Phillips 66 (NYSE: PSX) is a major downstream energy company with operations spanning refining, midstream, chemicals, and marketing. Shares recently traded around $141 per share, giving the company a market value of roughly $57.0B.
After a volatile stretch for energy stocks, Phillips 66 has rebounded alongside firmer refining margins and steadier contributions from its midstream and chemicals businesses. Looking at who owns Phillips 66 and how insiders have been trading helps show how large investors appear to be positioning around the company’s cash flow durability, balance sheet flexibility, and capital return profile.
Who Are Phillips 66’s Top Shareholders?
Phillips 66’s shareholder base is led by large passive institutions that tend to hold through market cycles, which can help keep long term ownership stable. At the same time, several active managers have adjusted positions in both directions, pointing to a mix of confidence and caution tied to valuation and energy market conditions.
- The Vanguard Group, Inc.: 51,534,406 shares (12.79%), $7.29B value. Added 5,352,481 shares (+11.59%).
- State Street Investment Management (US): 23,413,934 shares (5.81%), $3.31B value. Cut 904,475 shares (−3.72%).
- BlackRock Institutional Trust Company, N.A.: 21,959,357 shares (5.45%), $3.11B value. Cut 988,915 shares (−4.31%).
- Elliott Management Corporation: 19,251,000 shares (4.78%), $2.72B value. No reported change.
- Wells Fargo Advisors: 14,966,667 shares (3.71%), $2.12B value. Cut 539,826 shares (−3.48%).
- Harris Associates L.P.: 13,640,378 shares (3.39%), $1.93B value. Added 191,288 shares (+1.42%).
- Geode Capital Management, L.L.C.: 10,368,484 shares (2.57%), $1.47B value. Added 41,180 shares (+0.40%).
- T. Rowe Price Associates, Inc.: 4,851,329 shares (1.20%), $686.2M value. Cut 3,508,749 shares (−41.97%).
The dominance of Vanguard, BlackRock, and State Street provides a stable institutional base, while trims from several active managers suggest differing views on upside from current levels, and for investors this points to steady ownership support alongside more debate around near term valuation.
Hedge Fund Highlights
One notable move last quarter came from Citadel Advisors, founded by Ken Griffin, which sharply increased its exposure to Phillips 66. The firm boosted its position by over 1,000%, bringing its stake to roughly $189M, which suggests Citadel may be seeing an attractive setup tied to refining margins, volatility, or capital return dynamics.
AQR Capital Management, led by Cliff Asness, also made a sizable addition to its Phillips 66 position, increasing its holdings by more than 400% to approximately $258M. This move appears consistent with AQR leaning into factor driven exposure as energy cash flows and valuations recalibrate.
O’Shaughnessy Asset Management, founded by James O’Shaughnessy, raised its stake in Phillips 66 by about 36%, bringing its position to roughly $22M, suggesting continued interest in the company’s balance sheet strength and diversified downstream model.
Millennium Management, run by Israel Englander, increased its Phillips 66 position by nearly 22% to approximately $107M, indicating that multi strategy funds may still view the stock as a flexible way to express views on energy spreads and market volatility, and for investors this hedge fund activity looks supportive but selective.
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Phillips 66’s Recent Insider Trades
Insider filings show a series of relatively small transactions compared to Phillips 66’s overall market capitalization, with activity concentrated among a limited number of executives.
- Brian Mandell (Officer): Sold 25,500 shares at ~$140.04 on 11/30/25 and 26,200 shares across multiple trades near ~$137 to ~$138 on 11/17/25, alongside acquisitions at lower prices between ~$78.48 and ~$94.97.
- Gregory J. Hayes (Director): Acquired 93 shares at ~$138.77 on 11/30/25.
It appears insider activity is mixed and modest in size, with transactions potentially reflecting exposure adjustments across different price levels rather than a clear directional signal, and for investors these trades do not meaningfully alter the broader ownership picture.
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What the Ownership & Insider Trade Data Tell Us
Phillips 66’s ownership structure remains anchored by large passive institutions, providing a stable shareholder base that tends to hold through market cycles. Hedge funds show selective accumulation rather than broad consensus buying, while insider activity appears measured and limited in scale. Taken together, it appears Phillips 66 continues to be viewed as a solid cash generating energy business, supported by institutional capital, even as opinions remain divided on valuation and energy cycle risks.
For investors, this ownership mix suggests confidence in the company’s balance sheet strength, asset quality, and capital return framework, but also signals that expectations are more disciplined than euphoric. The lack of aggressive insider buying and the selective nature of hedge fund additions imply that much of the near term upside may already be priced in, placing greater emphasis on execution, refining margin durability, and capital allocation decisions to drive longer term returns.
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