8,927 Shares in Phillips 66 $PSX Bought by Pavion Blue Capital LLC

Key Points

• Pavion Blue Capital LLC bought 8,927 Phillips 66 shares worth approximately $1.5 million in the second quarter, while institutional investors collectively own 76.93% of the company.
• Phillips 66 reported quarterly earnings of $9.41 per share, surpassing estimates of $7.50, and revenue of $52.04 billion, above the $43.60 billion consensus forecast.
• The company authorized a $10 billion share-repurchase program covering up to 11.8% of outstanding shares and declared a quarterly dividend of $1.27 per share, implying a 2.1% annual yield.

Pavion Blue Capital LLC purchased a new position in Phillips 66 (NYSE:PSX - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 8,927 shares of the oil and gas company's stock, valued at approximately $1,509,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. NFSG Corp boosted its stake in shares of Phillips 66 by 105.6% in the first quarter. NFSG Corp now owns 146 shares of the oil and gas company's stock worth $27,000 after acquiring an additional 75 shares during the period. Axiom Investment Management LLC purchased a new stake in shares of Phillips 66 during the first quarter worth about $27,000. SWAN Capital LLC raised its stake in Phillips 66 by 1,055.6% during the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock valued at $27,000 after purchasing an additional 190 shares during the period. Kelleher Financial Advisors bought a new stake in Phillips 66 during the 2nd quarter valued at approximately $29,000. Finally, J.Safra Asset Management Corp purchased a new position in Phillips 66 in the 2nd quarter worth approximately $30,000. 76.93% of the stock is owned by institutional investors.

Insider Activity at Phillips 66

In other news, CFO Kevin J. Mitchell sold 11,021 shares of the firm's stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $190.03, for a total value of $2,094,320.63. Following the sale, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $18,504,361.28. This trade represents a 10.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brian Mandell sold 30,000 shares of the 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 sale, the executive vice president directly owned 61,595 shares of the company's stock, valued at $13,242,925. The trade was a 32.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 100,507 shares of company stock valued at $21,770,810 in the last quarter. Corporate insiders own 0.40% of the company's stock.

Phillips 66 Trading Up 2.9%

PSX opened at $240.50 on Tuesday. 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 has a 12 month low of $121.24 and a 12 month high of $240.67. The firm has a market cap of $95.96 billion, a P/E ratio of 13.70, a P/E/G ratio of 0.17 and a beta of 0.68. The stock has a 50-day moving average of $193.87 and a 200 day moving average of $176.91.

Phillips 66 (NYSE:PSX - Get Free Report) last announced 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. The business had revenue of $52.04 billion for the quarter, compared to the consensus estimate of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same quarter in the prior year, the firm posted $2.38 earnings per share. As a group, research analysts forecast that Phillips 66 will post 24.44 EPS for the current year.

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

Phillips 66 Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PSX. Wells Fargo & Company upped their price target on Phillips 66 from $201.00 to $239.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. BMO Capital Markets lifted their price objective on shares of Phillips 66 from $195.00 to $215.00 and gave the company an "outperform" rating in a research report on Wednesday, May 13th. JPMorgan Chase & Co. boosted their target price on shares of Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. The Goldman Sachs Group upped their target price on shares of Phillips 66 from $207.00 to $235.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 22nd. Finally, TD Cowen raised their target price 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. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $206.56.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source