Phillips 66 $PSX Shares Sold by Illinois Municipal Retirement Fund

Key Points

• Illinois Municipal Retirement Fund reduced its Phillips 66 stake by 27% in the first quarter, selling 28,659 shares and leaving it with 77,510 shares worth about $14.1 million.
• Phillips 66’s recent news flow is mixed, but several items are supportive: tighter fuel markets and higher crack spreads could lift refining margins, while limited Middle East crude exposure may reduce geopolitical risk.
• Insider activity has been notable, with Director Kevin Omar Meyers buying shares while CFO Kevin J. Mitchell sold 11,021 shares under a pre-arranged trading plan; analysts currently rate the stock Moderate Buy with an average target price of $196.06.

Illinois Municipal Retirement Fund cut its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 27.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 77,510 shares of the oil and gas company's stock after selling 28,659 shares during the period. Illinois Municipal Retirement Fund's holdings in Phillips 66 were worth $14,121,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Board of the Pension Protection Fund acquired a new position in Phillips 66 in the fourth quarter valued at $26,000. Accordant Advisory Group Inc increased its stake in Phillips 66 by 900.0% during the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company's stock worth $26,000 after acquiring an additional 180 shares during the last quarter. Eagle Bay Advisors LLC purchased a new position in shares of Phillips 66 in the 4th quarter worth about $27,000. NFSG Corp raised its holdings 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 purchasing an additional 75 shares during the period. Finally, SWAN Capital LLC lifted its stake in shares of Phillips 66 by 1,055.6% in the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock valued at $27,000 after purchasing an additional 190 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 News Roundup

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

• Positive Sentiment: Tight fuel markets and elevated crack spreads are boosting refining margins, which could improve Phillips 66’s earnings power. Can Tight Fuel Markets Benefit Phillips 66's Refining Business?
• Positive Sentiment: Limited Middle East crude exposure may help cushion Phillips 66 if geopolitical supply disruptions continue, reducing a key risk for refiners. Can Tight Fuel Markets Benefit Phillips 66's Refining Business?
• Neutral Sentiment: Analyst comparisons with ExxonMobil highlight Phillips 66’s diversification, but also note ongoing pressure in the refining segment, making the setup more balanced than purely bullish. ExxonMobil vs. Phillips 66: Which Energy Stock Should You Pick?
• Negative Sentiment: The stock has also faced a recent pullback, with traders citing broader weakness in refining and energy shares rather than a Phillips 66-specific setback. Phillips 66 (PSX) Stock Drops Despite Market Gains: Important Facts to Note
• Negative Sentiment: Weaker crude prices and softer sentiment across refiners after inventory data may keep pressure on PSX in the near term. Why Phillips 66 (PSX) Stock Is Down Today

Insider Activity

In other Phillips 66 news, Director Kevin Omar Meyers bought 175 shares of the stock in a transaction dated Wednesday, May 6th. The stock was bought at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the purchase, the director directly owned 16,799 shares of the company's stock, valued at approximately $2,908,242.88. The trade was a 1.05% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $190.03, for a total value of $2,094,320.63. Following the sale, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 41,021 shares of company stock valued at $7,195,257 over the last 90 days. Insiders own 0.40% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on PSX shares. Barclays increased their target price on shares of Phillips 66 from $177.00 to $183.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 9th. Scotiabank lifted their price target on shares of Phillips 66 from $140.00 to $151.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 22nd. JPMorgan Chase & Co. boosted their price objective on shares of Phillips 66 from $188.00 to $202.00 in a research note on Thursday, April 30th. BMO Capital Markets increased their price objective on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 13th. Finally, UBS Group reissued a "buy" rating and issued a $212.00 target price on shares of Phillips 66 in a research note on Monday, June 15th. One research 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. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $196.06.

Phillips 66 Trading Up 2.6%

NYSE PSX opened at $201.24 on Friday. The stock has a market cap of $80.68 billion, a P/E ratio of 19.83, a PEG ratio of 0.26 and a beta of 0.69. The company's fifty day simple moving average is $178.32 and its 200-day simple moving average is $165.20. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. Phillips 66 has a 52 week low of $118.07 and a 52 week high of $202.72.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, beating analysts' consensus estimates of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. During the same period last year, the business earned ($0.90) EPS. The business's revenue was up 6.9% on a year-over-year basis. Equities research analysts predict that Phillips 66 will post 19.84 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be given 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 dividend payout ratio is presently 50.05%.

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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