J. Goldman & Co LP acquired a new position in Phillips 66 (NYSE:PSX - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 19,663 shares of the oil and gas company's stock, valued at approximately $3,324,000.
Other institutional investors have also modified their holdings of the company. EFG International AG bought a new position in shares of Phillips 66 during the 2nd quarter valued at about $55,000. Ancora Advisors LLC acquired a new position in Phillips 66 in the 2nd quarter worth approximately $5,716,000. Delos Wealth Advisors LLC purchased a new stake in Phillips 66 in the 2nd quarter worth about $34,000. Canada Pension Plan Investment Board purchased a new position in Phillips 66 during the 2nd quarter valued at about $128,528,000. Finally, Legal & General Group Plc purchased a new position in Phillips 66 during the second quarter valued at approximately $303,648,000. Institutional investors and hedge funds own 76.93% of the company's stock.
Analysts Set New Price Targets
Several brokerages have weighed in on PSX. Raymond James Financial upped their target price on Phillips 66 from $218.00 to $235.00 and gave the stock an "outperform" rating in a research report on Monday, July 13th. Wells Fargo & Company raised their price target on shares of Phillips 66 from $201.00 to $239.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Wall Street Zen raised shares of Phillips 66 from a "buy" rating to a "strong-buy" rating in a research note on Sunday, July 26th. Citigroup reiterated a "neutral" rating on shares of Phillips 66 in a report on Thursday, August 6th. Finally, Tudor Pickering raised Phillips 66 from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $206.56.
View Our Latest Stock Analysis on Phillips 66
Phillips 66 Stock Down 2.1%
PSX stock opened at $237.00 on Wednesday. The stock has a market capitalization of $94.57 billion, a price-to-earnings ratio of 13.50, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. The company has a 50-day moving average of $201.55 and a two-hundred day moving average of $180.94. Phillips 66 has a 52-week low of $126.74 and a 52-week high of $246.95. 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 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data 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 return on equity of 19.93% and a net margin of 4.54%.The business had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same period in the previous year, the company posted $2.38 earnings per share. As a group, equities research analysts anticipate that Phillips 66 will post 23.86 EPS for the current year.
Phillips 66 Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be given a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66's dividend payout ratio is currently 28.95%.
Phillips 66 announced that its Board of Directors has authorized a stock buyback program 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 shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its shares are undervalued.
Insider Activity at Phillips 66
In related news, EVP Vanessa Allen Sutherland sold 3,523 shares of the business's stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the transaction, the executive vice president owned 27,537 shares of the company's stock, valued at approximately $5,811,683.85. The trade was a 11.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brian Mandell sold 30,000 shares of the stock in a transaction 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 completion of the sale, the executive vice president directly owned 61,595 shares of the company's stock, valued at approximately $13,242,925. This trade represents a 32.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 100,507 shares of company stock worth $21,770,810. Insiders own 0.40% of the company's stock.
About Phillips 66
(
Free Report)
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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