Raytheon CEO Bought Up This Energy Stock

Phillips 66 director Gregory Hayes paid $1 million on Feb. 2 for 10,250 shares, at an average price of $97.75 each. According to a form he filed with the Securities and Exchange Commission, Hayes now owns 14,300 shares. The chairman and CEO of

Raytheon Technologies

(RTX), Hayes was named a Phillips 66 director in July 2022. This is his first purchase of Phillips 66 stock since joining the board.

Raytheon didn’t make Hayes available for comment. The transaction looks bullish.

Phillips 66 has stock-ownership guidelines for nonemployee directors, but there was no need for Hayes to buy shares on the open market so soon after joining the board in order to meet them. Since directors have five years to comply, they can meet the requirements by accumulating stock grants over that term.

Wells Fargo analyst Roger D. Read lowered estimates after Phillips 66’s fourth-quarter report. Read wrote that investors should “expect better refining capture, margins, and cash flow for [the] rest of 2023.” He kept an Overweight rating in Phillips 66 stock and a $130 price target.

Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.

Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.