not identify a specific company catalyst for the decline. Article: Phillips 66 drops in one session

Phillips 66 Stock Performance

Shares of PSX stock opened at $259.38 on Thursday. The company has a 50 day moving average price of $267.86 and a 200-day moving average price of $200.44. The firm has a market capitalization of $101.18 billion, a PE ratio of 8.28, a P/E/G ratio of 0.15 and a beta of 0.69. The company has a quick ratio of 1.04, a current ratio of 1.34 and a debt-to-equity ratio of 0.49. Phillips 66 has a 52 week low of $127.16 and a 52 week high of $299.39.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $14.08 EPS for the quarter, topping the consensus estimate of $11.73 by $2.35. Phillips 66 had a return on equity of 33.12% and a net margin of 7.27%. The company had revenue of $50.54 billion during the quarter, compared to analyst estimates of $44.91 billion. During the same quarter in the previous year, the company posted $2.52 earnings per share. As a group, equities research analysts expect that Phillips 66 will post 33.63 earnings per share for the current year.

Phillips 66 declared that its board has approved a stock repurchase program on Friday, July 31st that authorizes the company to buy back $10 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Share repurchase programs are typically a sign that the company's board believes its shares are undervalued.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 17th will be issued a $1.33 dividend. The ex-dividend date of this dividend is Tuesday, November 17th. This is a positive change 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 2.1%. Phillips 66's payout ratio is 16.22%.

Insider Buying and Selling

In other news, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction 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 in the company, valued at $8,747,673.44. This trade represents a 57.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Brian Mandell sold 30,000 shares of Phillips 66 stock in a transaction on 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 transaction, the executive vice president owned 61,595 shares in the company, valued at $13,242,925. This represents a 32.75% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 108,800 shares of company stock worth $25,016,566. 0.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PSX has been the topic of several research reports. TD Cowen boosted their price objective on shares of Phillips 66 from $295.00 to $308.00 and gave the stock a "buy" rating in a research note on Thursday, October 22nd. Mizuho downgraded shares of Phillips 66 from an "outperform" rating to a "neutral" rating and raised their target price for the company from $220.00 to $300.00 in a research note on Thursday, October 8th. Citigroup boosted their price target on Phillips 66 from $297.00 to $302.00 and gave the stock a "neutral" rating in a research report on Wednesday. Weiss Ratings upgraded Phillips 66 from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, October 8th. Finally, Wall Street Zen upgraded Phillips 66 from a "buy" rating to a "strong-buy" rating in a research note on Sunday, July 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, Phillips 66 currently has an average rating of "Moderate Buy" and an average price target of $270.12.

Phillips 66 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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