Coastal Bridge Advisors LLC Invests $1.25 Million in Phillips 66 $PSX

Coastal Bridge Advisors LLC acquired a new stake in Phillips 66 (NYSE:PSX - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 7,364 shares of the oil and gas company's stock, valued at approximately $1,245,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. NFSG Corp grew its position in 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 in the last quarter. Axiom Investment Management LLC purchased a new stake in Phillips 66 during the first quarter worth about $27,000. SWAN Capital LLC lifted its position in shares of 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 in the last quarter. Compass Financial Management LLC acquired a new stake in shares of Phillips 66 during the second quarter worth about $28,000. Finally, Kelleher Financial Advisors purchased a new position in shares of Phillips 66 in the second quarter valued at approximately $29,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Analysts Set New Price Targets

PSX has been the subject of a number of research reports. Barclays lifted their price objective on shares of Phillips 66 from $183.00 to $216.00 and gave the company an "equal weight" rating in a report on Thursday, August 6th. Mizuho upgraded shares of Phillips 66 from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $170.00 to $212.00 in a report on Wednesday, May 27th. UBS Group raised their price target on shares of Phillips 66 from $212.00 to $235.00 and gave the company a "buy" rating in a research report on Monday, July 27th. Citigroup restated a "neutral" rating on shares of Phillips 66 in a research note on Thursday, August 6th. Finally, Piper Sandler upped their price objective on Phillips 66 from $208.00 to $209.00 and gave the stock a "neutral" rating in a research report on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $206.56.

Insider Activity

In related news, CFO Kevin J. Mitchell sold 11,021 shares of the business's stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the completion of the transaction, the chief financial officer owned 97,376 shares in the company, valued at approximately $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of the 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 in the company, valued at $8,747,673.44. This trade represents a 57.13% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 100,507 shares of company stock valued at $21,770,810. 0.40% of the stock is currently owned by company insiders.

Phillips 66 Stock Performance

Shares of PSX opened at $240.58 on Friday. Phillips 66 has a 1 year low of $126.74 and a 1 year high of $246.95. The stock has a market capitalization of $96.00 billion, a PE ratio of 13.71, a PEG ratio of 0.18 and a beta of 0.68. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32. The stock has a 50-day simple moving average of $204.55 and a 200-day simple moving average of $182.15.

Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, topping analysts' consensus estimates of $7.50 by $1.91. The firm had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same period in the prior year, the firm earned $2.38 earnings per share. On average, analysts predict that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

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

Phillips 66 announced that its Board of Directors has initiated a share buyback program 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 purchase up to 11.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

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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