Man Group plc Acquires New Position in Phillips 66 $PSX

Man Group plc acquired a new position in shares of Phillips 66 (NYSE:PSX - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 52,190 shares of the oil and gas company's stock, valued at approximately $8,823,000.

Other large investors have also recently bought and sold shares of the company. Brighton Jones LLC increased its position in Phillips 66 by 238.5% in the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock worth $1,166,000 after buying an additional 7,214 shares during the period. Woodline Partners LP grew its position in shares of Phillips 66 by 40.7% during the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company's stock worth $4,308,000 after acquiring an additional 10,089 shares during the last quarter. Sei Investments Co. grew its position in shares of Phillips 66 by 28.3% during the second quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company's stock worth $18,788,000 after acquiring an additional 34,698 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Phillips 66 by 9.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company's stock worth $41,359,000 after acquiring an additional 28,988 shares during the period. Finally, Glenview Trust co increased its holdings in shares of Phillips 66 by 2.6% in the 2nd quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company's stock worth $1,068,000 after acquiring an additional 229 shares during the period. Institutional investors own 76.93% of the company's stock.

Phillips 66 Stock Performance

Shares of PSX opened at $244.50 on Friday. The firm has a 50-day moving average price of $206.11 and a 200 day moving average price of $182.58. The firm has a market capitalization of $97.56 billion, a PE ratio of 13.93, a P/E/G 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 has a 52-week low of $126.74 and a 52-week high of $246.95.

Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, beating the consensus estimate of $7.50 by $1.91. The firm had revenue of $52.04 billion for the quarter, compared to analysts' expectations of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same quarter last year, the company earned $2.38 EPS. On average, sell-side analysts anticipate that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 announced that its Board of Directors has approved a stock repurchase program on Friday, July 31st that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to repurchase up to 11.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management 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. Investors of record on Tuesday, August 18th will be issued a dividend of $1.27 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.1%. Phillips 66's payout ratio is presently 28.95%.

Insider Transactions at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 11,021 shares of the company's stock in a transaction that occurred 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. This represents a 10.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 value of $6,450,000.00. Following the transaction, the executive vice president directly owned 61,595 shares of the company's stock, valued at approximately $13,242,925. The trade was a 32.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 100,507 shares of company stock valued at $21,770,810. 0.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on PSX shares. The Goldman Sachs Group boosted their target price on shares of Phillips 66 from $207.00 to $235.00 and gave the company a "neutral" rating in a research note on Wednesday, July 22nd. Piper Sandler lifted their price target on Phillips 66 from $208.00 to $209.00 and gave the company a "neutral" rating in a report on Monday, August 10th. Wall Street Zen upgraded Phillips 66 from a "buy" rating to a "strong-buy" rating in a research report on Sunday, July 26th. BMO Capital Markets increased their price objective on Phillips 66 from $195.00 to $215.00 and gave the stock an "outperform" rating in a report on Wednesday, May 13th. Finally, Guggenheim upgraded Phillips 66 to an "outperform" rating in a research report on Wednesday, May 27th. One equities research 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 company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price 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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