18,377 Phillips 66 $PSX Shares Sold by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management reduced its Phillips 66 stake by 1.8%, selling 18,377 shares and retaining 1.01 million shares valued at approximately $170.5 million. Institutional investors collectively own 76.93% of PSX.
• Analyst sentiment remains positive, with several firms raising price targets; Phillips 66 has a consensus rating of “Moderate Buy” and an average target price of $241.56.
• Phillips 66 reported quarterly earnings of $9.41 per share, exceeding estimates, and authorized a $10 billion share-repurchase program. The company also maintains a quarterly dividend of $1.27, yielding about 2.0% annually.

Envestnet Asset Management Inc. cut its holdings in Phillips 66 (NYSE:PSX - Free Report) by 1.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,008,833 shares of the oil and gas company's stock after selling 18,377 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.25% of Phillips 66 worth $170,543,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. NFSG Corp boosted its holdings in shares of Phillips 66 by 105.6% during the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company's stock valued at $27,000 after acquiring an additional 75 shares in the last quarter. Axiom Investment Management LLC bought a new position in Phillips 66 in the 1st quarter valued at approximately $27,000. Compass Financial Management LLC acquired a new stake in Phillips 66 during the 2nd quarter worth approximately $28,000. Kelleher Financial Advisors acquired a new stake in Phillips 66 during the 2nd quarter worth approximately $29,000. Finally, J.Safra Asset Management Corp bought a new stake in Phillips 66 during the 2nd quarter worth approximately $30,000. Institutional investors and hedge funds own 76.93% of the company's stock.

Insider Activity at Phillips 66

In related news, EVP Vanessa Sutherland sold 3,523 shares of the business's stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the transaction, the executive vice president owned 27,537 shares in the company, valued at $5,811,683.85. The trade was a 11.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard Harbison sold 52,100 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the transaction, the executive vice president directly owned 39,094 shares in the company, valued at approximately $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 123,907 shares of company stock worth $27,973,214. 0.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PSX has been the subject of several analyst reports. TD Cowen raised their price target on shares of Phillips 66 from $240.00 to $255.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Wells Fargo & Company raised their target price on Phillips 66 from $239.00 to $335.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 1st. Raymond James Financial lifted their target price on Phillips 66 from $240.00 to $300.00 and gave the stock an "outperform" rating in a report on Monday, September 14th. Wall Street Zen upgraded Phillips 66 from a "buy" rating to a "strong-buy" rating in a research report on Sunday, July 26th. Finally, Morgan Stanley increased their price target on Phillips 66 from $196.00 to $284.00 and gave the company an "overweight" rating in a research note on Monday, September 14th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $241.56.

Phillips 66 Stock Performance

PSX stock opened at $255.75 on Friday. The firm has a market cap of $102.05 billion, a PE ratio of 14.57 and a beta of 0.71. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. The stock has a 50-day moving average price of $235.74 and a 200-day moving average price of $196.25. Phillips 66 has a 1-year low of $126.74 and a 1-year high of $277.12.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, topping analysts' consensus estimates of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.The business had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. During the same period in the previous year, the company posted $2.38 earnings per share. As a group, equities research analysts expect that Phillips 66 will post 28.28 earnings per share for the current year.

Phillips 66 announced that its Board of Directors has approved a stock buyback plan on Friday, July 31st that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the oil and gas company to repurchase up to 11.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th were paid a $1.27 dividend. The ex-dividend date was Tuesday, August 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.0%. Phillips 66's payout ratio is currently 28.95%.

About Phillips 66

Phillips 66 NYSE: PSX is an energy company that operates across the midstream, chemicals, refining and marketing sectors. Headquartered in Houston, Texas, the company was established in 2012 when ConocoPhillips separated its downstream businesses into an independent company.

The company's midstream operations include transportation, processing, storage and other infrastructure for crude oil, natural gas and natural gas liquids. Phillips 66 also owns and operates refineries that process crude oil into transportation fuels, lubricants, specialty products and other refined petroleum products.

Phillips 66 markets gasoline, diesel and other fuels under the Phillips 66, Conoco and 76 brands, primarily in the United States.

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