MidFirst Bank Purchases New Shares in Phillips 66 $PSX

Key Points

• MidFirst Bank acquired 38,348 Phillips 66 shares during the second quarter, valued at approximately $6.48 million. Institutional investors collectively own 76.93% of PSX.
• Phillips 66 reported quarterly earnings of $9.41 per share, exceeding estimates of $7.50, on revenue of $52.04 billion. The company also authorized a $10 billion share-repurchase program, covering up to 11.8% of outstanding shares.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $206.56, while PSX recently traded at $240.50 near its 52-week high. Insiders sold roughly 100,507 shares worth $21.77 million over the last quarter.

MidFirst Bank bought a new position in Phillips 66 (NYSE:PSX - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 38,348 shares of the oil and gas company's stock, valued at approximately $6,483,000.

A number of other institutional investors and hedge funds have also modified their holdings of PSX. NFSG Corp lifted its stake in Phillips 66 by 105.6% in the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company's stock worth $27,000 after acquiring an additional 75 shares in the last quarter. Axiom Investment Management LLC acquired a new position in shares of Phillips 66 in the 1st quarter valued at about $27,000. Kelleher Financial Advisors acquired a new position in shares of Phillips 66 in the 2nd quarter valued at about $29,000. J.Safra Asset Management Corp purchased a new stake in shares of Phillips 66 in the second quarter worth approximately $30,000. Finally, SWAN Capital LLC boosted its holdings in shares of Phillips 66 by 1,055.6% during the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock worth $27,000 after purchasing an additional 190 shares during the period. Hedge funds and other institutional investors own 76.93% of the company's stock.

Insider Buying and Selling at Phillips 66

In other news, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the sale, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $18,504,361.28. The trade was a 10.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brian Mandell sold 30,000 shares of the company's stock in a transaction dated 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 in the company, valued at approximately $13,242,925. The trade was a 32.75% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 100,507 shares of company stock worth $21,770,810. Corporate insiders own 0.40% of the company's stock.

Analyst Ratings Changes

PSX has been the topic of several research reports. Wall Street Zen upgraded shares of Phillips 66 from a "buy" rating to a "strong-buy" rating in a research note on Sunday, July 26th. JPMorgan Chase & Co. boosted their price target on shares of Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Piper Sandler upped their price target on shares of Phillips 66 from $208.00 to $209.00 and gave the stock a "neutral" rating in a research note on Monday, August 10th. Scotiabank increased their price objective on Phillips 66 from $140.00 to $151.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 22nd. Finally, Wells Fargo & Company boosted their target price on Phillips 66 from $201.00 to $239.00 and gave the company an "overweight" rating in a research note 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 assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $206.56.

Phillips 66 Stock Up 2.9%

PSX stock opened at $240.50 on Tuesday. The stock has a market capitalization of $95.96 billion, a price-to-earnings ratio of 13.70, a price-to-earnings-growth ratio of 0.17 and a beta of 0.68. The company has a 50-day moving average of $193.87 and a two-hundred day moving average of $176.91. Phillips 66 has a 52-week low of $121.24 and a 52-week high of $240.67. 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 earnings per share for the quarter, beating the consensus estimate 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 analysts' expectations of $43.60 billion. During the same period in the prior year, the business earned $2.38 earnings per share. As a group, equities research analysts anticipate that Phillips 66 will post 24.44 EPS for the current year.

Phillips 66 announced that its board has authorized a stock repurchase plan on Friday, July 31st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its stock is undervalued.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.1%. Phillips 66's payout ratio is currently 28.95%.

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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