German American Bancorp Inc. Invests $3.33 Million in Phillips 66 $PSX

Key Points

• German American Bancorp acquired 19,720 Phillips 66 shares worth approximately $3.33 million in the second quarter. Institutional investors collectively own 76.93% of the company.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $206.56, while Phillips 66 shares recently traded near a 52-week high at $240.50.
• Phillips 66 reported quarterly EPS of $9.41, surpassing estimates of $7.50, and declared a $1.27 quarterly dividend. The board also authorized a $10 billion share-repurchase program covering up to 11.8% of outstanding shares.

German American Bancorp Inc. acquired a new stake in shares of Phillips 66 (NYSE:PSX - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 19,720 shares of the oil and gas company's stock, valued at approximately $3,334,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. NFSG Corp raised its stake 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 purchasing an additional 75 shares during the last quarter. Axiom Investment Management LLC acquired a new stake in shares of Phillips 66 during the 1st quarter worth about $27,000. SWAN Capital LLC grew its holdings 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 buying an additional 190 shares in the last quarter. Kelleher Financial Advisors purchased a new stake in shares of Phillips 66 during the second quarter worth about $29,000. Finally, J.Safra Asset Management Corp acquired a new position in shares of Phillips 66 in the second quarter valued at approximately $30,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PSX shares. Mizuho raised shares of Phillips 66 from a "neutral" rating to an "outperform" rating and upped their price objective for the company from $170.00 to $212.00 in a research note on Wednesday, May 27th. Morgan Stanley lifted their target price on shares of Phillips 66 from $180.00 to $196.00 and gave the stock an "overweight" rating in a research note on Friday, June 12th. BMO Capital Markets boosted their price target on Phillips 66 from $195.00 to $215.00 and gave the company an "outperform" rating in a report on Wednesday, May 13th. The Goldman Sachs Group increased their price target on Phillips 66 from $207.00 to $235.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 22nd. Finally, Tudor Pickering raised Phillips 66 from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $206.56.

Insider Activity at Phillips 66

In related news, EVP Vanessa Allen Sutherland sold 3,523 shares of Phillips 66 stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the transaction, the executive vice president owned 27,537 shares in the company, valued at approximately $5,811,683.85. This trade represents a 11.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 business's stock in a transaction dated 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 sale, the executive vice president directly owned 39,094 shares of the company's stock, valued at approximately $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 sold 100,507 shares of company stock valued at $21,770,810 over the last quarter. 0.40% of the stock is currently owned by corporate insiders.

Phillips 66 Price Performance

PSX opened at $240.50 on Tuesday. The company's 50 day simple moving average is $193.87 and its 200 day simple moving average is $176.91. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32. Phillips 66 has a 1 year low of $121.24 and a 1 year high of $240.67. The stock has a market capitalization 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 (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, beating analysts' consensus estimates of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The firm had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. During the same period in the previous year, the firm earned $2.38 earnings per share. As a group, sell-side analysts expect that Phillips 66 will post 24.44 EPS for the current year.

Phillips 66 Dividend Announcement

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

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