Phillips 66 (NYSE:PSX) Announces Quarterly Earnings Results

Phillips 66 (NYSE:PSX) announced its quarterly earnings results on Wednesday. The oil and gas company reported $2.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.32, Briefing.com reports. Phillips 66 had a return on equity of 9.28% and a net margin of 3.22%.The business had revenue of $32.16 billion for the quarter, compared to the consensus estimate of $33.81 billion. During the same period last year, the business posted ($0.15) EPS.

Here are the key takeaways from Phillips 66’s conference call:

• Phillips reported strong Q4 operational and financial results with $1.0B of adjusted earnings, repaid >$2B of debt, returned $756M to shareholders, and reiterated returning greater than 50% of operating cash flow via dividends and buybacks.
• Midstream momentum: Q4 midstream adjusted EBITDA was about $1B, and management targets roughly a $4.5 billion run-rate by end‑2027 driven by organic gas plants every 12–18 months and the Coastal Bend/Dos Picos II expansions.
• Portfolio strategy boosted heavy‑oil exposure — acquiring the remaining WRB interest increased Canadian heavy crude exposure by ~40%, and management noted heavy differentials have widened ~$4/bbl since the deal (they estimate ~$140M in annual earnings sensitivity per $1 of differential).
• Chemicals and marketing headwinds: lower polyethylene margins and industry overcapacity reduced Chemical segment results, signaling continued near‑term pressure until further rationalization occurs.
• One‑time and ongoing costs: idling the Los Angeles refinery produced a $239M pre‑tax accelerated depreciation charge in Q4 and moved related costs into corporate reporting, while 2026 guidance includes elevated corporate costs, turnaround expense (full year $550–600M) and ~$2.4B of planned capital spending.

Phillips 66 Stock Performance

NYSE:PSX opened at $154.19 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.23 and a quick ratio of 0.87. The firm’s fifty day moving average price is $138.06 and its 200 day moving average price is $133.47. The firm has a market cap of $62.13 billion, a price-to-earnings ratio of 14.25, a price-to-earnings-growth ratio of 0.56 and a beta of 0.90. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $155.99.

Insider Buying and Selling at Phillips 66

In other news, EVP Vanessa Allen Sutherland sold 4,394 shares of the stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $150.00, for a total value of $659,100.00. Following the completion of the transaction, the executive vice president owned 25,799 shares in the company, valued at $3,869,850. This trade represents a 14.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Brian Mandell sold 25,500 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $140.04, for a total transaction of $3,571,020.00. Following the completion of the sale, the executive vice president owned 56,838 shares in the company, valued at $7,959,593.52. This represents a 30.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 60,488 shares of company stock worth $8,474,466 over the last 90 days. Insiders own 0.22% of the company’s stock.

Hedge Funds Weigh In On Phillips 66

Several hedge funds and other institutional investors have recently bought and sold shares of PSX. Wealth Watch Advisors INC acquired a new stake in Phillips 66 in the third quarter valued at approximately $36,000. WFA of San Diego LLC purchased a new position in shares of Phillips 66 in the second quarter valued at $52,000. Harvest Fund Management Co. Ltd grew its holdings in Phillips 66 by 3,814.3% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 548 shares of the oil and gas company’s stock valued at $75,000 after purchasing an additional 534 shares in the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its stake in Phillips 66 by 31.3% during the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 630 shares of the oil and gas company’s stock worth $86,000 after buying an additional 150 shares during the period. Finally, MUFG Securities EMEA plc purchased a new stake in shares of Phillips 66 during the second quarter worth about $144,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 News Summary

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

• Positive Sentiment: Q4 results beat expectations — Phillips 66 reported $2.47 EPS (vs. $2.15 consensus) with improving refining margins and stronger midstream volumes, supporting cash flow and the company’s midstream growth narrative. Phillips 66 (PSX) Q4 2025 Earnings Call Highlights: Strong Financial Performance and Strategic Moves
• Positive Sentiment: Analyst upgrade: Wells Fargo raised its price target to $163 and keeps an “overweight” rating, signaling additional upside vs. the prior target and endorsing the company’s outlook. Phillips 66 (NYSE:PSX) Given New $163.00 Price Target at Wells Fargo & Company
• Positive Sentiment: Management emphasized midstream-led growth on the earnings call — continued midstream volume gains and fee-based cash flow reduce earnings cyclicality and are a strategic positive. Phillips 66 Earnings Call Highlights Midstream-Led Growth
• Neutral Sentiment: Morgan Stanley raised its price target to $147 but kept an “equal weight” rating — the new target remains below current levels, so the move is mixed in implication. PSX: Price Target Raised at Morgan Stanley
• Negative Sentiment: Refinery shutdown and layoffs — Phillips 66 is winding down operations at its last California refinery and will cut a significant portion of local jobs, which may reduce future refining throughput and create one-time costs. This has been widely reported. Phillips 66 to cut jobs as Los Angeles refinery shuts, Bloomberg News reports
• Negative Sentiment: Insider selling — EVP Vanessa Allen Sutherland sold ~4,394 shares at about $150, reducing her stake; while not large for the company, insider sales can be perceived negatively by the market. SEC Form 4: Insider Sale

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Wells Fargo & Company lifted their target price on shares of Phillips 66 from $162.00 to $163.00 and gave the stock an “overweight” rating in a research note on Thursday. The Goldman Sachs Group lifted their price objective on Phillips 66 from $152.00 to $164.00 and gave the stock a “neutral” rating in a report on Thursday, January 22nd. Barclays boosted their price target on shares of Phillips 66 from $141.00 to $142.00 and gave the company an “equal weight” rating in a research report on Monday, January 12th. Morgan Stanley lifted their price target on shares of Phillips 66 from $140.00 to $147.00 and gave the company an “equal weight” rating in a research report on Thursday. Finally, Wall Street Zen lowered Phillips 66 from a “buy” rating to a “hold” rating in a research note on Saturday, December 20th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and thirteen have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $155.12.

Phillips 66 Company 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.