The Manufacturers Life Insurance Company Reduces Stock Position in Phillips 66 $PSX

Key Points

• The Manufacturers Life Insurance Company reduced its Phillips 66 stake by 10.1% in the first quarter, selling 30,773 shares and retaining 274,978 shares valued at about $50.1 million. Institutional investors still own approximately 76.93% of the company.
• Phillips 66 benefits from stronger refining economics, including elevated crack spreads, lower crude costs and potential Iran-related supply disruptions. Analysts maintain a “Moderate Buy” consensus with an average price target of $201.72, while recent targets have risen as high as $235.
• The stock recently traded near its 52-week high at $210.47, supported by better-than-expected quarterly EPS of $0.49 and a quarterly dividend of $1.27, or $5.08 annualized. Company insiders have nevertheless sold 45,107 shares worth about $8.1 million over the past 90 days.

The Manufacturers Life Insurance Company lessened its stake in Phillips 66 (NYSE:PSX - Free Report) by 10.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 274,978 shares of the oil and gas company's stock after selling 30,773 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.07% of Phillips 66 worth $50,095,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PSX. Norges Bank purchased a new stake in Phillips 66 in the 4th quarter valued at $640,206,000. M&T Bank Corp boosted its position in shares of Phillips 66 by 462.9% during the 4th quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company's stock valued at $352,007,000 after acquiring an additional 2,243,268 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Phillips 66 by 424.7% during the 3rd quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company's stock valued at $257,512,000 after acquiring an additional 1,532,389 shares during the last quarter. Worldquant Millennium Advisors LLC purchased a new stake in shares of Phillips 66 in the second quarter valued at about $107,967,000. Finally, NewEdge Advisors LLC grew its holdings in shares of Phillips 66 by 732.0% in the fourth quarter. NewEdge Advisors LLC now owns 996,955 shares of the oil and gas company's stock valued at $128,647,000 after purchasing an additional 877,131 shares during the period. Hedge funds and other institutional investors own 76.93% of the company's stock.

More Phillips 66 News

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

• Positive Sentiment: Refining economics are supporting the stock. Record or elevated crack spreads, softer crude costs and potential supply disruptions linked to Iran are improving the outlook for U.S. refiners, including Phillips 66. Phillips 66 Gains on Refining Strength
• Positive Sentiment: Analyst expectations for second-quarter results have strengthened, reflecting anticipated refinery resilience and lower feedstock costs. The company’s prior quarter also exceeded EPS expectations, providing additional support for sentiment. Phillips 66 Q2 Earnings Preview
• Positive Sentiment: Phillips 66 shares outperformed the broader market as energy stocks advanced, reinforcing the stock’s recent momentum. Several analysts remain constructive, including UBS, which raised its price target to $235, while Guggenheim upgraded the shares to outperform. Phillips 66 Outpaces Stock Market Gains
• Positive Sentiment: The company’s quarterly dividend remains attractive at $1.27 per share, or $5.08 annualized, offering investors an approximately 2.5% yield and supporting total-return appeal.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PSX. Wolfe Research lifted their target price on shares of Phillips 66 from $187.00 to $193.00 and gave the stock an "outperform" rating in a research note on Monday, April 6th. Citigroup increased their price target on shares of Phillips 66 from $183.00 to $204.00 and gave the company a "neutral" rating in a research note on Tuesday, July 14th. Jefferies Financial Group raised their price target on shares of Phillips 66 from $191.00 to $207.00 and gave the stock a "hold" rating in a 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. Finally, Piper Sandler reiterated a "neutral" rating and issued a $208.00 price objective on shares of Phillips 66 in a report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat.com, Phillips 66 currently has an average rating of "Moderate Buy" and a consensus target price of $201.72.

Insider Transactions at Phillips 66

In related news, CFO Kevin J. Mitchell sold 29,400 shares of the company's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the sale, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $16,553,920. This represents a 23.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the completion of the sale, the executive vice president directly owned 27,537 shares in the company, valued at approximately $5,811,683.85. This represents a 11.34% 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. Over the last ninety days, insiders sold 45,107 shares of company stock valued at $8,057,584. 0.40% of the stock is currently owned by corporate insiders.

Phillips 66 Stock Up 1.8%

Phillips 66 stock opened at $210.47 on Friday. The company has a market capitalization of $84.39 billion, a PE ratio of 20.74, a price-to-earnings-growth ratio of 0.16 and a beta of 0.69. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. Phillips 66 has a fifty-two week low of $118.07 and a fifty-two week high of $216.08. The firm has a 50 day moving average price of $184.84 and a 200 day moving average price of $170.38.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The firm had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. During the same quarter in the prior year, the company earned ($0.90) EPS. Phillips 66's revenue was up 6.9% on a year-over-year basis. Research analysts expect that Phillips 66 will post 22.43 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be paid a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Tuesday, August 18th. Phillips 66's dividend payout ratio (DPR) 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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