Allworth Financial LP Has $3.89 Million Position in Phillips 66 $PSX

Key Points

• Allworth Financial cut its Phillips 66 position by 62.8% in the second quarter, selling 38,836 shares and retaining 23,029 shares valued at approximately $3.89 million. Institutional investors collectively own 76.93% of the company.
• Phillips 66 reported quarterly EPS of $9.41, well above the $7.50 consensus estimate, on revenue of $52.04 billion. The company also authorized a $10 billion share-repurchase program and declared a quarterly dividend of $1.27, or $5.08 annualized.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $222.76 price target, although some firms maintain Hold ratings. Meanwhile, company insiders sold more than 100,000 shares worth approximately $21.8 million over the past 90 days.

Allworth Financial LP trimmed its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 62.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,029 shares of the oil and gas company's stock after selling 38,836 shares during the quarter. Allworth Financial LP's holdings in Phillips 66 were worth $3,893,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the business. Key Client Fiduciary Advisors LLC raised its position in Phillips 66 by 3.5% in the 2nd quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company's stock valued at $275,000 after buying an additional 55 shares during the last quarter. Threadgill Financial LLC raised its position in Phillips 66 by 3.5% during the second quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company's stock worth $286,000 after acquiring an additional 58 shares in the last quarter. Nilsine Partners LLC lifted its stake in Phillips 66 by 1.5% in the second quarter. Nilsine Partners LLC now owns 4,068 shares of the oil and gas company's stock valued at $688,000 after acquiring an additional 59 shares during the last quarter. Calamos Wealth Management LLC lifted its stake in Phillips 66 by 2.0% in the second quarter. Calamos Wealth Management LLC now owns 3,084 shares of the oil and gas company's stock valued at $521,000 after acquiring an additional 60 shares during the last quarter. Finally, Somerset Trust Co grew its position in shares of Phillips 66 by 0.3% in the 2nd quarter. Somerset Trust Co now owns 21,301 shares of the oil and gas company's stock valued at $3,601,000 after acquiring an additional 63 shares during the period. Institutional investors own 76.93% of the company's stock.

Phillips 66 Price Performance

Phillips 66 stock opened at $258.59 on Friday. The company has a market capitalization of $103.18 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 0.19 and a beta of 0.71. 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 $126.74 and a 12 month high of $263.76. The stock's 50 day moving average is $221.19 and its 200-day moving average is $188.94.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) 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 business 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. Equities research analysts expect that Phillips 66 will post 24.45 EPS for the current year.

Phillips 66 declared 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 shares. This repurchase authorization permits the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its shares are undervalued.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th were given a $1.27 dividend. The ex-dividend date was Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.0%. Phillips 66's dividend payout ratio (DPR) is presently 28.95%.

Insider Activity

In related news, EVP Richard G. Harbison sold 52,100 shares of the company's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the completion of the sale, the executive vice president directly owned 39,094 shares in the company, valued at $8,747,673.44. This represents a 57.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 owned 61,595 shares in the company, valued at approximately $13,242,925. The trade was a 32.75% decrease in their ownership of the stock. 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 90 days. 0.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PSX. Wells Fargo & Company boosted their price objective on shares of Phillips 66 from $239.00 to $335.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 1st. Argus raised their target price on shares of Phillips 66 from $185.00 to $197.00 and gave the company a "buy" rating in a research note on Thursday, May 14th. Jefferies Financial Group lifted their price target on Phillips 66 from $191.00 to $207.00 and gave the stock a "hold" rating in a report on Thursday, July 9th. Weiss Ratings raised Phillips 66 from a "hold (c)" rating to a "buy (b)" rating in a research report on Wednesday, August 12th. Finally, Wall Street Zen upgraded Phillips 66 from a "buy" rating to a "strong-buy" rating in a research note on Sunday, July 26th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Phillips 66 has a consensus rating of "Moderate Buy" and a consensus price target of $222.76.

Key Headlines Impacting Phillips 66

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Momentum and bullish coverage: Zacks highlighted Phillips 66 as a strong momentum candidate, while another commentary described the refiner as having “tech-stock swagger” backed by improving fundamentals. The stock’s move to a 52-week high reinforces its strong recent performance. Phillips 66 Is a Great Momentum Stock Bull of the Day: Phillips 66
• Positive Sentiment: Analyst sentiment is broadly constructive: Phillips 66’s average brokerage recommendation remains bullish, and Zacks Research recently upgraded the shares from Hold to Strong Buy. Such ratings can attract momentum and income-oriented investors, although they are not always reliable indicators of future returns. Wall Street Bulls Look Optimistic About Phillips 66 Zacks Upgrades Phillips 66
• Neutral Sentiment: Refining-cycle outlook remains the key debate: Recent analysis revisited the timing of Phillips 66’s expected performance while maintaining a broader view on the refining cycle. This suggests the long-term thesis remains intact, but the timing of additional upside is uncertain. Phillips 66: I Was Wrong on the Duration, Not on the Cycle
• Negative Sentiment: Hold ratings temper the bullish case: Bank of America Securities and Barclays both reiterated Hold ratings. These cautious views could pressure the shares after their substantial run and near the 52-week high. Bank of America Securities Keeps Hold Rating Barclays Gives Phillips 66 a Hold

Phillips 66 Profile

Phillips 66 NYSE: PSX is an energy company that operates across the midstream, chemicals, refining and marketing sectors. Headquartered in Houston, Texas, the company was established in 2012 when ConocoPhillips separated its downstream businesses into an independent company.

The company's midstream operations include transportation, processing, storage and other infrastructure for crude oil, natural gas and natural gas liquids. Phillips 66 also owns and operates refineries that process crude oil into transportation fuels, lubricants, specialty products and other refined petroleum products.

Phillips 66 markets gasoline, diesel and other fuels under the Phillips 66, Conoco and 76 brands, primarily in the United States.

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