Baird Financial Group Inc. Reduces Holdings in Phillips 66 $PSX

Key Points

• Baird Financial Group reduced its Phillips 66 stake by 4.2% in the second quarter, selling 5,197 shares and retaining 117,597 shares valued at approximately $19.88 million. Institutional investors collectively own 76.93% of the company.
• Phillips 66 insiders sold 100,507 shares worth about $21.77 million over the past 90 days, including significant sales by executives Brian Mandell and Richard Harbison.
• The company reported quarterly EPS of $9.41, beating estimates of $7.50, and authorized a $10 billion share-repurchase plan. It also pays a quarterly dividend of $1.27, equivalent to a 2.0% annual yield.

Baird Financial Group Inc. cut its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 4.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 117,597 shares of the oil and gas company's stock after selling 5,197 shares during the period. Baird Financial Group Inc.'s holdings in Phillips 66 were worth $19,880,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PSX. NFSG Corp increased its holdings in shares of Phillips 66 by 105.6% in the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company's stock valued at $27,000 after acquiring an additional 75 shares during the last quarter. Axiom Investment Management LLC bought a new position in Phillips 66 during the first quarter worth $27,000. SWAN Capital LLC lifted its stake in Phillips 66 by 1,055.6% during the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock worth $27,000 after purchasing an additional 190 shares during the last quarter. Compass Financial Management LLC acquired a new position in Phillips 66 in the second quarter worth $28,000. Finally, Kelleher Financial Advisors bought a new stake in Phillips 66 during the second quarter valued at $29,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Insiders Place Their Bets

In related news, EVP Brian Mandell sold 30,000 shares of Phillips 66 stock in a transaction that occurred 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 of the company's stock, valued at approximately $13,242,925. This trade represents a 32.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Richard G. Harbison sold 52,100 shares of the business's stock in a transaction dated Wednesday, August 12th. The shares were 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 of the company's stock, valued at approximately $8,747,673.44. The trade was a 57.13% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 100,507 shares of company stock worth $21,770,810. Company insiders own 0.40% of the company's stock.

Phillips 66 Stock Up 0.4%

NYSE PSX opened at $259.66 on Friday. Phillips 66 has a twelve month low of $126.74 and a twelve month high of $265.43. The stock has a market cap of $103.61 billion, a PE ratio of 14.80, a PEG ratio of 0.19 and a beta of 0.71. The firm has a 50-day simple moving average of $222.85 and a 200 day simple moving average of $189.43. 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 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, topping analysts' consensus estimates of $7.50 by $1.91. The company 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 quarter in the previous year, the firm earned $2.38 earnings per share. On average, research analysts forecast that Phillips 66 will post 24.47 EPS for the current year.

Phillips 66 announced that its board has authorized a share repurchase plan 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 repurchase up to 11.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its stock is undervalued.

Phillips 66 Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Citigroup reiterated a "neutral" rating on shares of Phillips 66 in a research report on Thursday, August 6th. Mizuho upgraded Phillips 66 from a "neutral" rating to an "outperform" rating and boosted their price objective for the company from $170.00 to $212.00 in a research report on Wednesday, May 27th. Zacks Research upgraded Phillips 66 from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 7th. Wall Street Zen raised Phillips 66 from a "buy" rating to a "strong-buy" rating in a research report on Sunday, July 26th. Finally, Weiss Ratings upgraded Phillips 66 from a "hold (c)" rating to a "buy (b)" rating in a research note on Wednesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $222.76.

Phillips 66 Company 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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