Ancora Advisors LLC Invests $5.72 Million in Phillips 66 $PSX

Key Points

• Ancora Advisors acquired a new $5.72 million stake in Phillips 66 during the second quarter, while institutional investors collectively own 76.93% of the company.
• Analyst sentiment is favorable, with Phillips 66 carrying a “Moderate Buy” consensus rating and an average price target of $206.56; several firms recently raised their targets.
• Phillips 66 reported quarterly earnings of $9.41 per share, well above the $7.50 consensus estimate, declared a $1.27 quarterly dividend, and authorized a $10 billion share-repurchase plan.

Ancora Advisors LLC purchased a new stake in Phillips 66 (NYSE:PSX - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 33,814 shares of the oil and gas company's stock, valued at approximately $5,716,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Delos Wealth Advisors LLC acquired a new position in Phillips 66 during the 2nd quarter worth approximately $34,000. Canada Pension Plan Investment Board acquired a new stake in Phillips 66 in the second quarter valued at approximately $128,528,000. Legal & General Group Plc acquired a new stake in Phillips 66 in the second quarter valued at approximately $303,648,000. The Manufacturers Life Insurance Company bought a new stake in shares of Phillips 66 during the second quarter worth $44,334,000. Finally, Trajan Wealth LLC bought a new stake in shares of Phillips 66 during the second quarter worth $7,979,000. 76.93% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PSX has been the subject of several research analyst reports. Citigroup reiterated a "neutral" rating on shares of Phillips 66 in a report on Thursday, August 6th. 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 report on Thursday, August 6th. Piper Sandler lifted their price target on Phillips 66 from $208.00 to $209.00 and gave the company a "neutral" rating in a research note on Monday, August 10th. TD Cowen upped their price objective on Phillips 66 from $240.00 to $255.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Finally, Jefferies Financial Group raised their target price on Phillips 66 from $191.00 to $207.00 and gave the stock a "hold" rating in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $206.56.

Insider Transactions at Phillips 66

In other news, CFO Kevin J. Mitchell sold 11,021 shares of the company's stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the transaction, the chief financial officer directly owned 97,376 shares of the company's stock, valued at $18,504,361.28. This represents a 10.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of the company's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total value of $11,657,896.00. Following the transaction, the executive vice president directly owned 39,094 shares in the company, valued at $8,747,673.44. The trade was a 57.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 100,507 shares of company stock worth $21,770,810. Insiders own 0.40% of the company's stock.

Phillips 66 Trading Up 2.3%

PSX opened at $242.27 on Thursday. Phillips 66 has a 1-year low of $126.74 and a 1-year high of $246.95. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. The company has a market cap of $96.67 billion, a P/E ratio of 13.80, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. The company has a fifty day moving average price of $203.06 and a two-hundred day moving average price of $181.56.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data 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 net margin of 4.54% and a return on equity of 19.93%. The firm had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same quarter in the prior year, the business earned $2.38 earnings per share. Analysts predict that Phillips 66 will post 23.86 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders 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 28.95%.

Phillips 66 declared that its Board of Directors has initiated a share repurchase plan on Friday, July 31st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the oil and gas company to repurchase up to 11.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

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.

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