7,148 Shares in Phillips 66 $PSX Purchased by AMG National Trust Bank

Key Points

• AMG National Trust Bank purchased 7,148 Phillips 66 shares worth approximately $1.21 million during the second quarter. Institutional investors and hedge funds collectively own 76.93% of PSX.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $206.56, while recent targets range as high as $239. Phillips 66 shares opened at $240.50, near their 12-month high.
• Phillips 66 reported quarterly EPS of $9.41, beating estimates by $1.91, and declared a $1.27 quarterly dividend. The company also authorized a $10 billion share-repurchase program covering up to 11.8% of outstanding shares.

AMG National Trust Bank acquired a new stake in Phillips 66 (NYSE:PSX - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,148 shares of the oil and gas company's stock, valued at approximately $1,208,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of PSX. Brighton Jones LLC increased its holdings in shares of Phillips 66 by 238.5% in the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock valued at $1,166,000 after acquiring an additional 7,214 shares during the last quarter. Woodline Partners LP lifted its stake in Phillips 66 by 40.7% during the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company's stock worth $4,308,000 after purchasing an additional 10,089 shares during the last quarter. Sei Investments Co. lifted its stake in Phillips 66 by 28.3% during the second quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company's stock worth $18,788,000 after purchasing an additional 34,698 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Phillips 66 by 9.1% in the second quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company's stock worth $41,359,000 after purchasing an additional 28,988 shares during the period. Finally, Glenview Trust co boosted its holdings in Phillips 66 by 2.6% in the second quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company's stock worth $1,068,000 after purchasing an additional 229 shares during the period. Institutional investors and hedge funds own 76.93% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on PSX. Piper Sandler increased their target price on shares of Phillips 66 from $208.00 to $209.00 and gave the stock a "neutral" rating in a report on Monday, August 10th. Wells Fargo & Company lifted their price target on shares of Phillips 66 from $201.00 to $239.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Citigroup reaffirmed a "neutral" rating on shares of Phillips 66 in a research report on Thursday, August 6th. UBS Group increased their price objective on shares of Phillips 66 from $212.00 to $235.00 and gave the stock a "buy" rating in a research note on Monday, July 27th. Finally, Guggenheim raised shares of Phillips 66 to an "outperform" rating in a report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $206.56.

Insiders Place Their Bets

In related news, EVP Richard G. Harbison sold 52,100 shares of the company's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total value of $11,657,896.00. Following the completion of the sale, the executive vice president owned 39,094 shares of the company's stock, valued at $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the completion of the transaction, the executive vice president owned 27,537 shares of the company's stock, valued at $5,811,683.85. This represents a 11.34% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 100,507 shares of company stock worth $21,770,810. 0.40% of the stock is owned by company insiders.

Phillips 66 Stock Performance

Shares of NYSE PSX opened at $240.50 on Tuesday. Phillips 66 has a 12-month low of $121.24 and a 12-month high of $240.67. The company has a market cap of $95.96 billion, a PE ratio of 13.70, a P/E/G ratio of 0.17 and a beta of 0.68. The stock has a 50 day simple moving average of $193.87 and a 200-day simple moving average of $176.91. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, beating the consensus estimate of $7.50 by $1.91. The firm had revenue of $52.04 billion for the quarter, compared to analysts' expectations of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same period last year, the firm earned $2.38 EPS. On average, equities research analysts forecast that Phillips 66 will post 24.44 EPS for the current year.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be paid a $1.27 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.1%. Phillips 66's dividend payout ratio is presently 28.95%.

Phillips 66 announced that its Board of Directors has authorized a share repurchase program on Friday, July 31st that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

Phillips 66 Company Profile

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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