Global Retirement Partners LLC Makes New Investment in Phillips 66 $PSX

Key Points

• Global Retirement Partners purchased 12,029 Phillips 66 shares worth approximately $2.03 million in the second quarter, while institutional investors collectively own 76.93% of the company.
• Phillips 66 reported quarterly EPS of $9.41, beating estimates of $7.50, and revenue of $52.04 billion versus expectations of $43.60 billion. The company also authorized a $10 billion share-repurchase program, covering up to 11.8% of outstanding shares.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $206.56, while Phillips 66 declared a quarterly dividend of $1.27, or $5.08 annually, yielding about 2.1%.

Global Retirement Partners LLC purchased a new stake in Phillips 66 (NYSE:PSX - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 12,029 shares of the oil and gas company's stock, valued at approximately $2,034,000.

Several other hedge funds also recently modified their holdings of the stock. 1ST Source Bank bought a new stake in Phillips 66 in the second quarter valued at $1,069,000. Fielder Capital Group LLC acquired a new stake in shares of Phillips 66 in the 2nd quarter valued at about $253,000. SCS Capital Management LLC bought a new stake in Phillips 66 in the 2nd quarter valued at about $287,000. Bank of New York Mellon Corp acquired a new position in Phillips 66 during the 2nd quarter worth approximately $1,093,206,000. Finally, Focus Partners Advisor Solutions LLC acquired a new position in Phillips 66 during the 2nd quarter worth approximately $5,133,000. Institutional investors own 76.93% of the company's stock.

Insider Activity

In other news, CFO Kevin J. Mitchell sold 11,021 shares of the stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the completion of the sale, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $18,504,361.28. This represents a 10.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through 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 that occurred 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 completion of the transaction, the executive vice president directly owned 27,537 shares of the company's stock, valued at $5,811,683.85. This represents a 11.34% 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. 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 Analysts Forecast Growth

A number of brokerages recently issued reports on PSX. BMO Capital Markets increased their target price on Phillips 66 from $195.00 to $215.00 and gave the stock an "outperform" rating in a report on Wednesday, May 13th. Barclays boosted their target price on shares of Phillips 66 from $183.00 to $216.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 6th. Guggenheim raised shares of Phillips 66 to an "outperform" rating in a research report on Wednesday, May 27th. Raymond James Financial boosted their price objective on Phillips 66 from $218.00 to $235.00 and gave the stock an "outperform" rating in a report on Monday, July 13th. Finally, Mizuho upgraded Phillips 66 from a "neutral" rating to an "outperform" rating and upped their price target for the stock from $170.00 to $212.00 in a report on Wednesday, May 27th. One 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. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $206.56.

Phillips 66 Trading Up 2.9%

Shares of Phillips 66 stock opened at $240.50 on Tuesday. Phillips 66 has a 12-month low of $121.24 and a 12-month high of $240.67. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. The company has a market cap of $95.96 billion, a price-to-earnings ratio of 13.70, a PEG ratio of 0.17 and a beta of 0.68. The company's 50-day moving average price is $193.87 and its 200-day moving average price is $176.91.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $43.60 billion. During the same quarter in the prior year, the firm earned $2.38 EPS. On average, equities analysts expect that Phillips 66 will post 24.44 earnings per share for the current fiscal year.

Phillips 66 announced that its Board of Directors has approved a share repurchase program on Friday, July 31st that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the oil and gas company to repurchase 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 stock is undervalued.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be paid a $1.27 dividend. 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 payout ratio is 28.95%.

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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