Oakmont Investment Advisors Inc. Invests $1.54 Million in Phillips 66 $PSX

Key Points

• Oakmont Investment Advisors acquired 9,109 Phillips 66 shares worth approximately $1.54 million, while institutional investors collectively own 76.93% of the company.
• Phillips 66 reported quarterly EPS of $9.41, beating estimates of $7.50, and revenue of $52.04 billion versus expectations of $43.60 billion. The company also pays a $1.27 quarterly dividend and authorized a $10 billion share-repurchase program.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating, although the average price target of $218.94 is below the stock’s reported $255.13 trading price; insiders have sold more than $21.7 million in shares over the past 90 days.

Oakmont Investment Advisors Inc. acquired a new stake in Phillips 66 (NYSE:PSX - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 9,109 shares of the oil and gas company's stock, valued at approximately $1,540,000. Phillips 66 comprises 1.1% of Oakmont Investment Advisors Inc.'s portfolio, making the stock its 26th biggest position.

Other institutional investors have also recently added to or reduced their stakes in the company. Syon Capital LLC boosted its holdings in Phillips 66 by 5.5% in the second quarter. Syon Capital LLC now owns 5,392 shares of the oil and gas company's stock valued at $912,000 after purchasing an additional 282 shares in the last quarter. Premier Path Wealth Partners LLC lifted its position in shares of Phillips 66 by 1.9% during the 2nd quarter. Premier Path Wealth Partners LLC now owns 5,006 shares of the oil and gas company's stock worth $846,000 after buying an additional 91 shares during the last quarter. Barlow Wealth Partners LLC acquired a new position in shares of Phillips 66 in the 2nd quarter valued at $205,000. Concurrent Investment Advisors LLC boosted its holdings in shares of Phillips 66 by 23.5% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 79,658 shares of the oil and gas company's stock valued at $13,466,000 after buying an additional 15,169 shares in the last quarter. Finally, NEOS Investment Management LLC grew its position in shares of Phillips 66 by 13.3% in the 2nd quarter. NEOS Investment Management LLC now owns 65,327 shares of the oil and gas company's stock valued at $11,044,000 after buying an additional 7,685 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company's stock.

Phillips 66 Trading Up 0.2%

Shares of Phillips 66 stock opened at $255.13 on Friday. 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 company has a market capitalization of $101.80 billion, a P/E ratio of 14.54, a PEG ratio of 0.19 and a beta of 0.71. Phillips 66 has a 1 year low of $126.74 and a 1 year high of $260.68. The company's fifty day moving average is $214.38 and its two-hundred day moving average is $185.89.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, beating analysts' consensus estimates of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The business 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 company earned $2.38 earnings per share. Analysts forecast that Phillips 66 will post 23.86 earnings per share for the current year.

Phillips 66 Dividend Announcement

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

Phillips 66 declared that its Board of Directors has initiated a share repurchase program on Friday, July 31st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the oil and gas company to buy up to 11.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on PSX shares. Weiss Ratings upgraded shares of Phillips 66 from a "hold (c)" rating to a "buy (b)" rating in a research note on Wednesday, August 12th. The Goldman Sachs Group raised their price objective on Phillips 66 from $207.00 to $235.00 and gave the stock a "neutral" rating in a report on Wednesday, July 22nd. Raymond James Financial lifted their target price on Phillips 66 from $218.00 to $235.00 and gave the stock an "outperform" rating in a research report on Monday, July 13th. Citigroup reissued a "neutral" rating on shares of Phillips 66 in a report on Thursday, August 6th. Finally, UBS Group upped their target price on Phillips 66 from $212.00 to $235.00 and gave the company a "buy" rating in a research report on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $218.94.

Insider Activity

In other Phillips 66 news, CFO Kevin Mitchell sold 11,021 shares of the business's stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total value of $2,094,320.63. Following the transaction, the chief financial officer directly owned 97,376 shares of the company's stock, valued at approximately $18,504,361.28. The trade was a 10.17% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard Harbison sold 52,100 shares of the stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the transaction, the executive vice president directly owned 39,094 shares of the company's stock, valued at $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. 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 valued at $21,770,810. Corporate insiders own 0.40% of the company's stock.

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.

Want to see what other hedge funds are holding PSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Phillips 66 (NYSE:PSX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source