Phillips 66 jumps 6.8% on Q1 earnings upside tied to stronger refining margins and higher utilization

Phillips 66 (PSX) is up 6.8% today. Here is some analysis on what might have caused this price movement.

Analysis: The move higher appears driven by Phillips 66’s first-quarter results landing better than investors expected, helped by stronger realized refining margins and higher refinery utilization. While the quarter still included sizable mark-to-market losses on derivatives, the market seemed to focus on improving underlying operating performance and throughput.

Details:

Phillips 66 reported first-quarter 2026 results on April 29, 2026, with operational performance supported by higher capacity utilization and improved refining economics.

Realized refining margin increased to about $10.11 per barrel versus $6.81 a year earlier, alongside crude utilization rising to roughly 95% from about 80% a year earlier.

The quarter included large mark-to-market losses tied to the company’s net short derivatives position used as economic hedges; Phillips 66 previously guided that the impact was about $900 million pre-tax as commodity prices rose.

Management highlighted ongoing midstream and export-related capacity progress, including expansions at Sweeny NGL fractionation and the Freeport LPG export dock.

Sources:

Phillips 66 Investor Relations, U.S. Securities and Exchange Commission, Reuters

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$PSX Insider Trading Activity

$PSX insiders have traded $PSX stock on the open market 13 times in the past 6 months. Of those trades, 1 have been purchases and 12 have been sales.

Here’s a breakdown of recent trading of $PSX stock by insiders over the last 6 months:

BRIAN MANDELL (Executive Vice President) has made 0 purchases and 4 sales selling 94,500 shares for an estimated $14,433,940.
KEVIN J MITCHELL (Exec. VP and CFO) has made 0 purchases and 4 sales selling 67,429 shares for an estimated $10,762,013.
VANESSA ALLEN SUTHERLAND (EVP, GC and Secretary) has made 0 purchases and 2 sales selling 8,788 shares for an estimated $1,296,230.
DON BALDRIDGE (Executive Vice President) sold 7,500 shares for an estimated $1,200,000
LISA ANN DAVIS sold 3,800 shares for an estimated $662,617
KEVIN OMAR MEYERS purchased 175 shares for an estimated $30,309

To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API.

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$PSX Hedge Fund Activity

We have seen 867 institutional investors add shares of $PSX stock to their portfolio, and 821 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC removed 7,326,628 shares (-75.4%) from their portfolio in Q4 2025, for an estimated $945,428,077
M&T BANK CORP added 2,243,268 shares (+462.9%) to their portfolio in Q4 2025, for an estimated $289,471,302
BARROW HANLEY MEWHINNEY & STRAUSS LLC removed 2,131,878 shares (-67.7%) from their portfolio in Q4 2025, for an estimated $275,097,537
BANK OF NEW YORK MELLON CORP removed 1,410,831 shares (-16.6%) from their portfolio in Q4 2025, for an estimated $182,053,632
AQR CAPITAL MANAGEMENT LLC added 1,369,287 shares (+72.3%) to their portfolio in Q4 2025, for an estimated $176,692,794
UBS GROUP AG removed 1,348,908 shares (-30.4%) from their portfolio in Q4 2025, for an estimated $174,063,088
PRICE T ROWE ASSOCIATES INC /MD/ removed 1,225,109 shares (-22.5%) from their portfolio in Q4 2025, for an estimated $158,088,065

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API.

$PSX Government Contracts

We have seen $404,324,004 of award payments to $PSX over the last year.

Here are some of the awards which we have have seen pay out the most over the last year:

!DISTILLATE,NAVAL: $16,735,440
8511392458!DISTILLATE,NAVAL: $13,342,896
8511443640!DISTILLATE,NAVAL: $12,928,608
8511644070!DISTILLATE,NAVAL: $9,809,563

To track government contracts to publicy traded companies, check out Quiver Quantitative's government contracts dashboard.

$PSX Analyst Ratings

Wall Street analysts have issued reports on $PSX in the last several months. We have seen 1 firms issue buy ratings on the stock, and 1 firms issue sell ratings.

Here are some recent analyst ratings:

Freedom Capital Markets issued a "Sell" rating on 01/06/2026
UBS issued a "Buy" rating on 11/03/2025

To track analyst ratings and price targets for $PSX, check out Quiver Quantitative's $PSX forecast page.

$PSX Price Targets

Multiple analysts have issued price targets for $PSX recently. We have seen 12 analysts offer price targets for $PSX in the last 6 months, with a median target of $177.0.

Here are some recent targets:

Erin Wright from Morgan Stanley set a target price of $174.0 on 04/24/2026
Betty Zhang from Scotiabank set a target price of $151.0 on 04/22/2026
Vikram Bagri from Citigroup set a target price of $183.0 on 04/09/2026
Ryan Todd from Piper Sandler set a target price of $177.0 on 04/08/2026
Theresa Chen from Barclays set a target price of $177.0 on 04/08/2026
Manav Gupta from UBS set a target price of $212.0 on 04/02/2026
Sam Margolin from Wells Fargo set a target price of $201.0 on 03/31/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.