Bank OZK Takes Position in Phillips 66 $PSX

Bank OZK bought a new position in Phillips 66 (NYSE:PSX - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 20,334 shares of the oil and gas company's stock, valued at approximately $3,437,000. Phillips 66 comprises approximately 1.0% of Bank OZK's portfolio, making the stock its 29th largest position.

Several other hedge funds have also modified their holdings of PSX. NFSG Corp grew its stake in shares of Phillips 66 by 105.6% during the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company's stock valued at $27,000 after buying an additional 75 shares during the period. Axiom Investment Management LLC purchased a new position in shares of Phillips 66 in the 1st quarter worth $27,000. Compass Financial Management LLC acquired a new position in Phillips 66 in the second quarter valued at $28,000. Kelleher Financial Advisors acquired a new position in Phillips 66 in the second quarter valued at $29,000. Finally, J.Safra Asset Management Corp purchased a new stake in Phillips 66 during the second quarter valued at about $30,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on PSX shares. BMO Capital Markets raised their price objective on Phillips 66 from $195.00 to $215.00 and gave the stock an "outperform" rating in a report on Wednesday, May 13th. UBS Group boosted their target price on Phillips 66 from $212.00 to $235.00 and gave the stock a "buy" rating in a report on Monday, July 27th. Wall Street Zen raised shares of Phillips 66 from a "buy" rating to a "strong-buy" rating in a research report on Sunday, July 26th. Morgan Stanley raised their price target on shares of Phillips 66 from $180.00 to $196.00 and gave the company an "overweight" rating in a report on Friday, June 12th. Finally, Tudor Pickering raised shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 30th. 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. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $206.56.

Phillips 66 Price Performance

Shares of PSX stock opened at $240.58 on Friday. The firm has a fifty day simple moving average of $204.55 and a 200-day simple moving average of $182.15. The company has a market capitalization of $96.00 billion, a PE ratio of 13.71, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. Phillips 66 has a twelve month low of $126.74 and a twelve month 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.

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, topping 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 the consensus estimate of $43.60 billion. During the same quarter in the previous year, the firm posted $2.38 EPS. Equities research analysts anticipate that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

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

Phillips 66 announced that its board has initiated a stock repurchase plan on Friday, July 31st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to purchase up to 11.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction dated 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 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 value of $6,450,000.00. Following the sale, the executive vice president 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 SEC filing for this sale provides additional information. Insiders sold a total of 100,507 shares of company stock valued at $21,770,810 in the last three months. 0.40% of the stock is owned by insiders.

Phillips 66 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.

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.

Add As Preferred Source