Phillips 66 $PSX Stock Bought by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems more than doubled its Phillips 66 position in the third quarter, increasing holdings by 122% to 27,089 shares valued at approximately $6.9 million. Other institutional investors also raised stakes, with institutions and hedge funds collectively owning 76.93% of the company.
• Phillips 66 reported adjusted quarterly EPS of $14.08, well above the $11.73 analyst consensus, while revenue also exceeded expectations. Strong refining margins and 98% refinery utilization drove the earnings surge.
• The company raised its quarterly dividend from $1.27 to $1.33 per share and maintains authorization for up to $10 billion in share repurchases. Analysts have a “Moderate Buy” consensus rating, with an average price target of $270.19.

VIRGINIA RETIREMENT SYSTEMS ET Al lifted its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 122.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,089 shares of the oil and gas company's stock after acquiring an additional 14,889 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in Phillips 66 were worth $6,916,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Parcion Private Wealth LLC raised its holdings in Phillips 66 by 8.3% during the 3rd quarter. Parcion Private Wealth LLC now owns 15,517 shares of the oil and gas company's stock worth $3,962,000 after purchasing an additional 1,184 shares during the last quarter. Partners Wealth Management LLC boosted its stake in shares of Phillips 66 by 117.9% in the 3rd quarter. Partners Wealth Management LLC now owns 3,112 shares of the oil and gas company's stock valued at $794,000 after purchasing an additional 1,684 shares during the last quarter. Soltis Investment Advisors LLC boosted its stake in shares of Phillips 66 by 26.1% in the 3rd quarter. Soltis Investment Advisors LLC now owns 7,486 shares of the oil and gas company's stock valued at $1,911,000 after purchasing an additional 1,549 shares during the last quarter. Founders Financial Securities LLC bought a new position in shares of Phillips 66 in the 3rd quarter valued at about $248,000. Finally, Harbour Trust & Investment Management Co acquired a new stake in shares of Phillips 66 during the 3rd quarter worth approximately $278,000. Institutional investors and hedge funds own 76.93% of the company's stock.

Key Headlines Impacting Phillips 66

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

• Positive Sentiment: Phillips 66 reported adjusted earnings per share of $14.08, well above the $11.73 analyst consensus and up sharply year over year. Revenue also exceeded expectations, while record refining margins, 98% refinery utilization and a 41% distillate yield drove the profit surge. Phillips 66 Posts Strong Earnings But the Stock Doesn't Care
• Positive Sentiment: Management highlighted continued strength in refining and midstream, progress on debt reduction and shareholder returns, and investment in long-term projects such as the Western Gateway Pipeline system. These initiatives could improve cash flow durability and reduce leverage. PSX Q3 Earnings Call Highlights Refining Strength and Growth Plans
• Positive Sentiment: The company raised its quarterly dividend to $1.33 per share and continued substantial share repurchases, reinforcing the income and capital-return case for investors. Learn Why The Bull Case For Phillips 66 Stock Could Change Following Earnings Beat
• Positive Sentiment: Some coverage argues that PSX may still be undervalued despite its significant multiyear advance, citing record profitability, robust midstream volumes, deleveraging and a relatively low reported valuation multiple. Phillips 66 Stock Could Be Undervalued

Phillips 66 Price Performance

Shares of PSX opened at $283.18 on Friday. The stock has a market cap of $110.46 billion, a P/E ratio of 9.04, a price-to-earnings-growth ratio of 0.16 and a beta of 0.71. Phillips 66 has a 1 year low of $127.16 and a 1 year high of $299.39. The stock's 50-day moving average price is $266.19 and its two-hundred day moving average price is $198.51. The company has a current ratio of 1.34, a quick ratio of 1.00 and a debt-to-equity ratio of 0.49.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 EPS for the quarter, beating analysts' consensus estimates of $11.73 by $2.35. The company had revenue of $50.54 billion during the quarter, compared to analysts' expectations of $44.91 billion. Phillips 66 had a return on equity of 33.12% and a net margin of 7.27%. During the same period in the prior year, the business posted $2.52 EPS. On average, equities analysts predict that Phillips 66 will post 33.11 earnings per share for the current year.

Phillips 66 Increases Dividend

The company 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 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 yield of 1.9%. The ex-dividend date is Tuesday, November 17th. Phillips 66's dividend payout ratio is presently 16.22%.

Phillips 66 declared that its board has authorized a stock buyback program on Friday, July 31st that allows the company to buy back $10 billion in shares. This buyback authorization allows the oil and gas company to buy up to 11.8% of its shares through open market purchases. Stock buyback programs are often an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

PSX has been the subject of a number of recent research reports. Zacks Research raised shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 7th. Wall Street Zen raised shares of Phillips 66 from a "buy" rating to a "strong-buy" rating in a research note on Sunday, July 26th. Barclays raised their price objective on shares of Phillips 66 from $216.00 to $282.00 and gave the company an "equal weight" rating in a research note on Monday, October 12th. The Goldman Sachs Group lifted their target price on shares of Phillips 66 from $245.00 to $274.00 and gave the stock a "neutral" rating in a report on Wednesday, September 30th. Finally, Wells Fargo & Company upped their target price on shares of Phillips 66 from $345.00 to $346.00 and gave the company an "overweight" rating in a research report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $270.19.

Insider Buying and Selling

In other Phillips 66 news, EVP Brian Mandell sold 30,000 shares of the company's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total value of $6,450,000.00. Following the completion of the sale, the executive vice president owned 61,595 shares of the company's stock, valued at approximately $13,242,925. This represents a 32.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Richard Harbison sold 52,100 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the completion of the sale, the executive vice president owned 39,094 shares in the company, valued at approximately $8,747,673.44. This trade represents a 57.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 108,800 shares of company stock valued at $25,016,566. 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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