State of New Jersey Common Pension Fund D Sells 6,377 Shares of Phillips 66 $PSX

Key Points

• State of New Jersey Common Pension Fund D sold 6,377 shares, reducing its stake by 4.5% to 136,511 shares in Phillips 66, valued at about $17.615 million.
• Phillips 66 beat Q1 EPS expectations ($0.49 vs. ($0.54) est.) but missed revenue, warned of Q2 turnaround costs of $120–$150M, set a target to cut net debt to ~ $17B by end-2027, and declared a quarterly dividend of $1.27 (annualized $5.08, ~2.9% yield).
• Analyst sentiment has turned more positive with multiple upgrades and a consensus "Moderate Buy" (average price target $184.50), even as insiders sold roughly 95,923 shares (~$16.4M) in the last three months.

State of New Jersey Common Pension Fund D reduced its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 4.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 136,511 shares of the oil and gas company's stock after selling 6,377 shares during the period. State of New Jersey Common Pension Fund D's holdings in Phillips 66 were worth $17,615,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Board of the Pension Protection Fund bought a new stake in Phillips 66 in the 4th quarter worth approximately $26,000. Accordant Advisory Group Inc lifted its position in Phillips 66 by 900.0% in the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company's stock valued at $26,000 after purchasing an additional 180 shares during the last quarter. Eagle Bay Advisors LLC bought a new stake in Phillips 66 in the fourth quarter valued at approximately $27,000. Stephens Consulting LLC lifted its position in Phillips 66 by 67.7% in the fourth quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company's stock valued at $29,000 after purchasing an additional 90 shares during the last quarter. Finally, Dorato Capital Management bought a new stake in Phillips 66 in the fourth quarter valued at approximately $35,000. Institutional investors own 76.93% of the company's stock.

Phillips 66 News Roundup

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

• Positive Sentiment: Q1 results beat EPS expectations and management emphasized operational strength despite mark-to-market losses, supporting dividend/cash-return credibility. Phillips 66 Q1 2026 Earnings Call Highlights
• Positive Sentiment: Multiple broker upgrades and higher price targets (Raymond James, JPMorgan; Tudor Pickering upgrade to strong-buy) lift sentiment and imply material upside vs. the current price. Raymond James price target raise JPMorgan price target raise Tudor Pickering upgrade report
• Positive Sentiment: Upward pressure on prices/margins from higher crude and pump prices — Brent spiked on geopolitical reports and U.S. gasoline hit a multi-year high, both supporting refining economics. Brent crude spike report Gasoline hits 4-year high
• Positive Sentiment: Industry peers (e.g., Valero) reported huge refining-margin-driven profits, reinforcing that sector tailwinds can benefit Phillips 66’s refining segment. Valero earnings & margin surge
• Neutral Sentiment: Phillips 66 is running its nine refineries in the low- to mid-90% of capacity — steady utilization but not a clear near-term catalyst by itself. Reuters on refinery run rates
• Neutral Sentiment: Zacks added PSX to its Rank #1 (Strong Buy) growth list and several valuation notes highlight strong YTD returns and an “undervalued” narrative — supportive but already priced into the rally. Zacks Rank #1 mention Valuation assessment
• Positive Sentiment: Management set a goal to reduce net debt to ~$17B by year-end 2027, which supports long-term credit/returns if executed. Seeking Alpha: debt target & Q2 expense
• Negative Sentiment: Company flagged Q2 turnaround costs of roughly $120M–$150M and reported revenue below consensus for Q1, which tempers near-term EPS momentum. Seeking Alpha: Q2 turnaround expense

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Weiss Ratings raised shares of Phillips 66 from a "hold (c)" rating to a "buy (b-)" rating in a research note on Monday, February 23rd. Wall Street Zen upgraded Phillips 66 from a "buy" rating to a "strong-buy" rating in a report on Saturday. Citigroup increased their price target on shares of Phillips 66 from $159.00 to $183.00 and gave the stock a "neutral" rating in a research note on Thursday, April 9th. Barclays increased their price objective on Phillips 66 from $158.00 to $177.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 8th. Finally, JPMorgan Chase & Co. increased their price objective on Phillips 66 from $188.00 to $202.00 in a report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, Phillips 66 currently has a consensus rating of "Moderate Buy" and an average price target of $184.50.

Insider Buying and Selling

In related news, EVP Don Baldridge sold 7,500 shares of Phillips 66 stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $160.00, for a total value of $1,200,000.00. Following the completion of the sale, the executive vice president directly owned 38,488 shares in the company, valued at approximately $6,158,080. This trade represents a 16.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kevin J. Mitchell sold 15,629 shares of Phillips 66 stock in a transaction that occurred on Monday, March 30th. The stock was sold at an average price of $190.07, for a total transaction of $2,970,604.03. Following the completion of the sale, the chief financial officer directly owned 97,376 shares of the company's stock, valued at approximately $18,508,256.32. This trade represents a 13.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 95,923 shares of company stock worth $16,399,619 in the last three months. 0.40% of the stock is currently owned by company insiders.

Phillips 66 Price Performance

Shares of PSX opened at $176.45 on Friday. The company has a market capitalization of $70.71 billion, a P/E ratio of 17.38, a price-to-earnings-growth ratio of 0.30 and a beta of 0.70. The company has a quick ratio of 0.91, a current ratio of 1.13 and a debt-to-equity ratio of 0.63. The firm has a 50 day moving average of $167.69 and a 200 day moving average of $149.00. Phillips 66 has a twelve month low of $103.38 and a twelve month high of $190.61.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, beating the consensus estimate of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. During the same quarter last year, the firm earned ($0.90) earnings per share. The firm's quarterly revenue was up 6.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Phillips 66 will post 15.47 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 18th will be issued a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 2.9%. The ex-dividend date is Monday, May 18th. Phillips 66's dividend payout ratio (DPR) is presently 50.05%.

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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