Phillips 66’s (NYSE:PSX) Executive Vice President of Midstream and Chemicals, Timothy Roberts, undertook huge insider transactions recently. Investors could keep close track of these notable insider activities, as they reflect the perception of key insiders about the company’s future prospects.
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Based in Texas, Phillips 66 is a multinational energy company. It focuses on the processing, transportation, storage, and marketing of fuels and other related products.
As per the SEC filing, Roberts bought 150,633 shares of PSX stock at an average price of $87.19 per share, worth $13.13 million. Simultaneously, he sold 127,578 shares of the company for a total value of $14.9 million. As a result of the recent transactions, he now owns PSX shares worth $8.9 million.
Insider Move Follows Q2 Results
It’s noteworthy that the transactions occurred after PSX announced mixed second-quarter earnings on August 2. Interestingly, following the release, about six Wall Street analysts reiterated their Buy rating on Phillips 66 stock, while three maintained a Hold rating.
Among the bullish analysts, Argus Research analyst Bill Selesky raised the firm’s price target to $134 from $125. The analyst believes that Phillips 66 will continue to benefit from its size, scale, and diversified business portfolio.
Bearish Insider Confidence Signal
In the last three months, corporate insiders have sold PSX shares worth $22.1 million. This includes $20.4 million of options fully sold by the company’s executives. Overall, TipRanks’ Insider Trading Activity Tool shows that insider confidence in Phillips 66 stock is currently Very Negative.
TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is PSX a Good Stock to Buy Now?
Overall, PSX stock has a Moderate Buy consensus rating on TipRanks based on nine Buy and four Hold recommendations. The average price target of $126.83 implies a 11.8% upside potential. The stock has gained about 15% so far in 2023.
Investors looking for the most accurate and profitable analyst for PSX could follow Piper Sandler analyst Ryan Todd. Copying the analyst’s trades on this stock and holding each position for one year could result in 100% of your transactions generating a profit, with an average return of 21.7% per trade.
