Jupiter Topco LLC Purchases New Holdings in Phillips 66 $PSX

Key Points

• Jupiter Topco LLC acquired 38,743 Phillips 66 shares during the second quarter, valued at approximately $6.55 million. Institutional investors collectively own 76.93% of the company.
• Phillips 66 reported quarterly EPS of $9.41, beating estimates of $7.50, while revenue reached $52.04 billion versus the $43.60 billion consensus forecast.
• The company declared a quarterly dividend of $1.27 per share and authorized a $10 billion share-repurchase program, allowing buybacks of up to 11.8% of outstanding shares.

Jupiter Topco LLC purchased a new stake in Phillips 66 (NYSE:PSX - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 38,743 shares of the oil and gas company's stock, valued at approximately $6,550,000.

Other institutional investors have also recently made changes to their positions in the company. Key Client Fiduciary Advisors LLC grew its stake in shares of Phillips 66 by 3.5% in the second quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company's stock valued at $275,000 after buying an additional 55 shares in the last quarter. Threadgill Financial LLC raised its position in Phillips 66 by 3.5% during the second quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company's stock worth $286,000 after acquiring an additional 58 shares in the last quarter. Calamos Wealth Management LLC lifted its stake in Phillips 66 by 2.0% in the second quarter. Calamos Wealth Management LLC now owns 3,084 shares of the oil and gas company's stock valued at $521,000 after acquiring an additional 60 shares during the last quarter. Somerset Trust Co grew its position in shares of Phillips 66 by 0.3% in the 2nd quarter. Somerset Trust Co now owns 21,301 shares of the oil and gas company's stock valued at $3,601,000 after acquiring an additional 63 shares during the period. Finally, Clifford Group LLC grew its position in shares of Phillips 66 by 2.0% in the 4th quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company's stock valued at $428,000 after acquiring an additional 64 shares during the period. Institutional investors and hedge funds own 76.93% of the company's stock.

Phillips 66 Price Performance

Shares of PSX opened at $244.50 on Monday. The company's 50-day moving average is $206.11 and its 200-day moving average is $182.76. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. The firm has a market capitalization of $97.56 billion, a PE ratio of 13.93, a PEG ratio of 0.18 and a beta of 0.68. Phillips 66 has a fifty-two week low of $126.74 and a fifty-two week high of $246.95.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The firm had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. During the same period last year, the business posted $2.38 earnings per share. Equities analysts forecast that Phillips 66 will post 23.86 EPS for the current year.

Phillips 66 Dividend Announcement

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

Phillips 66 announced that its Board of Directors has authorized a stock repurchase program on Friday, July 31st that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the oil and gas company to buy up to 11.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Jefferies Financial Group upped their target price on shares of Phillips 66 from $191.00 to $207.00 and gave the company a "hold" rating in a report on Thursday, July 9th. Weiss Ratings upgraded Phillips 66 from a "hold (c)" rating to a "buy (b)" rating in a report on Wednesday, August 12th. BMO Capital Markets boosted their price target on Phillips 66 from $195.00 to $215.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 13th. Guggenheim upgraded Phillips 66 to an "outperform" rating in a research note on Wednesday, May 27th. Finally, Wall Street Zen raised Phillips 66 from a "buy" rating to a "strong-buy" rating in a research report on Sunday, July 26th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $206.56.

Insider Transactions at Phillips 66

In related news, CFO Kevin J. Mitchell sold 11,021 shares of the business's stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the sale, the chief financial officer directly owned 97,376 shares in the company, valued at $18,504,361.28. The trade was a 10.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the company's stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total value of $743,529.15. Following the completion of the transaction, the executive vice president directly owned 27,537 shares in the company, valued at approximately $5,811,683.85. This represents a 11.34% 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. In the last 90 days, insiders sold 100,507 shares of company stock valued at $21,770,810. 0.40% of the stock is currently owned by company insiders.

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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