Alyeska Investment Group L.P. boosted its stake in Phillips 66 (NYSE:PSX - Free Report) by 227.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 345,112 shares of the oil and gas company's stock after acquiring an additional 239,612 shares during the period. Alyeska Investment Group L.P. owned 0.09% of Phillips 66 worth $58,341,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PSX. Brighton Jones LLC increased its holdings in 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 worth $1,166,000 after acquiring an additional 7,214 shares during the last quarter. Woodline Partners LP lifted its stake in shares of Phillips 66 by 40.7% during the 1st quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company's stock valued at $4,308,000 after buying an additional 10,089 shares in the last quarter. Sei Investments Co. lifted its stake in shares of Phillips 66 by 28.3% during the 2nd quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company's stock valued at $18,788,000 after buying an additional 34,698 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Phillips 66 by 9.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company's stock worth $41,359,000 after buying an additional 28,988 shares during the period. Finally, Glenview Trust co boosted its holdings in Phillips 66 by 2.6% in the 2nd quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company's stock worth $1,068,000 after buying an additional 229 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on PSX. Zacks Research cut shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. Raymond James Financial raised their target price on Phillips 66 from $218.00 to $235.00 and gave the stock an "outperform" rating in a research note on Monday, July 13th. The Goldman Sachs Group lifted their target price on Phillips 66 from $207.00 to $235.00 and gave the company a "neutral" rating in a report on Wednesday, July 22nd. Weiss Ratings upgraded Phillips 66 from a "hold (c)" rating to a "buy (b)" rating in a research report on Wednesday, August 12th. Finally, Barclays increased their price target on shares of Phillips 66 from $183.00 to $216.00 and gave the stock an "equal weight" rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $206.56.
Check Out Our Latest Research Report on Phillips 66
Insider Activity at Phillips 66
In other news, EVP Richard G. Harbison sold 52,100 shares of the stock in a transaction on 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 transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Kevin J. Mitchell sold 11,021 shares of the firm's stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the sale, the chief financial officer 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 100,507 shares of company stock valued at $21,770,810. Company insiders own 0.40% of the company's stock.
Phillips 66 Price Performance
Phillips 66 stock opened at $244.50 on Monday. Phillips 66 has a 52 week low of $126.74 and a 52 week high of $246.95. The business has a 50-day simple moving average of $206.11 and a 200 day simple moving average of $182.76. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. The stock has a market cap of $97.56 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 0.18 and a beta of 0.68.
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 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 firm had revenue of $52.04 billion for the quarter, compared to analysts' expectations of $43.60 billion. During the same quarter last year, the firm posted $2.38 EPS. On average, research analysts forecast that Phillips 66 will post 23.86 earnings per share for the current fiscal year.
Phillips 66 Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66's dividend payout ratio (DPR) is currently 28.95%.
Phillips 66 declared that its board has approved a stock repurchase program on Friday, July 31st that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to purchase up to 11.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.
Phillips 66 Company Profile
(
Free Report)
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.
Featured Articles
Want to see what other hedge funds are holding PSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Phillips 66 (NYSE:PSX - Free Report).
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.
Before you consider Phillips 66, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Phillips 66 wasn't on the list.
While Phillips 66 currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
