Miller Howard Investments 13F: Cuts PSX Stake by $20M

Miller Howard Investments cut its stake in Phillips 66 (NYSE: PSX) by 76,440 shares in a filing on October 26, 2026.

The cut in position reflects a 26.1% decrease in shares held. This adjustment is part of a broader strategy as the fund manages its portfolio, with Phillips 66 now comprising 5.13% of its total reported value of $1.08 billion.

PSX Phillips 66

$283.18 ▲ +121.42% year to date

1M 3M YTD

Daily close · Oct 23, 2026

Other Institutional Activity in Phillips 66

Gf Fund Management reduced its holdings in Phillips 66 by 12,952 shares, bringing its total to 18,946 shares valued at about $4.8 million. Cushing Asset Management also trimmed its position by 15,000 shares, now holding 58,100 shares worth approximately $14.8 million. Additionally, Wells Fargo cut its stake by 1,308,468 shares, bringing its total to about 12.5 million shares valued at around $3.6 billion.

Phillips 66 Stock Up 2.0%

Phillips 66's stock recently traded around $288.85, which is about equal to its closing price on October 26, 2026. The stock is currently above its 200-day moving average by 47.2%. However, it is about 3.5% below its 52-week high of $299.39.

Recent Earnings

For the trailing twelve months, Phillips 66 reported revenue of approximately $152.2 billion and earnings per share of $17.5. The next earnings report is scheduled for October 28, 2026.

Dividend

Phillips 66 pays an annual dividend of $5.32 per share, resulting in a dividend yield of 1.84%. The payout ratio stands at 28.2%.

Analysts Set New Price Targets

On October 12, 2026, Barclays maintained its Equal-Weight rating on Phillips 66 with a price target of $282.00, up from a prior target of $216.00. Evercore ISI Group also maintained an Outperform rating with a target of $250.00, increased from $220.00. Citigroup kept its Neutral rating with a price target of $297.00, revised from $217.00. Wells Fargo maintained an Overweight rating with a target of $345.00, slightly up from $335.00. Lastly, TD Cowen kept its Buy rating with a new target of $308.00, raised from $295.00.

About Phillips 66

Phillips 66 operates as an integrated downstream energy provider, focusing on refining, marketing, and chemicals. It serves markets in the U.S. and internationally through various segments, including Midstream and Renewable Fuels.

Bottom Line

Investors will be watching Phillips 66 closely as the company is set to report earnings on October 28, 2026. The recent adjustments by Miller Howard and other funds suggest a cautious approach as the market evolves.