First Nebraska Trust Co Makes New $3.34 Million Investment in Phillips 66 $PSX

Key Points

• First Nebraska Trust Co. acquired 19,782 Phillips 66 shares worth approximately $3.34 million in the second quarter. Institutional investors collectively own 76.93% of the company.
• Phillips 66 reported quarterly earnings of $9.41 per share, beating analyst estimates of $7.50, while revenue reached $52.04 billion versus the $43.60 billion consensus estimate.
• The company declared a quarterly dividend of $1.27 per share and authorized a $10 billion share-repurchase program, allowing buybacks of up to 11.8% of outstanding shares. Analysts maintain a “Moderate Buy” consensus rating, with a $206.56 average price target.

First Nebraska Trust Co purchased a new position in Phillips 66 (NYSE:PSX - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 19,782 shares of the oil and gas company's stock, valued at approximately $3,344,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Phillips 66 during the 2nd quarter worth approximately $5,766,779,000. Bank of New York Mellon Corp purchased a new position in shares of Phillips 66 in the 2nd quarter valued at approximately $1,093,206,000. Norges Bank purchased a new position in shares of Phillips 66 in the 4th quarter valued at approximately $640,206,000. Deutsche Bank AG bought a new stake in shares of Phillips 66 during the second quarter valued at approximately $271,128,000. Finally, AQR Capital Management LLC boosted its position in shares of Phillips 66 by 424.7% during 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 purchasing an additional 1,532,389 shares in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Stock Up 1.4%

NYSE:PSX opened at $243.34 on Friday. 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 firm has a market cap of $97.10 billion, a P/E ratio of 13.87, a P/E/G ratio of 0.18 and a beta of 0.68. Phillips 66 has a fifty-two week low of $124.88 and a fifty-two week high of $246.95. The firm has a 50-day simple moving average of $198.87 and a two-hundred day simple moving average of $179.44.

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 earnings per share for the quarter, topping analysts' consensus estimates of $7.50 by $1.91. The company had revenue of $52.04 billion during 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 previous year, the business earned $2.38 EPS. Analysts predict that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be issued 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 of this dividend is Tuesday, August 18th. Phillips 66's dividend payout ratio (DPR) is presently 28.95%.

Phillips 66 declared that its board has authorized a share buyback program on Friday, July 31st that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the oil and gas company to repurchase up to 11.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. TD Cowen lifted their price target on shares of Phillips 66 from $240.00 to $255.00 and gave the company 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 report on Sunday, July 26th. Mizuho raised shares of Phillips 66 from a "neutral" rating to an "outperform" rating and raised their target price for the company from $170.00 to $212.00 in a research note on Wednesday, May 27th. Wells Fargo & Company lifted their target price on shares of Phillips 66 from $201.00 to $239.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Finally, BMO Capital Markets boosted their price target on Phillips 66 from $195.00 to $215.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 13th. One research 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 MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $206.56.

Insider Activity at Phillips 66

In related news, EVP Richard G. Harbison sold 52,100 shares of the company's stock in a transaction 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 completion of the sale, the executive vice president owned 39,094 shares in the company, valued at approximately $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the company's stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total value of $743,529.15. Following the sale, 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 100,507 shares of company stock valued at $21,770,810. Insiders own 0.40% of the company's stock.

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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