Infrastructure Capital Advisors LLC Purchases New Position in Phillips 66 $PSX

Key Points

• Infrastructure Capital Advisors acquired 13,737 Phillips 66 shares worth approximately $2.32 million during the second quarter. Institutional investors collectively own 76.93% of the company.
• Phillips 66 reported quarterly EPS of $9.41, exceeding analyst estimates of $7.50, while revenue reached $52.04 billion versus expectations of $43.60 billion. The company also authorized a $10 billion share-repurchase plan and declared a quarterly dividend of $1.27.
• Insiders sold 100,507 shares valued at approximately $21.77 million in the last quarter, while Wall Street maintained a “Moderate Buy” consensus rating with an average price target of $206.56.

Infrastructure Capital Advisors LLC acquired a new stake in Phillips 66 (NYSE:PSX - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 13,737 shares of the oil and gas company's stock, valued at approximately $2,322,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. NFSG Corp raised its holdings 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 purchasing an additional 75 shares during the last quarter. Axiom Investment Management LLC bought a new stake in Phillips 66 in the 1st quarter worth approximately $27,000. SWAN Capital LLC raised its stake in Phillips 66 by 1,055.6% during the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock valued at $27,000 after buying an additional 190 shares during the last quarter. Compass Financial Management LLC purchased a new stake in Phillips 66 during the 2nd quarter valued at $28,000. Finally, Kelleher Financial Advisors bought a new position in shares of Phillips 66 during the 2nd quarter valued at $29,000. 76.93% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Richard G. Harbison sold 52,100 shares of the company's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the transaction, the executive vice president directly owned 39,094 shares in the company, valued at approximately $8,747,673.44. This represents a 57.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the 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 completion of the sale, the executive vice president owned 27,537 shares in the company, valued at approximately $5,811,683.85. The trade was 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. Insiders sold a total of 100,507 shares of company stock valued at $21,770,810 in the last quarter. 0.40% of the stock is currently owned by company insiders.

Phillips 66 Trading Up 0.2%

Phillips 66 stock opened at $243.34 on Monday. The stock has a market cap of $97.10 billion, a P/E ratio of 13.87, a PEG ratio of 0.18 and a beta of 0.68. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. Phillips 66 has a 1 year low of $124.88 and a 1 year high of $246.95. The firm's 50 day moving average price is $198.87 and its 200-day moving average price is $179.70.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS 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 during the quarter, compared to analyst estimates of $43.60 billion. During the same period in the prior year, the company earned $2.38 earnings per share. On average, equities analysts predict that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 declared that its board has initiated 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 purchase up to 11.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be issued a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Tuesday, August 18th. Phillips 66's dividend payout ratio (DPR) is 28.95%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Argus increased their target price on Phillips 66 from $185.00 to $197.00 and gave the company a "buy" rating in a report on Thursday, May 14th. Guggenheim raised shares of Phillips 66 to an "outperform" rating in a research report on Wednesday, May 27th. Mizuho upgraded shares of Phillips 66 from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $170.00 to $212.00 in a research note on Wednesday, May 27th. TD Cowen raised their price objective on shares of Phillips 66 from $240.00 to $255.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Finally, Citigroup restated a "neutral" rating on shares of Phillips 66 in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat, Phillips 66 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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