Navellier & Associates Inc. Buys 19,693 Shares of Phillips 66 $PSX

Key Points

• Navellier & Associates increased its Phillips 66 stake by 48.9% in the second quarter, purchasing 19,693 additional shares and bringing its holdings to 59,960 shares valued at approximately $10.1 million.
• Phillips 66 reported stronger-than-expected quarterly results, with EPS of $9.41 versus the $7.50 consensus and revenue of $52.04 billion. The company also declared a $1.27 quarterly dividend and authorized a $10 billion share-repurchase program.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating, although the stock’s $244.50 price was above the average analyst target of $206.56. Institutional investors own 76.93% of Phillips 66, while insiders have sold roughly $21.8 million in shares over the past 90 days.

Navellier & Associates Inc. lifted its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 48.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 59,960 shares of the oil and gas company's stock after buying an additional 19,693 shares during the period. Phillips 66 comprises about 0.8% of Navellier & Associates Inc.'s holdings, making the stock its 29th largest position. Navellier & Associates Inc.'s holdings in Phillips 66 were worth $10,136,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. SWAN Capital LLC boosted its holdings in Phillips 66 by 1,055.6% during the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock worth $27,000 after acquiring an additional 190 shares during the last quarter. NFSG Corp grew its stake in shares of 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 purchased a new stake in shares of Phillips 66 in the first quarter valued at about $27,000. Compass Financial Management LLC purchased a new stake in shares of Phillips 66 in the second quarter valued at about $28,000. Finally, Kelleher Financial Advisors bought a new position in shares of Phillips 66 during the second quarter valued at about $29,000. Institutional investors own 76.93% of the company's stock.

Phillips 66 Price Performance

PSX opened at $244.50 on Friday. Phillips 66 has a fifty-two week low of $126.74 and a fifty-two week high of $246.95. The firm has a 50-day moving average of $206.11 and a 200 day moving average of $182.58. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32. The firm has a market cap of $97.56 billion, a P/E ratio of 13.93, a PEG ratio of 0.18 and a beta of 0.68.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, topping the consensus estimate of $7.50 by $1.91. The business had revenue of $52.04 billion for the quarter, compared to analyst estimates 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 in the previous year, the firm posted $2.38 earnings per share. On average, research analysts expect that Phillips 66 will post 23.86 EPS for the current year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders 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 annualized dividend and a dividend yield of 2.1%. Phillips 66's dividend payout ratio (DPR) is presently 28.95%.

Phillips 66 declared that its board has authorized a stock repurchase program on Friday, July 31st that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

PSX has been the topic of several analyst reports. The Goldman Sachs Group boosted their price target on shares of Phillips 66 from $207.00 to $235.00 and gave the stock a "neutral" rating in a report on Wednesday, July 22nd. TD Cowen lifted their target price on shares of Phillips 66 from $240.00 to $255.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. BMO Capital Markets boosted their target price on Phillips 66 from $195.00 to $215.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 13th. UBS Group boosted their target price on Phillips 66 from $212.00 to $235.00 and gave the stock a "buy" rating in a research note on Monday, July 27th. Finally, Zacks Research lowered Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $206.56.

Insider Activity at Phillips 66

In related news, EVP Vanessa Allen Sutherland sold 3,523 shares of Phillips 66 stock in a transaction that occurred 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 sale, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 company's stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 61,595 shares in the company, valued at approximately $13,242,925. The trade was a 32.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 100,507 shares of company stock worth $21,770,810. 0.40% of the stock is currently owned by company insiders.

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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