Baxter Bros Inc. Invests $3.79 Million in Phillips 66 $PSX

Key Points

• Baxter Bros Inc. acquired 22,439 Phillips 66 shares during the second quarter, valued at approximately $3.79 million. Institutional investors and hedge funds collectively own 76.93% of the company.
• Phillips 66 reported quarterly EPS of $9.41, exceeding estimates of $7.50, while revenue reached $52.04 billion. The company also authorized a $10 billion share-repurchase program and declared a quarterly dividend of $1.27 per share.
• PSX shares opened at $240.50, near their 52-week high, despite recent insider selling totaling $21.77 million. Analysts maintain a consensus “Moderate Buy” rating, with an average price target of $206.56.

Baxter Bros Inc. acquired a new stake in Phillips 66 (NYSE:PSX - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 22,439 shares of the oil and gas company's stock, valued at approximately $3,793,000.

Several other large investors also recently modified their holdings of PSX. Key Client Fiduciary Advisors LLC boosted its position in Phillips 66 by 3.5% during the second quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company's stock valued at $275,000 after acquiring an additional 55 shares during the last quarter. Threadgill Financial LLC raised its position in shares of Phillips 66 by 3.5% in the 2nd 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. Calamos Wealth Management LLC lifted its stake in shares of Phillips 66 by 2.0% in the 2nd quarter. Calamos Wealth Management LLC now owns 3,084 shares of the oil and gas company's stock valued at $521,000 after purchasing an additional 60 shares during the period. Somerset Trust Co lifted its stake 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 purchasing an additional 63 shares during the period. Finally, Clifford Group LLC boosted its position in shares of Phillips 66 by 2.0% during the 4th quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company's stock valued at $428,000 after purchasing an additional 64 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Phillips 66

In related news, EVP Vanessa Allen Sutherland sold 3,523 shares of the firm's stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total value of $743,529.15. Following the transaction, the executive vice president owned 27,537 shares of the company's stock, valued at approximately $5,811,683.85. This trade represents a 11.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $190.03, for a total value of $2,094,320.63. Following the transaction, the chief financial officer owned 97,376 shares of the company's stock, valued at $18,504,361.28. This trade represents a 10.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 100,507 shares of company stock valued at $21,770,810 over the last three months. Corporate insiders own 0.40% of the company's stock.

Phillips 66 Trading Up 2.9%

NYSE PSX opened at $240.50 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. Phillips 66 has a 52 week low of $121.24 and a 52 week high of $240.67. The business has a 50 day moving average price of $193.87 and a 200-day moving average price of $176.91. The company has a market cap of $95.96 billion, a price-to-earnings ratio of 13.70, a P/E/G ratio of 0.17 and a beta of 0.68.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (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 analysts' expectations of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same period last year, the business earned $2.38 EPS. As a group, equities analysts expect that Phillips 66 will post 24.44 earnings per share for the current fiscal year.

Phillips 66 announced that its Board of Directors has approved a stock repurchase program on Friday, July 31st that authorizes the company to repurchase $10.00 billion in 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 programs are typically an indication that the company's leadership believes its stock is undervalued.

Phillips 66 Announces Dividend

The firm 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 dividend 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%.

Analysts Set New Price Targets

Several equities research analysts recently commented on PSX shares. Mizuho raised Phillips 66 from a "neutral" rating to an "outperform" rating and raised their target price for the stock from $170.00 to $212.00 in a research note on Wednesday, May 27th. Guggenheim upgraded Phillips 66 to an "outperform" rating in a report on Wednesday, May 27th. BMO Capital Markets increased their price target on Phillips 66 from $195.00 to $215.00 and gave the stock an "outperform" rating in a report on Wednesday, May 13th. Raymond James Financial raised their price objective on shares of Phillips 66 from $218.00 to $235.00 and gave the stock an "outperform" rating in a research report on Monday, July 13th. Finally, Citigroup reiterated a "neutral" rating on shares of Phillips 66 in a research note on Thursday, August 6th. One equities 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 stock has a consensus rating of "Moderate Buy" and a consensus target price of $206.56.

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.

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