Carlson Capital L.P. Grows Stock Position in Phillips 66 $PSX

Carlson Capital L.P. boosted its stake in shares of Phillips 66 (NYSE:PSX) by 256.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,757 shares of the oil and gas company’s stock after purchasing an additional 8,457 shares during the quarter. Phillips 66 makes up 0.7% of Carlson Capital L.P.’s investment portfolio, making the stock its 16th biggest holding. Carlson Capital L.P.’s holdings in Phillips 66 were worth $2,142,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the stock. Brighton Jones LLC lifted its position in shares of Phillips 66 by 238.5% during the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock worth $1,166,000 after purchasing an additional 7,214 shares during the last quarter. Woodline Partners LP grew its stake in shares of Phillips 66 by 40.7% during the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock worth $4,308,000 after purchasing an additional 10,089 shares in the last quarter. Sei Investments Co. increased its holdings in Phillips 66 by 28.3% in the second quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company’s stock valued at $18,788,000 after buying an additional 34,698 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Phillips 66 by 9.1% in the second quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company’s stock valued at $41,359,000 after buying an additional 28,988 shares during the last quarter. Finally, Glenview Trust co raised its stake in Phillips 66 by 2.6% in the second quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company’s stock valued at $1,068,000 after buying an additional 229 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on PSX. Zacks Research downgraded Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. BMO Capital Markets increased their price objective on Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. Scotiabank raised their target price on Phillips 66 from $140.00 to $151.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 22nd. Mizuho upgraded Phillips 66 from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $170.00 to $212.00 in a research note on Wednesday, May 27th. Finally, Raymond James Financial upped their price target on Phillips 66 from $218.00 to $235.00 and gave the company an “outperform” rating in a report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $201.72.

Phillips 66 News Roundup

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

• Positive Sentiment: Phillips 66’s board authorized an additional $10 billion for share repurchases. The expanded authorization gives the refiner substantial flexibility to return capital, potentially reducing the share count, supporting future earnings per share and signaling management’s confidence in the company’s long-term cash generation. Phillips 66 approves $10 billion increase to share repurchase program
• Positive Sentiment: Recent strength across energy stocks and better-than-expected results from refining peer Valero Energy suggest a supportive sector backdrop for Phillips 66 ahead of its own quarterly report. Valero Energy Beats Q2 Earnings and Revenue Estimates
• Neutral Sentiment: Analysts are focusing on Phillips 66’s upcoming earnings, with expectations supported by softer crude costs and potentially stronger refinery margins. The report could provide the next major catalyst for PSX.
• Negative Sentiment: The stock’s premium valuation raises the stakes for the upcoming results. Any disappointment in refining margins, guidance or cash flow could limit the benefit of the buyback announcement. Phillips 66’s Q2 Earnings on Deck: Should You Bet on the Stock?

Phillips 66 Price Performance

Shares of PSX opened at $211.56 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. Phillips 66 has a 1-year low of $118.07 and a 1-year high of $216.08. The stock has a market cap of $84.82 billion, a PE ratio of 20.84, a price-to-earnings-growth ratio of 0.17 and a beta of 0.69. The firm has a fifty day moving average price of $185.51 and a 200 day moving average price of $170.67.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data 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 company had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. During the same quarter last year, the company posted ($0.90) earnings per share. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Phillips 66 will post 22.43 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Tuesday, August 18th. Phillips 66’s dividend payout ratio (DPR) is currently 50.05%.

Phillips 66 announced that its Board of Directors has authorized a share buyback program on Friday, July 31st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, EVP Vanessa Allen Sutherland sold 3,523 shares of the stock in a transaction that occurred on Tuesday, July 21st. The stock was 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 directly owned 27,537 shares of the company’s stock, valued at approximately $5,811,683.85. This represents a 11.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Omar Meyers bought 175 shares of the stock in a transaction dated Wednesday, May 6th. The shares were acquired at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the transaction, the director owned 16,799 shares of the company’s stock, valued at approximately $2,908,242.88. The trade was a 1.05% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 45,107 shares of company stock worth $8,057,584 in the last quarter. 0.40% of the stock is owned by insiders.

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.