Sunday, June 26, 2022

Insider Selling: Garland Greg C., Phillips 66 [PSX] Chairman and CEO divested 146,700 shares

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Phillips 66 shares valued at $16,093,635 were sold by Garland Greg C. on Jun 09. At $109.70 per share, Garland Greg C. sold 146,700 shares. The insider’s holdings dropped to 656,563 shares worth approximately $59.43 million following the completion of this transaction.


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Also, Roberts Timothy D. sold 59,100 shares, netting a total of over 6,513,452 in proceeds. Following the sale of shares at $110.21 each, the insider now holds 48,201 shares.

Before that, Johnson Paula Ann had sold 44,700 shares from its account. In a trade valued at $4,868,326, the Retired Executive VP and GC traded Phillips 66 shares for $108.91 each. Upon closing the transaction, the insider’s holdings decreased to 44,700 shares, worth approximately $9.28 million.

As published in their initiating research note from BMO Capital Markets on June 14, 2022, Phillips 66 [PSX] has been an Outperform and the price target has been revised to $132. This represents a 31.43% premium over Wednesday’s closing price. As of January 31, 2022, Wells Fargo has reiterated its “an Overweight” rating for PSX. Earlier on January 31, 2022, Raymond James resumed its rating. Their recommendation was “an Outperform” for PSX stock.

Analyzing PSX’s Price Performance

On Wednesday, Phillips 66 [NYSE: PSX] plunged -5.70% to $90.51. The stock’s lowest price that day was $90.48, but it reached a high of $94.03 in the same session. During the last five days, there has been a drop of approximately -13.08%. Over the course of the year, Phillips 66 shares have jumped approximately 24.91%. Shares of the company reached a 52-week high of $111.28 on 06/08/22 and a 52-week low of $72.89 on 01/03/22. A 50-day SMA is recorded $94.26, while a 200-day SMA reached $82.46. Nevertheless, trading volume fell to 5.08 million shares from 5.76 million shares the previous day.

Support And Resistance Levels for Phillips 66 (PSX)

According to the 24-hour chart, there is a support level at 89.32, which, if violated, would cause prices to drop to 88.12. In the upper region, resistance lies at 92.87. The next price resistance is at 95.22. RSI (Relative Strength Index) is 39.75 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -9.79, which suggests the price will decrease in the coming days. Percent R is at 98.67%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Phillips 66 subject to short interest?

Stocks of Phillips 66 saw a sharp rise in short interest on Apr 28, 2022 jumping by 0.46 million shares to 10.21 million. Data from Yahoo Finance shows that the short interest on Mar 30, 2022 was 9.75 million shares. A jump of 4.51% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.5 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.5.

Which companies own the most shares of Phillips 66 (PSX)?

According to The Vanguard Group, Inc. filings, the company currently owns 44,097,763 shares, which is about 9.17% of the total PSX shares outstanding. The investor’s shares have appreciated by 2,466,383 from its previous 13-F filing of 41631380.0 shares. With the completion of the buy, SSgA Funds Management, Inc.’s stake is now worth $3,207,214,604. BlackRock Fund Advisors acquire a 9.31% interest valued at $2.41 billion while Wells Fargo Clearing Services LLC purchased a 1,176,973 stake. A total of 905,890 shares of Phillips 66 were bought by Geode Capital Management LLC during the quarter, and -104,265 were sold by Aristotle Capital Management LLC. In its current portfolio, Wellington Management Co. LLP holds 7,188,087 shares valued at $724.63 million.

In terms of Phillips 66 share price expectations, FactSet research, analysts set an average price target of $116.06 in the next 12 months, up nearly 20.86% from the previous closing price of $95.98. Analysts anticipate Phillips 66 stock to reach $139.00 by 2022, with the lowest price target being $95.00. In spite of this, 19 analysts ranked Phillips 66 stock as an Overweight at the end of 2022. On January 31, 2022, BofA Securities assigned a price target of “a Buy” to the stock and reiterated coverage with a $104.

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