Advisors Capital Management LLC Invests $13.79 Million in Phillips 66 $PSX

Advisors Capital Management LLC acquired a new stake in shares of Phillips 66 (NYSE:PSX - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 81,597 shares of the oil and gas company's stock, valued at approximately $13,794,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PSX. MUFG Securities EMEA plc grew its position in Phillips 66 by 113.5% in the fourth quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company's stock worth $2,131,000 after acquiring an additional 8,783 shares in the last quarter. Horizon Investments LLC raised its position in Phillips 66 by 478.4% during the fourth quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company's stock valued at $8,167,000 after purchasing an additional 52,348 shares in the last quarter. Truist Financial Corp lifted its stake in Phillips 66 by 1.6% during the fourth quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company's stock worth $87,113,000 after purchasing an additional 10,585 shares during the last quarter. Fifth Third Bancorp lifted its stake in Phillips 66 by 543.7% during the first quarter. Fifth Third Bancorp now owns 128,156 shares of the oil and gas company's stock worth $23,348,000 after purchasing an additional 108,248 shares during the last quarter. Finally, National Pension Service boosted its holdings in shares of Phillips 66 by 2.0% in the 4th quarter. National Pension Service now owns 614,059 shares of the oil and gas company's stock worth $79,238,000 after purchasing an additional 11,960 shares in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Trading Down 1.2%

NYSE PSX opened at $239.46 on Friday. The firm has a market cap of $95.55 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. Phillips 66 has a 1-year low of $122.25 and a 1-year high of $246.95. The stock has a 50-day moving average of $197.59 and a 200-day moving average of $178.99. 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 quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.50 by $1.91. The business had revenue of $52.04 billion for the quarter, compared to analyst estimates 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 company earned $2.38 EPS. As a group, sell-side analysts forecast that Phillips 66 will post 23.86 EPS for the current year.

Phillips 66 Announces Dividend

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

Phillips 66 announced that its board has initiated a stock buyback program on Friday, July 31st that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to purchase up to 11.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

PSX has been the topic of several recent research reports. Raymond James Financial increased their price objective on Phillips 66 from $218.00 to $235.00 and gave the company an "outperform" rating in a research report on Monday, July 13th. Wells Fargo & Company upped their target price on Phillips 66 from $201.00 to $239.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. Zacks Research cut shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 6th. Tudor Pickering raised shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 30th. Finally, Barclays upped their price objective on shares of Phillips 66 from $183.00 to $216.00 and gave the company an "equal weight" 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.com, the stock has an average rating of "Moderate Buy" and an average target price of $206.56.

Insider Activity

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 3,523 shares of the 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 completion of the sale, 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brian Mandell sold 30,000 shares of the firm's stock in a transaction on Tuesday, August 11th. The stock was 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 disclosure for this sale is available in the SEC filing. Insiders have sold a total of 100,507 shares of company stock worth $21,770,810 over the last ninety days. Company insiders own 0.40% of the company's stock.

Phillips 66 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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