Glenview Trust Co Makes New Investment in Phillips 66 $PSX

Glenview Trust Co acquired a new position in shares of Phillips 66 (NYSE:PSX - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 7,790 shares of the oil and gas company's stock, valued at approximately $1,317,000.

Several other hedge funds also recently added to or reduced their stakes in PSX. NFSG Corp grew its stake in shares of 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 buying an additional 75 shares during the last quarter. Axiom Investment Management LLC purchased a new stake in Phillips 66 in the first quarter worth $27,000. Compass Financial Management LLC bought a new stake in shares of Phillips 66 during the second quarter worth $28,000. Kelleher Financial Advisors purchased a new stake in shares of Phillips 66 during the second quarter valued at $29,000. Finally, J.Safra Asset Management Corp bought a new position in shares of Phillips 66 in the second quarter worth about $30,000. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Price Performance

Shares of PSX opened at $244.50 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. The company's fifty day moving average price is $206.11 and its 200-day moving average price is $182.58. Phillips 66 has a 1-year low of $126.74 and a 1-year high of $246.95. The firm has a market capitalization of $97.56 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68.

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 (EPS) for the quarter, topping the consensus estimate of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.The firm had revenue of $52.04 billion during the quarter, compared to analysts' expectations of $43.60 billion. During the same period last year, the business posted $2.38 earnings per share. On average, equities research analysts predict that Phillips 66 will post 23.86 EPS for the current year.

Phillips 66 declared that its Board of Directors has initiated a share repurchase 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 reacquire up to 11.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's leadership believes its shares are undervalued.

Phillips 66 Dividend Announcement

The business 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 $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 dividend payout ratio (DPR) is currently 28.95%.

Insider Transactions at Phillips 66

In related news, EVP Vanessa Allen Sutherland sold 3,523 shares of Phillips 66 stock in a transaction that occurred 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 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 filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin J. Mitchell sold 11,021 shares of the firm's stock in a transaction that occurred on 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 sale, the chief financial officer owned 97,376 shares of the company's stock, valued at $18,504,361.28. This represents a 10.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 100,507 shares of company stock worth $21,770,810. Company insiders own 0.40% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on PSX. TD Cowen boosted their price objective 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. Zacks Research lowered Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. Jefferies Financial Group increased their price objective on Phillips 66 from $191.00 to $207.00 and gave the stock a "hold" rating in a research note on Thursday, July 9th. Argus raised their price objective on Phillips 66 from $185.00 to $197.00 and gave the stock a "buy" rating in a report on Thursday, May 14th. Finally, Citigroup reaffirmed a "neutral" rating on shares of Phillips 66 in a research report on Thursday, August 6th. 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 company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $206.56.

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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