Allworth Financial LP Acquires New Position in Phillips 66 $PSX

Allworth Financial LP 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. The fund acquired 23,029 shares of the oil and gas company's stock, valued at approximately $3,893,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Phillips 66 by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company's stock valued at $6,701,052,000 after buying an additional 205,480 shares during the period. BlackRock Inc. bought a new position in shares of Phillips 66 in the 2nd quarter worth $5,766,779,000. State Street Corp raised its position in shares of Phillips 66 by 0.8% in the 4th quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company's stock worth $3,043,996,000 after acquiring an additional 175,616 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Phillips 66 by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company's stock worth $1,338,596,000 after purchasing an additional 45,340 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Phillips 66 during the second quarter valued at about $1,093,206,000. 76.93% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Citigroup reiterated a "neutral" rating on shares of Phillips 66 in a research note on Thursday, August 6th. Argus raised their price target on shares of Phillips 66 from $185.00 to $197.00 and gave the company a "buy" rating in a report on Thursday, May 14th. TD Cowen lifted their price objective on shares of Phillips 66 from $240.00 to $255.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Tudor Pickering upgraded shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 30th. Finally, BMO Capital Markets increased their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $206.56.

Phillips 66 Trading Down 1.2%

Shares of Phillips 66 stock opened at $239.46 on Friday. The firm has a 50-day simple moving average of $197.59 and a two-hundred day simple moving average of $178.99. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32. Phillips 66 has a fifty-two week low of $122.25 and a fifty-two week high of $246.95. The company has a market cap of $95.55 billion, a P/E ratio of 13.64, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68.

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 analysts' consensus estimates 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. As a group, equities analysts predict that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

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

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

Insiders Place Their Bets

In other news, EVP Vanessa Allen Sutherland sold 3,523 shares of the company's stock in a transaction that occurred on Tuesday, July 21st. The stock was 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 directly 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 through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brian Mandell sold 30,000 shares of Phillips 66 stock in a transaction 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 $13,242,925. This represents a 32.75% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 100,507 shares of company stock valued at $21,770,810. Corporate insiders own 0.40% of the company's stock.

About Phillips 66

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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