Phillips 66 (PSX)

In the past six months, Phillips 66 has experienced several analyst rating adjustments, acquisitions, divestitures, operational updates, and financial performance announcements. Analysts from Morgan Stanley, Piper Sandler, UBS, Evercore ISI Group, and Mizuho have adjusted their price targets for the stock. Phillips 66 announced an agreement to purchase the remaining interest in WRB Refining LP and signed an agreement to sell a 65% interest in its Germany and Austria retail marketing business. The company also announced the acquisition of EPIC NGL. Phillips 66 provided an update on its Los Angeles Refinery operations and announced a binding open season for shipper commitments on its Blue Line System. The company reported earnings of $2.38 per share for the last quarter, declared a quarterly dividend of $1.20 per share, and aims to return at least 50% of operating cash flow to investors over the next three years.

Demand for Phillips 66's products and services exhibits seasonality, particularly in its marketing and refining segments, with fuel margins typically decreasing in the fourth quarter following the summer driving season. The company anticipates deploying its assets at near historical highs to meet peak summer demand. Weak global demand, especially from China, has been noted to pressure margins in the chemicals segment.

Phillips 66 is a diversified energy manufacturing and logistics company founded in 2012 as a spin-off from ConocoPhillips, operating primarily in the oil & gas refining and marketing industry. The company's business model is integrated and diversified, spanning the entire energy value chain. Its operations are organized into four primary business segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S), and also includes a Renewable Fuels segment. The company produces refined petroleum products like gasoline, diesel, and jet fuel, as well as renewable fuels. It also produces chemicals through its joint venture with Chevron, Chevron Phillips Chemical Company (CPChem). Phillips 66 provides midstream services, including transportation, storage, and marketing of crude oil, refined petroleum products, and natural gas liquids (NGLs). The company also offers specialty products like lubricants and markets branded fuels through a network of service stations.

Phillips 66 operates globally with a strong presence in the United States, where it generates approximately 79.35% of its total revenue and operates Conoco, Phillips 66, and 76 stations in 44 states, along with 10 refineries. It also has a significant presence in Europe, including the United Kingdom, Germany, Austria, and Switzerland, operating JET filling stations and 2 refineries. Other geographical areas, including parts of Asia, the Middle East, and Africa, collectively represented 8.09% of the total revenue.

Phillips 66 has engaged in partnerships and initiatives that contribute to its brand reputation, including a partnership with ST Math and a sustainable aviation fuel supply agreement with United Airlines. The company aims to reduce its carbon footprint by investing in renewable energy and low-carbon technologies, including expanding renewable diesel production and developing carbon capture and storage projects.

Approximately 64.35% of Phillips 66's stock is owned by Institutional Investors, with overall institutional ownership at 66%. Retail investors and insiders own about 34% of the company. Major institutional owners include Vanguard Group Inc., BlackRock, Inc., and State Street Corp. Individual ownership is relatively small, with individuals holding 0.12% of shares based on the 1000 largest holdings.