Why Phillips 66’s Diversified Growth Model Matters

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Part 6
Why Phillips 66’s Diversified Growth Model Matters PART 6 OF 12

Institutional Ownership in Phillips 66: Who’s Buying PSX

What is institutional ownership?

Institutional ownership shows how many shares of a company are owned by large institutions like banks and mutual funds. The level of the ownership suggests the confidence level or sentiment that sophisticated market participants like these establishments have in a stock. Normally, everything else being equal, higher institutional holdings indicate a favorable opinion about a stock.

Institutional Ownership in Phillips 66: Who&#8217;s Buying PSX

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Institutional ownership in PSX

Institutional ownership in PSX currently stands at ~71% of outstanding shares. This figure has risen ~1% since March 2017. Institutions with higher holdings in Phillips 66 include Berkshire Hathaway, the Vanguard Group, State Street Global Advisers, and BlackRock Institutional Trust Company. On average, given data from the past six months, only Vanguard has increased its total holdings in PSX. Berkshire Hathaway’s holdings in PSX have stayed constant. The remaining institutions have decreased their total holdings in Phillips 66.

Iridian Asset Management is the highest seller of PSX stock over the past six months. The second-highest seller is New England Asset Management, but Fidelity Management and J.P. Morgan Asset Management are the two biggest buyers of Phillips stock over the past six months.

Peer institutional ownership

PSX’s peer Andeavor (ANDV), Valero Energy (VLO), and Marathon Petroleum (MPC) have observed a mixed trend. Institutional ownership in ANDV has fallen 15%, while for VLO, this figure has risen 3% over the past six months. Institutional ownership in MPC has remained unchanged. Institutional ownership in ANDV, VLO, and MPC now stands at 80%, 84%, and 81% respectively.

The abrupt fall in institutional ownership in ANDV is likely due to the completion of the Western Refining acquisition, which resulted in changes in the company’s number of outstanding shares. This led to variations in institutional ownership, which is depicted as a percentage of outstanding shares.

In the next part, we’ll evaluate where PSX’s forward valuations stand compared with peers.


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