Flavin Financial Services Inc. Makes New Investment in Phillips 66 $PSX

Key Points

• Flavin Financial Services initiated a $2.2 million position in Phillips 66 during the second quarter, purchasing 12,996 shares. Institutional investors collectively own 76.93% of the company.
• Analysts remain broadly positive, with Phillips 66 carrying a “Moderate Buy” consensus rating and an average price target of $206.56, while recent firms raised targets as high as $255.
• Phillips 66 reported quarterly EPS of $9.41, beating estimates by $1.91, and announced a $10 billion share-repurchase program alongside a quarterly dividend of $1.27 per share.

Flavin Financial Services Inc. bought a new stake in Phillips 66 (NYSE:PSX - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 12,996 shares of the oil and gas company's stock, valued at approximately $2,197,000. Phillips 66 comprises approximately 1.3% of Flavin Financial Services Inc.'s portfolio, making the stock its 25th biggest position.

Other institutional investors and hedge funds have also recently modified their holdings of the company. NFSG Corp grew its holdings in Phillips 66 by 105.6% during the first quarter. NFSG Corp now owns 146 shares of the oil and gas company's stock valued at $27,000 after purchasing an additional 75 shares during the period. Axiom Investment Management LLC bought a new stake in shares of Phillips 66 in the first quarter valued at $27,000. Compass Financial Management LLC purchased a new position in shares of Phillips 66 during the 2nd quarter valued at $28,000. Kelleher Financial Advisors purchased a new position in shares of Phillips 66 during the 2nd quarter valued at $29,000. Finally, J.Safra Asset Management Corp bought a new position in shares of Phillips 66 during the 2nd quarter worth $30,000. 76.93% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. TD Cowen boosted their price objective on Phillips 66 from $240.00 to $255.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Wells Fargo & Company increased their target price on shares of Phillips 66 from $201.00 to $239.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Morgan Stanley boosted their price target on shares of Phillips 66 from $180.00 to $196.00 and gave the company an "overweight" rating in a research report on Friday, June 12th. The Goldman Sachs Group raised their price objective on shares of Phillips 66 from $207.00 to $235.00 and gave the stock a "neutral" rating in a report on Wednesday, July 22nd. Finally, UBS Group lifted their price target on Phillips 66 from $212.00 to $235.00 and gave the company a "buy" rating in a research report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $206.56.

Insider Activity at Phillips 66

In other news, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total transaction of $743,529.15. Following the completion of the sale, the executive vice president directly 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 ownership of the stock. 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 worth $21,770,810 in the last three months. 0.40% of the stock is currently owned by company insiders.

Phillips 66 Stock Up 0.2%

NYSE PSX opened at $243.34 on Monday. The business's 50-day moving average is $198.87 and its 200 day moving average is $179.70. Phillips 66 has a 1 year low of $124.88 and a 1 year high of $246.95. The stock has a market capitalization of $97.10 billion, a PE ratio of 13.87, a PEG ratio of 0.18 and a beta of 0.68. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating the consensus estimate of $7.50 by $1.91. The business 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 in the previous year, the firm posted $2.38 EPS. Sell-side analysts forecast that Phillips 66 will post 23.86 earnings per share for the current year.

Phillips 66 Announces Dividend

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

Phillips 66 announced that its board has initiated a stock repurchase 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 reacquire up to 11.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is 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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