Recent Insider Activity Suggests Potential Gains for Phillips 66 (PSX)

CHWY Stock
CHWY Stock

In a filing, Phillips 66 revealed its Executive Vice President Roberts Timothy D. unloaded Company’s shares for reported $14.89 million on Aug 11. In the deal valued at $116.68 per share,127,578 shares were sold. As a result of this transaction, Roberts Timothy D. now holds 77,313 shares worth roughly $ 9.06 million.

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Then, Mitchell Kevin J sold 9,900 shares, generating $1,138,500 in total proceeds. Upon selling the shares at $115.00, the Exec. VP and CFO now owns 103,803 shares.

Before that, Garland Greg C. sold 169,400 shares. Phillips 66 shares valued at $18,877,343 were divested by the Executive Chairman at a price of $111.44 per share. As a result of the transaction, Garland Greg C. now holds 662,366 shares, worth roughly $77.61 million.

BofA Securities downgraded its Phillips 66 [PSX] rating to a Neutral from a a Buy in a research note published on Friday, August 15, 2023; the price target was increased to $141 from $132. PT values the company’s stock at a premium of 16.9 to its Friday closing price.

Price Performance Review of PSX

On Friday, Phillips 66 [NYSE:PSX] saw its stock jump 2.64% to $117.17. On the same session, the stock had its day’s lowest price of $115.10, but rose to a high of $117.31. Over the last five days, the stock has gained 2.88%. Phillips 66 shares have risen nearly 12.58% since the year began. Nevertheless, the stocks have risen 30.97% over the past one year. While a 52-week high of $117.29 was reached on 09/01/23, a 52-week low of $74.02 was recorded on 06/23/23. SMA at 50 days reached $106.72, while 200 days put it at $102.36. A total of 2.79 million shares were traded, compared to the trading of 3.09 million shares in the previous session.

Levels Of Support And Resistance For PSX Stock

The 24-hour chart illustrates a support level at 115.74, which if violated will result in even more drops to 114.32. On the upside, there is a resistance level at 117.95. A further resistance level may holdings at 118.74. The Relative Strength Index (RSI) on the 14-day chart is 69.47, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.41, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 1.96%. Stochastics %K at 68.60% indicates the stock is a holding.

How much short interest is there in Phillips 66?

A steep rise in short interest was recorded in Phillips 66 stocks on Aug 14, 2023, dropping by -1.68 million shares to a total of 9.45 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 11.13 million shares. There was a decline of -17.78%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 2.40% of the overall stock float, the days-to-cover ratio (short ratio) fell to 3.04.

Phillips 66 [PSX] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 39,414,832 shares, or roughly 8.59% of the outstanding PSX shares. In other words, the investor’s shares have fallen by -904,378 from its previous 13-F filing of 40319210.0. Additionally, SSgA Funds Management, Inc. decreased -3.52% of its stake after which the total value it holdings stand at $3,481,906,752, while BlackRock Fund Advisors reduced -4.30% of its stake to hold $2.77 billion in the firm. Over the last quarter, Wells Fargo Clearing Services LLC sold -405,234 shares of Phillips 66, while Wellington Management Co. LLP sold 2,307,543 shares. At present, Geode Capital Management LLC is holding 9,745,974 shares valued at $1.09 billion. Aristotle Capital Management LLC owned 7,822,277 shares of the company at the time of its most recent 13F filing, worth $872.57 million.

According to FactSet, Phillips 66’s share price will average $127.85 in the next year, based on opinions of analysts polled by the firm. This is up nearly 9.5 percent from its previous closing price of $114.16. Analysts expect Phillips 66 stock to reach the higher price of $141.00, while the lowest price estimate is $115.00. However, 19 analysts have rated PSX stock as an Overweight in their predictions for 2023.


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