Flputnam Investment Management Co. Acquires New Stake in Phillips 66 $PSX

Key Points

• Flputnam Investment Management initiated a Phillips 66 stake of 15,288 shares worth approximately $2.58 million during the second quarter. Institutional investors collectively own 76.93% of PSX.
• Phillips 66 reported quarterly EPS of $9.41, exceeding expectations of $7.50, while revenue reached $52.04 billion versus the $43.60 billion consensus estimate.
• The company authorized a $10 billion share-repurchase plan covering up to 11.8% of outstanding shares and declared a quarterly dividend of $1.27, equivalent to a 2.1% annualized yield.

Flputnam Investment Management Co. bought a new stake in Phillips 66 (NYSE:PSX - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 15,288 shares of the oil and gas company's stock, valued at approximately $2,584,000.

Several other institutional investors and hedge funds have also bought and sold shares of PSX. Brighton Jones LLC lifted its stake in 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 during the last quarter. Woodline Partners LP lifted its position in shares of Phillips 66 by 40.7% during the 1st quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company's stock valued at $4,308,000 after acquiring an additional 10,089 shares during the period. Sei Investments Co. lifted its holdings in shares of Phillips 66 by 28.3% during the 2nd quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company's stock worth $18,788,000 after acquiring an additional 34,698 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of 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 valued at $41,359,000 after purchasing an additional 28,988 shares during the last quarter. Finally, Glenview Trust co grew its stake in shares of Phillips 66 by 2.6% during the second 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 last quarter. Institutional investors own 76.93% of the company's stock.

Phillips 66 Stock Up 2.9%

PSX opened at $240.50 on Tuesday. The business's fifty day simple moving average is $193.87 and its 200 day simple moving average is $176.91. The stock has a market cap of $95.96 billion, a PE ratio of 13.70, a P/E/G ratio of 0.17 and a beta of 0.68. Phillips 66 has a 52 week low of $121.24 and a 52 week high of $240.67. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, topping the consensus estimate of $7.50 by $1.91. The firm had revenue of $52.04 billion for the quarter, compared to the consensus estimate 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 last year, the firm posted $2.38 earnings per share. As a group, research analysts expect that Phillips 66 will post 24.44 earnings per share for the current fiscal year.

Phillips 66 declared that its board has initiated a stock repurchase plan on Friday, July 31st that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Phillips 66 Announces Dividend

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

Insider Activity

In related news, CFO Kevin J. Mitchell sold 11,021 shares of the firm's stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $190.03, for a total value of $2,094,320.63. Following the sale, the chief financial officer directly owned 97,376 shares of the company's stock, valued at $18,504,361.28. This trade represents a 10.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the firm's stock in a transaction dated 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 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. In the last three months, insiders sold 100,507 shares of company stock valued at $21,770,810. 0.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PSX shares. JPMorgan Chase & Co. lifted their price target on shares of Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Piper Sandler boosted their target price on shares of Phillips 66 from $208.00 to $209.00 and gave the stock a "neutral" rating in a research report on Monday, August 10th. Mizuho upgraded shares of Phillips 66 from a "neutral" rating to an "outperform" rating and upped their target price for the stock from $170.00 to $212.00 in a research note on Wednesday, May 27th. UBS Group upped their price objective on Phillips 66 from $212.00 to $235.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Finally, Weiss Ratings raised Phillips 66 from a "hold (c)" rating to a "buy (b)" rating in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, Phillips 66 has an average rating of "Moderate Buy" and a consensus target price of $206.56.

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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