International Assets Investment Management LLC Buys 6,517 Shares of Phillips 66 $PSX

Key Points

• International Assets Investment Management increased its Phillips 66 stake by 35.7%, buying 6,517 shares to hold 24,747 shares valued at about $6.32 million.
• Phillips 66 reported quarterly EPS of $14.08, beating the $11.73 estimate, and revenue of $50.54 billion. The company also authorized up to $10 billion in share repurchases and raised its quarterly dividend to $1.33 per share.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $270.12; insiders sold 108,800 shares over the past three months.

International Assets Investment Management LLC increased its stake in Phillips 66 (NYSE:PSX - Free Report) by 35.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,747 shares of the oil and gas company's stock after acquiring an additional 6,517 shares during the period. International Assets Investment Management LLC's holdings in Phillips 66 were worth $6,318,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in shares of Phillips 66 in the 2nd quarter worth approximately $5,766,779,000. Bank of New York Mellon Corp bought a new stake in Phillips 66 in the second quarter worth $1,093,206,000. Bank of America Corp DE bought a new stake in Phillips 66 in the second quarter worth $469,970,000. Legal & General Group Plc purchased a new position in Phillips 66 during the second quarter worth $303,648,000. Finally, Deutsche Bank AG purchased a new position in Phillips 66 during the second quarter worth $271,128,000. 76.93% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Brian Mandell sold 23,400 shares of Phillips 66 stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $265.06, for a total transaction of $6,202,404.00. Following the completion of the sale, the executive vice president owned 61,595 shares of the company's stock, valued at approximately $16,326,370.70. The trade was a 27.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction that occurred on 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 sale, the executive vice president directly owned 39,094 shares of the company's stock, valued at $8,747,673.44. This represents a 57.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 108,800 shares of company stock valued at $25,016,566. 0.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

PSX has been the topic of a number of analyst reports. Jefferies Financial Group reiterated a "hold" rating and set a $276.00 price objective on shares of Phillips 66 in a research report on Sunday, October 11th. Wall Street Zen upgraded shares of Phillips 66 from a "buy" rating to a "strong-buy" rating in a report on Sunday, July 26th. Piper Sandler lifted their price target on shares of Phillips 66 from $264.00 to $268.00 and gave the stock a "neutral" rating in a research note on Thursday, October 29th. The Goldman Sachs Group upped their price target on shares of Phillips 66 from $245.00 to $274.00 and gave the company a "neutral" rating in a report on Wednesday, September 30th. Finally, Zacks Research raised shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 7th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, Phillips 66 has an average rating of "Moderate Buy" and a consensus price target of $270.12.

Phillips 66 Stock Performance

Shares of Phillips 66 stock opened at $245.45 on Friday. The stock's fifty day moving average is $268.05 and its two-hundred day moving average is $201.52. The company has a market capitalization of $95.74 billion, a PE ratio of 7.84, a price-to-earnings-growth ratio of 0.13 and a beta of 0.69. The company has a quick ratio of 1.04, a current ratio of 1.34 and a debt-to-equity ratio of 0.49. Phillips 66 has a 52 week low of $127.16 and a 52 week high of $299.39.

Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share for the quarter, topping the consensus estimate of $11.73 by $2.35. The business had revenue of $50.54 billion during the quarter, compared to the consensus estimate of $44.91 billion. Phillips 66 had a return on equity of 33.12% and a net margin of 7.27%. During the same period last year, the company earned $2.52 earnings per share. As a group, analysts expect that Phillips 66 will post 33.63 earnings per share for the current year.

Phillips 66 announced that its Board of Directors has authorized a stock buyback program on Friday, July 31st that permits the company to repurchase $10 billion in shares. This repurchase authorization permits the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board believes its shares are undervalued.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 17th will be issued a dividend of $1.33 per share. This represents a $5.32 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Tuesday, November 17th. This is a positive change from Phillips 66's previous quarterly dividend of $1.27. Phillips 66's dividend payout ratio (DPR) is 16.22%.

About Phillips 66

Phillips 66 NYSE: PSX is an integrated energy company with businesses spanning refining, midstream operations, chemicals, and marketing. It processes crude oil and other feedstocks into transportation fuels and other petroleum products, including gasoline, diesel, and jet fuel.

The company's midstream operations include the transportation, processing, storage, and marketing of crude oil, natural gas, natural gas liquids, and refined products. Phillips 66 also markets fuels and related products through retail and wholesale channels, including under the Phillips 66, 76, and JET brands.

Phillips 66 was established in 2012 when ConocoPhillips separated its downstream and midstream businesses.

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