Ieq Capital LLC Makes New $44.39 Million Investment in Phillips 66 $PSX

Key Points

• Ieq Capital LLC acquired 262,569 Phillips 66 shares in the second quarter, representing an investment of approximately $44.39 million and about 0.07% of the company.
• Phillips 66 reported quarterly EPS of $9.41, beating the $7.50 analyst consensus, while revenue reached $52.04 billion. The board also authorized a $10 billion share-buyback program covering up to 11.8% of outstanding shares.
• Insiders sold approximately $21.77 million of Phillips 66 stock over the past 90 days, while analysts maintained a “Moderate Buy” consensus with an average price target of $206.56.

Ieq Capital LLC bought a new position in Phillips 66 (NYSE:PSX - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 262,569 shares of the oil and gas company's stock, valued at approximately $44,387,000. Ieq Capital LLC owned approximately 0.07% of Phillips 66 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in PSX. MUFG Securities EMEA plc increased its stake in shares of Phillips 66 by 113.5% during the fourth quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company's stock valued at $2,131,000 after purchasing an additional 8,783 shares in the last quarter. Horizon Investments LLC lifted its holdings in shares of Phillips 66 by 478.4% during the fourth quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company's stock valued at $8,167,000 after purchasing an additional 52,348 shares during the last quarter. Truist Financial Corp boosted its position in shares of Phillips 66 by 1.6% in the 4th quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company's stock worth $87,113,000 after purchasing an additional 10,585 shares in the last quarter. Fifth Third Bancorp grew its stake in shares of Phillips 66 by 543.7% in the 1st quarter. Fifth Third Bancorp now owns 128,156 shares of the oil and gas company's stock worth $23,348,000 after buying an additional 108,248 shares during the last quarter. Finally, National Pension Service grew its stake in shares of Phillips 66 by 2.0% in the 4th quarter. National Pension Service now owns 614,059 shares of the oil and gas company's stock worth $79,238,000 after buying an additional 11,960 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company's stock.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 11,021 shares of the stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total value of $2,094,320.63. Following the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $18,504,361.28. This trade represents a 10.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the transaction, the executive vice president owned 39,094 shares in the company, valued at $8,747,673.44. This represents a 57.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 100,507 shares of company stock valued at $21,770,810 in the last ninety days. Corporate insiders own 0.40% of the company's stock.

Phillips 66 Stock Performance

Shares of NYSE PSX opened at $243.34 on Friday. The firm's 50-day moving average price is $198.87 and its 200-day moving average price is $179.44. Phillips 66 has a 52-week low of $124.88 and a 52-week high of $246.95. The company has a market cap of $97.10 billion, a PE ratio of 13.87, a PEG ratio of 0.18 and a beta of 0.68. 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 earnings results 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. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.The company had revenue of $52.04 billion for the quarter, compared to the consensus estimate of $43.60 billion. During the same quarter in the prior year, the company earned $2.38 earnings per share. As a group, analysts anticipate that Phillips 66 will post 23.86 EPS for the current year.

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

Phillips 66 Announces Dividend

The firm also recently announced 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 payout ratio is 28.95%.

Analysts Set New Price Targets

A number of brokerages have issued reports on PSX. Argus lifted their price objective on Phillips 66 from $185.00 to $197.00 and gave the company a "buy" rating in a research note on Thursday, May 14th. Raymond James Financial increased their target price on Phillips 66 from $218.00 to $235.00 and gave the stock an "outperform" rating in a research note on Monday, July 13th. The Goldman Sachs Group raised their price target on Phillips 66 from $207.00 to $235.00 and gave the company a "neutral" rating in a report on Wednesday, July 22nd. Zacks Research lowered Phillips 66 from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 6th. Finally, Morgan Stanley upped their price target 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. 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.com, Phillips 66 presently has an average rating of "Moderate Buy" and an average price target of $206.56.

About Phillips 66

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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