HBK Sorce Advisory LLC Makes New Investment in Phillips 66 $PSX

Key Points

• HBK Sorce Advisory acquired 15,670 Phillips 66 shares worth approximately $3.17 million in the second quarter, while institutional investors collectively own 76.93% of the company.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $206.56; ratings include one Strong Buy, 13 Buys and eight Holds.
• Phillips 66 exceeded quarterly earnings expectations with $9.41 EPS versus $7.50 projected, declared a $1.27 quarterly dividend, and authorized a $10 billion share buyback covering up to 11.8% of outstanding shares.

HBK Sorce Advisory LLC acquired a new position in shares of Phillips 66 (NYSE:PSX - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 15,670 shares of the oil and gas company's stock, valued at approximately $3,174,000.

Other large investors have also recently made changes to their positions in the company. Tulsa Wealth Advisors INC acquired a new position in shares of Phillips 66 in the 2nd quarter valued at $334,000. German American Bancorp Inc. purchased a new position in Phillips 66 in the 2nd quarter worth $3,334,000. Nippon Life Global Investors Americas Inc. acquired a new stake in Phillips 66 during the 2nd quarter worth about $730,000. J.Safra Asset Management Corp acquired a new stake in Phillips 66 during the 2nd quarter worth about $30,000. Finally, Flputnam Investment Management Co. purchased a new stake in Phillips 66 during the 2nd quarter valued at about $2,584,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on PSX shares. Tudor Pickering raised Phillips 66 from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 30th. Argus lifted their target price on Phillips 66 from $185.00 to $197.00 and gave the stock a "buy" rating in a report on Thursday, May 14th. Citigroup reiterated a "neutral" rating on shares of Phillips 66 in a research report on Thursday, August 6th. Barclays increased their price target on shares of Phillips 66 from $183.00 to $216.00 and gave the stock an "equal weight" rating in a report on Thursday, August 6th. Finally, Jefferies Financial Group raised their price target on shares of Phillips 66 from $191.00 to $207.00 and gave the stock a "hold" rating in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, Phillips 66 currently has an average rating of "Moderate Buy" and an average price target of $206.56.

Phillips 66 Price Performance

Shares of PSX opened at $240.50 on Tuesday. The business's 50-day moving average is $193.87 and its two-hundred day moving average is $176.91. The company has a market capitalization of $95.96 billion, a P/E ratio of 13.70, a P/E/G ratio of 0.17 and a beta of 0.68. 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 fifty-two week low of $121.24 and a fifty-two week high of $240.67.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating analysts' consensus estimates of $7.50 by $1.91. The business had revenue of $52.04 billion during the quarter, compared to analyst estimates of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same quarter last year, the business posted $2.38 EPS. Research analysts predict that Phillips 66 will post 24.44 earnings per share for the current year.

Phillips 66 Announces Dividend

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 given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 2.1%. The ex-dividend date is Tuesday, August 18th. Phillips 66's dividend payout ratio (DPR) is currently 28.95%.

Phillips 66 announced that its board has approved a stock buyback plan on Friday, July 31st that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to buy up to 11.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling

In other news, EVP Brian Mandell sold 30,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the sale, the executive vice president owned 61,595 shares of the company's stock, valued at $13,242,925. This trade represents a 32.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction that occurred on 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 transaction, the chief financial officer directly owned 97,376 shares of the company's stock, valued at approximately $18,504,361.28. This trade represents a 10.17% 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 a total of 100,507 shares of company stock valued at $21,770,810 in the last ninety days. Insiders own 0.40% of the company's stock.

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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