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

The Manufacturers Life Insurance Company decreased its stake in Phillips 66 (NYSE:PSX) by 10.1% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 274,978 shares of the oil and gas company’s stock after selling 30,773 shares during the period. The Manufacturers Life Insurance Company’s holdings in Phillips 66 were worth $50,095,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. MUFG Securities EMEA plc increased its holdings in shares of Phillips 66 by 113.5% during the 4th quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock worth $2,131,000 after acquiring an additional 8,783 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in Phillips 66 by 17.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,371,804 shares of the oil and gas company’s stock valued at $177,018,000 after acquiring an additional 199,646 shares during the period. LBP AM SA lifted its holdings in Phillips 66 by 237.8% during the 4th quarter. LBP AM SA now owns 56,380 shares of the oil and gas company’s stock valued at $7,275,000 after purchasing an additional 39,690 shares during the last quarter. Horizon Investments LLC lifted its holdings in Phillips 66 by 478.4% during the 4th quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company’s stock valued at $8,167,000 after purchasing an additional 52,348 shares during the last quarter. Finally, Truist Financial Corp boosted its position in Phillips 66 by 1.6% during the fourth quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company’s stock worth $87,113,000 after purchasing an additional 10,585 shares during the period. 76.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Zacks Research lowered shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Weiss Ratings downgraded shares of Phillips 66 from a “buy (b-)” rating to a “hold (c)” rating in a report on Friday, May 1st. Wolfe Research upped their price target on shares of Phillips 66 from $187.00 to $193.00 and gave the company an “outperform” rating in a research note on Monday, April 6th. Raymond James Financial increased their price target on shares of Phillips 66 from $218.00 to $235.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Finally, Piper Sandler restated a “neutral” rating and set a $208.00 price objective on shares of Phillips 66 in a research report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $201.72.

Insiders Place Their Bets

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 3,523 shares of the business’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total value of $743,529.15. Following the completion of the sale, the executive vice president owned 27,537 shares of the company’s stock, valued at $5,811,683.85. The trade was a 11.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin J. Mitchell sold 11,021 shares of the stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the transaction, the chief financial officer owned 97,376 shares in the company, valued at approximately $18,504,361.28. The trade was a 10.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 45,107 shares of company stock worth $8,057,584 in the last quarter. 0.40% of the stock is currently owned by corporate insiders.

Phillips 66 Stock Up 1.8%

PSX stock opened at $210.47 on Friday. Phillips 66 has a fifty-two week low of $118.07 and a fifty-two week high of $216.08. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. The stock has a market capitalization of $84.39 billion, a price-to-earnings ratio of 20.74, a PEG ratio of 0.16 and a beta of 0.69. The business’s fifty day moving average price is $184.84 and its two-hundred day moving average price is $170.38.

Phillips 66 (NYSE:PSX) last announced its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) 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 company had revenue of $32.54 billion during the quarter, compared to analysts’ expectations of $35.86 billion. During the same quarter in the previous year, the business posted ($0.90) earnings per share. Phillips 66’s quarterly revenue was up 6.9% on a year-over-year basis. On average, equities analysts anticipate that Phillips 66 will post 22.43 earnings per share for the current year.

Phillips 66 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a $1.27 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.4%. Phillips 66’s payout ratio is 50.05%.

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.

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.