1ST Source Bank acquired a new stake in Phillips 66 (NYSE:PSX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 6,321 shares of the oil and gas company's stock, valued at approximately $1,069,000.
Several other institutional investors have also recently made changes to their positions in PSX. Fielder Capital Group LLC purchased a new position in Phillips 66 during the second quarter worth approximately $253,000. SCS Capital Management LLC purchased a new stake in shares of Phillips 66 in the second quarter valued at about $287,000. Bank of New York Mellon Corp purchased a new stake in shares of Phillips 66 in the second quarter valued at about $1,093,206,000. Focus Partners Advisor Solutions LLC acquired a new stake in Phillips 66 during the second quarter worth about $5,133,000. Finally, Summit Asset Management LLC acquired a new stake in Phillips 66 during the second quarter worth about $317,000. Hedge funds and other institutional investors own 76.93% of the company's stock.
Phillips 66 Price Performance
PSX opened at $240.50 on Tuesday. The stock's 50-day moving average price is $193.87 and its 200 day moving average price is $176.91. Phillips 66 has a 12-month low of $121.24 and a 12-month high of $240.67. 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 firm has a market cap of $95.96 billion, a price-to-earnings ratio of 13.70, a PEG ratio of 0.17 and a beta of 0.68.
Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating the consensus estimate of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.The company 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 EPS. As a group, sell-side analysts expect that Phillips 66 will post 24.44 earnings per share for the current year.
Phillips 66 Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66's payout ratio is presently 28.95%.
Phillips 66 announced that its board has initiated a stock buyback program on Friday, July 31st that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's management believes its shares are undervalued.
Wall Street Analyst Weigh In
PSX has been the topic of several analyst reports. Guggenheim raised shares of Phillips 66 to an "outperform" rating in a research report on Wednesday, May 27th. Tudor Pickering upgraded Phillips 66 from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 30th. Scotiabank raised their target price on Phillips 66 from $140.00 to $151.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 22nd. Piper Sandler lifted their target price on Phillips 66 from $208.00 to $209.00 and gave the company a "neutral" rating in a research report on Monday, August 10th. Finally, Argus upped their price target on Phillips 66 from $185.00 to $197.00 and gave the company a "buy" rating in a research note on Thursday, May 14th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $206.56.
Check Out Our Latest Stock Analysis on Phillips 66
Insider Buying and Selling
In related news, EVP Richard G. Harbison sold 52,100 shares of the company's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Brian Mandell sold 30,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the completion of the sale, the executive vice president directly owned 61,595 shares in the company, valued at approximately $13,242,925. This trade represents a 32.75% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 100,507 shares of company stock valued at $21,770,810. Company insiders own 0.40% of the company's stock.
About Phillips 66
(
Free Report)
Phillips 66 NYSE: PSX is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.
The company's principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.
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