Beacon Pointe Advisors LLC Acquires Shares of 47,011 Phillips 66 $PSX

Key Points

• Beacon Pointe Advisors acquired 47,011 Phillips 66 shares worth approximately $7.95 million, while institutional investors collectively own 76.93% of the company.
• Phillips 66 reported quarterly EPS of $9.41, exceeding estimates of $7.50, on revenue of $52.04 billion. The company also authorized a $10 billion share-repurchase plan covering up to 11.8% of outstanding shares.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and average price target of $206.56; however, insiders sold 100,507 shares worth $21.77 million over the past 90 days.

Beacon Pointe Advisors LLC bought a new position in shares of Phillips 66 (NYSE:PSX - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 47,011 shares of the oil and gas company's stock, valued at approximately $7,947,000.

Other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in shares of Phillips 66 by 238.5% in the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock valued at $1,166,000 after acquiring an additional 7,214 shares in the last quarter. Woodline Partners LP lifted its holdings in shares of Phillips 66 by 40.7% in the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company's stock worth $4,308,000 after acquiring an additional 10,089 shares during the last quarter. Sei Investments Co. boosted its position in Phillips 66 by 28.3% in the second 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 increased 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 purchasing an additional 28,988 shares in the last quarter. Finally, Glenview Trust co boosted its position in Phillips 66 by 2.6% during 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. Institutional investors own 76.93% of the company's stock.

Insider Activity at Phillips 66

In related news, EVP Richard G. Harbison sold 52,100 shares of the firm's 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 completion of the transaction, the executive vice president directly owned 39,094 shares of the company's stock, valued at approximately $8,747,673.44. This trade represents a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Kevin J. Mitchell sold 11,021 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, the chief financial officer directly owned 97,376 shares of the company's stock, valued at $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 100,507 shares of company stock worth $21,770,810 over the last ninety days. 0.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on PSX shares. TD Cowen raised their price objective on shares of Phillips 66 from $240.00 to $255.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Wall Street Zen upgraded shares of Phillips 66 from a "buy" rating to a "strong-buy" rating in a research note on Sunday, July 26th. Guggenheim raised shares of Phillips 66 to an "outperform" rating in a research report on Wednesday, May 27th. Jefferies Financial Group increased their price target on Phillips 66 from $191.00 to $207.00 and gave the stock a "hold" rating in a research note on Thursday, July 9th. Finally, 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 report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, Phillips 66 has an average rating of "Moderate Buy" and a consensus target price of $206.56.

Phillips 66 Stock Performance

Shares of PSX stock opened at $244.50 on Friday. Phillips 66 has a 12 month low of $126.74 and a 12 month high of $246.95. The company's fifty day moving average price is $206.11 and its 200-day moving average price is $182.58. The stock has a market cap of $97.56 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. 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 announced its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 EPS 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 company had revenue of $52.04 billion for the quarter, compared to the consensus estimate of $43.60 billion. During the same period in the prior year, the firm posted $2.38 EPS. On average, equities analysts expect that Phillips 66 will post 23.86 EPS for the current fiscal year.

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

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be given 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%.

About Phillips 66

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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