Evolve Private Wealth LLC Takes Position in Phillips 66 $PSX

Key Points

• Evolve Private Wealth initiated a Phillips 66 position worth approximately $1.35 million, while institutional investors collectively own 76.93% of the company.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $206.56; recent quarterly earnings of $9.41 per share significantly exceeded expectations.
• Phillips 66 declared a quarterly dividend of $1.27 per share and authorized a $10 billion share-repurchase program, covering up to 11.8% of outstanding shares.

Evolve Private Wealth LLC bought 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 bought 7,993 shares of the oil and gas company's stock, valued at approximately $1,351,000.

A number of other large investors have also added to or reduced their stakes in PSX. BlackRock Inc. acquired a new stake in Phillips 66 during the second quarter worth approximately $5,766,779,000. Bank of New York Mellon Corp acquired a new position in Phillips 66 in the second quarter valued at about $1,093,206,000. Norges Bank bought a new stake in shares of Phillips 66 during the 4th quarter worth approximately $640,206,000. Deutsche Bank AG acquired a new stake in shares of Phillips 66 in the 2nd quarter valued at $271,128,000. Finally, AQR Capital Management LLC grew its position in Phillips 66 by 424.7% in the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company's stock valued at $257,512,000 after acquiring an additional 1,532,389 shares during the last quarter. Institutional investors own 76.93% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PSX. Piper Sandler upped their price target on shares of Phillips 66 from $208.00 to $209.00 and gave the stock a "neutral" rating in a report on Monday, August 10th. BMO Capital Markets lifted their target price on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 13th. Jefferies Financial Group boosted their price target on Phillips 66 from $191.00 to $207.00 and gave the company a "hold" rating in a research note on Thursday, July 9th. Wall Street Zen upgraded Phillips 66 from a "buy" rating to a "strong-buy" rating in a research note on Sunday, July 26th. 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 assigned a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $206.56.

Insider Buying and Selling at Phillips 66

In other news, EVP Brian Mandell sold 30,000 shares of the company's stock in a transaction dated 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 sale, the executive vice president directly owned 61,595 shares in the company, valued at $13,242,925. This represents a 32.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Richard G. Harbison sold 52,100 shares of the company's stock in a transaction that occurred on 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 in the company, valued at $8,747,673.44. This trade represents a 57.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 100,507 shares of company stock valued at $21,770,810 over the last 90 days. 0.40% of the stock is currently owned by corporate insiders.

Phillips 66 Stock Performance

NYSE PSX opened at $243.34 on Monday. 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 company has a market capitalization of $97.10 billion, a PE ratio of 13.87, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. The company has a 50-day simple moving average of $198.87 and a 200 day simple moving average of $179.70. Phillips 66 has a 52-week low of $124.88 and a 52-week high of $246.95.

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 (EPS) for the quarter, topping analysts' consensus estimates of $7.50 by $1.91. The business had revenue of $52.04 billion during the quarter, compared to the consensus estimate 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 posted $2.38 earnings per share. On average, research analysts predict that Phillips 66 will post 23.86 EPS for the current year.

Phillips 66 Announces Dividend

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

Phillips 66 declared that its board has approved a share buyback 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 buy up to 11.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board of directors believes its shares are undervalued.

Phillips 66 Company 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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