Pallas Capital Advisors LLC Makes New $1.84 Million Investment in Phillips 66 $PSX

Key Points

• Pallas Capital Advisors purchased 10,903 Phillips 66 shares valued at approximately $1.84 million, while institutional investors collectively own 76.93% of the company.
• Analysts maintain a favorable outlook, with Phillips 66 receiving a “Moderate Buy” consensus rating and an average price target of $206.56; several firms recently raised their targets to between $235 and $255.
• Phillips 66 exceeded quarterly earnings expectations with $9.41 EPS versus $7.50 projected and authorized a $10 billion share-repurchase program. The company also declared a quarterly dividend of $1.27, or $5.08 annually, yielding about 2.1%.

Pallas Capital Advisors LLC purchased a new stake in Phillips 66 (NYSE:PSX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,903 shares of the oil and gas company's stock, valued at approximately $1,843,000.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Phillips 66 by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company's stock worth $6,701,052,000 after buying an additional 205,480 shares during the period. State Street Corp increased its stake in shares of Phillips 66 by 0.8% in the fourth quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company's stock valued at $3,043,996,000 after buying an additional 175,616 shares during the period. Geode Capital Management LLC raised its position in shares of Phillips 66 by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company's stock worth $1,338,596,000 after acquiring an additional 45,340 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Phillips 66 in the second quarter worth approximately $1,093,206,000. Finally, Norges Bank bought a new stake in Phillips 66 in the fourth quarter valued at approximately $640,206,000. Institutional investors and hedge funds own 76.93% of the company's stock.

Insider Activity at Phillips 66

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 3,523 shares of the firm's stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the completion of the sale, the executive vice president directly owned 27,537 shares of the company's stock, valued at $5,811,683.85. This trade represents a 11.34% decrease in their ownership of the stock. The transaction was disclosed in a filing 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 business's stock in a transaction 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 sale, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 100,507 shares of company stock valued at $21,770,810 in the last three months. Insiders own 0.40% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. UBS Group increased their target price on shares of Phillips 66 from $212.00 to $235.00 and gave the company a "buy" rating in a research report on Monday, July 27th. TD Cowen upped their price objective on shares of Phillips 66 from $240.00 to $255.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Argus increased their price objective on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a "buy" rating in a research report on Thursday, May 14th. JPMorgan Chase & Co. lifted their target price on shares of Phillips 66 from $188.00 to $202.00 in a research note on Thursday, April 30th. Finally, Raymond James Financial boosted their target price on shares of Phillips 66 from $218.00 to $235.00 and gave the company an "outperform" rating in a report on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $206.56.

Phillips 66 Trading Up 2.9%

Shares of Phillips 66 stock opened at $240.50 on Tuesday. The firm has a market cap of $95.96 billion, a PE ratio of 13.70, a P/E/G ratio of 0.17 and a beta of 0.68. Phillips 66 has a 1 year low of $121.24 and a 1 year high of $240.67. 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 stock has a fifty day moving average price of $193.87 and a 200-day moving average price of $176.91.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results 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. The company had revenue of $52.04 billion for the quarter, compared to the consensus estimate of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same period in the previous year, the firm earned $2.38 EPS. Equities research analysts anticipate that Phillips 66 will post 24.44 EPS for the current year.

Phillips 66 announced that its Board of Directors has authorized a stock repurchase program on Friday, July 31st that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the oil and gas company to reacquire up to 11.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board believes its stock is undervalued.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Tuesday, August 18th. Phillips 66's payout ratio is presently 28.95%.

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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