Nykredit A S Acquires New Shares in Phillips 66 $PSX

Key Points

• Nykredit A/S acquired 171,043 Phillips 66 shares during the second quarter, valued at approximately $28.9 million. Institutional investors and hedge funds collectively own 76.93% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $218.94. Phillips 66 recently exceeded quarterly earnings expectations, reporting $9.41 in EPS versus the $7.50 estimate.
• Phillips 66 declared a quarterly dividend of $1.27, representing a 2.0% annualized yield, and approved a $10 billion share-repurchase program authorizing buybacks of up to 11.8% of outstanding shares.

Nykredit A S bought a new position in shares of Phillips 66 (NYSE:PSX - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 171,043 shares of the oil and gas company's stock, valued at approximately $28,915,000.

Several other large investors also recently bought and sold shares of the company. NFSG Corp increased its position in shares of Phillips 66 by 105.6% in the first quarter. NFSG Corp now owns 146 shares of the oil and gas company's stock valued at $27,000 after buying an additional 75 shares in the last quarter. Axiom Investment Management LLC purchased a new stake in shares of Phillips 66 in the 1st quarter worth about $27,000. SWAN Capital LLC boosted its position in shares of Phillips 66 by 1,055.6% in the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock worth $27,000 after buying an additional 190 shares in the last quarter. Compass Financial Management LLC acquired a new stake in Phillips 66 in the 2nd quarter valued at about $28,000. Finally, Kelleher Financial Advisors acquired a new stake in Phillips 66 in the 2nd quarter valued at about $29,000. Institutional investors and hedge funds own 76.93% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PSX shares. BMO Capital Markets lifted their target price on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 13th. Morgan Stanley increased their price target on shares of Phillips 66 from $180.00 to $196.00 and gave the company an "overweight" rating in a research report on Friday, June 12th. Wells Fargo & Company raised their price objective on shares of Phillips 66 from $239.00 to $335.00 and gave the stock an "overweight" rating in a research note on Tuesday. Wall Street Zen upgraded Phillips 66 from a "buy" rating to a "strong-buy" rating in a report on Sunday, July 26th. Finally, Weiss Ratings raised Phillips 66 from a "hold (c)" rating to a "buy (b)" rating in a research report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, Phillips 66 currently has a consensus rating of "Moderate Buy" and a consensus price target of $218.94.

Insiders Place Their Bets

In other Phillips 66 news, CFO Kevin Mitchell sold 11,021 shares of the stock in a transaction 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 transaction, the chief financial officer owned 97,376 shares of the company's stock, valued at $18,504,361.28. This represents a 10.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brian Mandell sold 30,000 shares of the firm's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total value of $6,450,000.00. Following the sale, the executive vice president owned 61,595 shares in the company, valued at $13,242,925. This trade represents a 32.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 100,507 shares of company stock valued at $21,770,810. Insiders own 0.40% of the company's stock.

Phillips 66 Price Performance

Phillips 66 stock opened at $254.61 on Friday. The stock has a market capitalization of $101.59 billion, a P/E ratio of 14.51, a P/E/G ratio of 0.19 and a beta of 0.71. Phillips 66 has a 12-month low of $126.74 and a 12-month high of $260.68. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. The firm's 50-day moving average is $212.72 and its two-hundred day moving average is $185.40.

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 analysts' consensus estimates of $7.50 by $1.91. The business had revenue of $52.04 billion during 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 business posted $2.38 earnings per share. Equities analysts predict that Phillips 66 will post 23.86 earnings per share for the current year.

Phillips 66 Dividend Announcement

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

Phillips 66 declared that its board has approved a share buyback plan on Friday, July 31st that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the oil and gas company to reacquire up to 11.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its stock is undervalued.

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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