Phillips 66 [NYSE: PSX] Sees Decrease in Stock Value


The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Phillips 66 shares valued at $1,613,598 were sold by Roberts Timothy D. on Sep 12. At $124.41 per share, Roberts Timothy D. sold 12,970 shares. The insider’s holdings dropped to 80,009 shares worth approximately $9.84 million following the completion of this transaction.

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Also, Mitchell Kevin J sold 30,800 shares, netting a total of over 3,725,968 in proceeds. Following the sale of shares at $120.97 each, the insider now holds 103,803 shares.

Before that, Pruitt Joseph Scott had sold 7,000 shares from its account. In a trade valued at $819,140, the Vice President and Controller traded Phillips 66 shares for $117.02 each. Upon closing the transaction, the insider’s holdings decreased to 7,000 shares, worth approximately $0.82 million.

As published in a research note from BofA Securities on August 15, 2023, Phillips 66 [PSX] has been rated down from a Buy to a Neutral and the price target has been revised to $141 from $132. This represents a 12.79% premium over Thursday’s closing price.

Analyzing PSX Stock Performance

On Thursday, Phillips 66 [NYSE: PSX] plunged -0.16% to $122.97. The stock’s lowest price that day was $122.70, but it reached a high of $123.9999 in the same session. During the last five days, there has been a surge of approximately 3.55%. Over the course of the year, Phillips 66 shares have jumped approximately 18.15%. Shares of the company reached a 52-week high of $125.19 on 09/13/23 and a 52-week low of $89.74 on 06/23/23. A 50-day SMA is recorded $111.06, while a 200-day SMA reached $102.79. Nevertheless, trading volume fell to 2.53 million shares from 2.78 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 122.45, which, if violated, would cause prices to drop to 121.92. In the upper region, resistance lies at 123.75. The next price resistance is at 124.52. RSI (Relative Strength Index) is 73.91 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 5.49, which suggests the price will increase in the coming days. Percent R is at 16.52%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.

Is Phillips 66 subject to short interest?

Stocks of Phillips 66 saw a sharp steep in short interest on Aug 30, 2023 dropping by -0.23 million shares to 9.6 million. Data from Yahoo Finance shows that the short interest on Jul 30, 2023 was 9.83 million shares. A decline of -2.4% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.12 of the overall float, the days-to-cover ratio (short ratio) decline to 3.12.

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

According to The Vanguard Group, Inc. filings, the company currently owns 39,414,832 shares, which is about 8.59% of the total PSX shares outstanding. The investor’s shares have plunged by -904,378 from its previous 13-F filing of 40319210.0 shares. With the completion of the sale transaction, SSgA Funds Management, Inc.’s stake is now worth $3,481,906,752. BlackRock Fund Advisors reduced a -4.30% interest valued at $2.77 billion while Wells Fargo Clearing Services LLC sold a -405,234 stake. A total of 2,307,543 shares of Phillips 66 were sold by Wellington Management Co. LLP during the quarter, and 34,890 were bought by Geode Capital Management LLC. In its current portfolio, Aristotle Capital Management LLC holds 7,822,277 shares valued at $872.57 million.

In terms of Phillips 66 share price expectations, FactSet research, analysts set an average price target of $128.92 in the next 12 months, up nearly 1.49% from the previous closing price of $123.17. Analysts anticipate Phillips 66 stock to reach $144.00 by 2023, with the lowest price target being $115.00. In spite of this, 19 analysts ranked Phillips 66 stock as an Overweight at the end of 2023.


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