National Pension Service Acquires 34,742 Shares of Phillips 66 $PSX

Key Points

• National Pension Service increased its Phillips 66 stake by 5% in the second quarter, adding 34,742 shares to own 732,811 shares valued at approximately $123.9 million. Institutional investors collectively hold 76.93% of the company.
• Phillips 66 reported quarterly EPS of $9.41, beating estimates of $7.50, while revenue reached $52.04 billion. The company also authorized a $10 billion share-repurchase program and pays a quarterly dividend of $1.27 per share.
• Despite broadly favorable analyst sentiment and a “Moderate Buy” consensus, insiders sold 100,507 shares worth $21.8 million over the past three months. The stock was trading near its 52-week high, with some analysts maintaining Hold ratings amid uncertainty over the refining cycle.

National Pension Service increased its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 5.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 732,811 shares of the oil and gas company's stock after buying an additional 34,742 shares during the period. National Pension Service owned 0.18% of Phillips 66 worth $123,882,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Pointe Capital Management LLC lifted its position in shares of Phillips 66 by 4.3% during the second quarter. Pointe Capital Management LLC now owns 1,261 shares of the oil and gas company's stock worth $213,000 after purchasing an additional 52 shares in the last quarter. Key Client Fiduciary Advisors LLC increased its holdings 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 purchasing an additional 55 shares in the last quarter. Threadgill Financial LLC raised its position in Phillips 66 by 3.5% in the 2nd quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company's stock worth $286,000 after purchasing an additional 58 shares during the last quarter. Nilsine Partners LLC raised its position in Phillips 66 by 1.5% in the 2nd quarter. Nilsine Partners LLC now owns 4,068 shares of the oil and gas company's stock worth $688,000 after purchasing an additional 59 shares during the last quarter. Finally, Calamos Wealth Management LLC lifted its holdings in Phillips 66 by 2.0% during the 2nd quarter. Calamos Wealth Management LLC now owns 3,084 shares of the oil and gas company's stock worth $521,000 after buying an additional 60 shares in the last quarter. Institutional investors own 76.93% of the company's stock.

Insider Activity

In other news, EVP Brian Mandell sold 30,000 shares of Phillips 66 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 transaction, the executive vice president directly owned 61,595 shares of the company's stock, valued at $13,242,925. This trade represents a 32.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Richard G. Harbison sold 52,100 shares of the business's stock in a transaction 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 completion of the transaction, the executive vice president directly owned 39,094 shares of the company's stock, valued at $8,747,673.44. This trade represents a 57.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 100,507 shares of company stock worth $21,770,810 over the last three months. Company insiders own 0.40% of the company's stock.

Phillips 66 Trading Down 0.8%

NYSE:PSX opened at $258.59 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. Phillips 66 has a 1-year low of $126.74 and a 1-year high of $263.76. The firm has a market capitalization of $103.18 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 0.19 and a beta of 0.71. The business's 50-day moving average price is $221.19 and its two-hundred day moving average price is $188.94.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its earnings results 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. The company had revenue of $52.04 billion during the quarter, compared to analyst estimates of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same period in the previous year, the company earned $2.38 EPS. On average, equities analysts expect that Phillips 66 will post 24.45 earnings per share for the current year.

Phillips 66 declared that its board has initiated a share repurchase plan 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 purchase up to 11.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th were issued a dividend of $1.27 per share. The ex-dividend date was Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.0%. Phillips 66's payout ratio is currently 28.95%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Piper Sandler increased their price objective on Phillips 66 from $209.00 to $264.00 and gave the company a "neutral" rating in a research report on Thursday, September 3rd. TD Cowen boosted their target price on Phillips 66 from $240.00 to $255.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Raymond James Financial upped their price target on Phillips 66 from $218.00 to $235.00 and gave the company an "outperform" rating in a research note on Monday, July 13th. Wall Street Zen upgraded Phillips 66 from a "buy" rating to a "strong-buy" rating in a report on Sunday, July 26th. Finally, Morgan Stanley lifted their price objective on Phillips 66 from $180.00 to $196.00 and gave the stock an "overweight" rating in a research report on Friday, June 12th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $222.76.

Phillips 66 News Roundup

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Momentum and bullish coverage: Zacks highlighted Phillips 66 as a strong momentum candidate, while another commentary described the refiner as having “tech-stock swagger” backed by improving fundamentals. The stock’s move to a 52-week high reinforces its strong recent performance. Phillips 66 Is a Great Momentum Stock Bull of the Day: Phillips 66
• Positive Sentiment: Analyst sentiment is broadly constructive: Phillips 66’s average brokerage recommendation remains bullish, and Zacks Research recently upgraded the shares from Hold to Strong Buy. Such ratings can attract momentum and income-oriented investors, although they are not always reliable indicators of future returns. Wall Street Bulls Look Optimistic About Phillips 66 Zacks Upgrades Phillips 66
• Neutral Sentiment: Refining-cycle outlook remains the key debate: Recent analysis revisited the timing of Phillips 66’s expected performance while maintaining a broader view on the refining cycle. This suggests the long-term thesis remains intact, but the timing of additional upside is uncertain. Phillips 66: I Was Wrong on the Duration, Not on the Cycle
• Negative Sentiment: Hold ratings temper the bullish case: Bank of America Securities and Barclays both reiterated Hold ratings. These cautious views could pressure the shares after their substantial run and near the 52-week high. Bank of America Securities Keeps Hold Rating Barclays Gives Phillips 66 a Hold

Phillips 66 Company Profile

Phillips 66 NYSE: PSX is an energy company that operates across the midstream, chemicals, refining and marketing sectors. Headquartered in Houston, Texas, the company was established in 2012 when ConocoPhillips separated its downstream businesses into an independent company.

The company's midstream operations include transportation, processing, storage and other infrastructure for crude oil, natural gas and natural gas liquids. Phillips 66 also owns and operates refineries that process crude oil into transportation fuels, lubricants, specialty products and other refined petroleum products.

Phillips 66 markets gasoline, diesel and other fuels under the Phillips 66, Conoco and 76 brands, primarily in the United States.

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