Phillips 66 (NYSE:PSX) confirmed in a Securities and Exchange Commission Form 4 filing that Executive Vice President and Chief Financial Officer Kevin J. Mitchell sold 21,800 shares of company stock on March 4 and 5, 2026. The sales brought in approximately $3.6 million and were executed at prices ranging from $165.0281 to $168.2231, levels that sit near the stock's 52-week high of $169.62.
The Form 4 also records that Mitchell exercised options to acquire 21,800 shares of Phillips 66 common stock at an exercise price of $94.85 per share. The total cost of exercising those options was listed as $2067729, with the exercise taking place on March 4 and 5.
The insider transactions occurred amid a strong run for the shares. Phillips 66 stock has risen 29.67% year-to-date and climbed 7.54% over the past week, according to the filing's market context. While the sale and option exercise represent a sizable personal liquidity event for the CFO, third-party analysis cited alongside the filing indicates the equity may still trade below its Fair Value; the company shows a price-to-earnings ratio of 15.35 in that analysis.
Investors received additional financial information for the company with the release of its fourth-quarter 2025 results. Phillips 66 reported adjusted earnings per share of $2.47, topping the consensus estimate of $2.25. Revenue for the quarter came in at $32.14 billion, short of the expected $34.14 billion.
Following those results, TD Cowen revised its outlook modestly by raising its price target on Phillips 66 to $155 from $151 while maintaining a Buy rating. The firm cited improvements in refining operational expenses and the company's capacity to unlock an extra 45,000 barrels per day of refining throughput as supporting factors for the higher target.
Taken together, the filing and the quarterly report provide a snapshot of executive liquidity activity alongside operational and financial developments that market participants will weigh when assessing Phillips 66's near-term outlook. The company information referenced in the filing also notes broader coverage of U.S. equities, with a Pro Research Report available for Phillips 66 among more than 1,400 U.S. stocks covered.
Clear summary: Phillips 66 CFO Kevin J. Mitchell executed option exercises to acquire 21,800 shares at $94.85 per share and subsequently sold those 21,800 shares on March 4 and 5, 2026, for about $3.6 million at prices between $165.0281 and $168.2231, near the 52-week high of $169.62. The company posted Q4 2025 adjusted EPS of $2.47 (above $2.25 expected) and revenue of $32.14 billion (below $34.14 billion expected); TD Cowen raised its price target to $155 from $151 and maintained a Buy rating.