NewEdge Wealth LLC Takes Position in Phillips 66 $PSX

Key Points

• NewEdge Wealth initiated a Phillips 66 position of 7,376 shares valued at approximately $1.25 million during the second quarter. Several other institutions also opened positions, with institutional investors collectively owning 76.93% of PSX.
• Phillips 66 reported quarterly earnings of $9.41 per share, beating estimates of $7.50, while revenue reached $52.04 billion versus expectations of $43.60 billion.
• The company authorized a $10 billion share repurchase program covering up to 11.8% of outstanding shares and declared a quarterly dividend of $1.27 per share, equivalent to a 2.1% yield.

NewEdge Wealth LLC bought a new position in shares of Phillips 66 (NYSE:PSX - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 7,376 shares of the oil and gas company's stock, valued at approximately $1,247,000.

A number of other hedge funds also recently modified their holdings of PSX. Empirical Asset Management LLC acquired a new stake in Phillips 66 during the second quarter worth about $594,000. Great Lakes Advisors LLC acquired a new position in shares of Phillips 66 in the 2nd quarter valued at approximately $61,000. Compass Wealth Management LLC bought a new stake in shares of Phillips 66 during the 2nd quarter worth approximately $5,522,000. BOK Financial Private Wealth Inc. bought a new stake in shares of Phillips 66 during the 2nd quarter worth approximately $55,000. Finally, Danske Bank A S acquired a new stake in shares of Phillips 66 during the 2nd quarter worth approximately $1,680,000. Institutional investors own 76.93% of the company's stock.

Phillips 66 Stock Up 1.4%

Shares of PSX opened at $243.34 on Friday. Phillips 66 has a 52 week low of $124.88 and a 52 week high of $246.95. The stock has a market capitalization of $97.10 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 0.18 and a beta of 0.68. 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 stock has a fifty day moving average of $198.87 and a 200-day moving average of $179.44.

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 for the quarter, topping analysts' consensus estimates of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.The business had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same quarter in the previous year, the company posted $2.38 EPS. As a group, 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 authorized 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 reacquire up to 11.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders 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 dividend yield of 2.1%. The ex-dividend date is Tuesday, August 18th. Phillips 66's payout ratio is 28.95%.

Insider Transactions at Phillips 66

In related news, EVP Brian Mandell sold 30,000 shares of Phillips 66 stock in a transaction that occurred 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 sale, the executive vice president directly owned 61,595 shares in the company, valued at $13,242,925. This trade represents a 32.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kevin J. Mitchell sold 11,021 shares of the business'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 transaction of $2,094,320.63. Following 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, 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 recently issued reports on the stock. BMO Capital Markets lifted their price objective on shares of Phillips 66 from $195.00 to $215.00 and gave the company an "outperform" rating in a research note on Wednesday, May 13th. Jefferies Financial Group boosted their price target on Phillips 66 from $191.00 to $207.00 and gave the stock a "hold" rating in a report on Thursday, July 9th. Mizuho raised Phillips 66 from a "neutral" rating to an "outperform" rating and raised their price objective for the company from $170.00 to $212.00 in a research note on Wednesday, May 27th. Zacks Research downgraded Phillips 66 from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 6th. Finally, Argus raised their price target on shares of Phillips 66 from $185.00 to $197.00 and gave the company a "buy" rating in a research note on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $206.56.

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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