Phillips 66 $PSX Shares Purchased by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System dramatically increased its Phillips 66 stake by 105.7 million shares in the second quarter, ending with 106.1 million shares valued at approximately $17.94 billion, or 26.6% of the company.
• Phillips 66 reported quarterly EPS of $9.41, beating estimates of $7.50, while revenue reached $52.04 billion versus the $43.60 billion consensus forecast. The company also authorized a $10 billion share-repurchase program and maintains a $1.27 quarterly dividend.
• PSX shares opened at $255.13, near their 52-week high of $260.68, while insiders sold roughly 100,500 shares worth $21.8 million over the past three months. Analysts collectively rate the stock a “Moderate Buy,” with a consensus price target of $218.94.

California State Teachers Retirement System increased its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 22,604.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 106,125,026 shares of the oil and gas company's stock after buying an additional 105,657,607 shares during the quarter. California State Teachers Retirement System owned about 26.60% of Phillips 66 worth $17,940,436,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Ameritas Advisory Services LLC grew its holdings in Phillips 66 by 96.7% in the second quarter. Ameritas Advisory Services LLC now owns 3,800 shares of the oil and gas company's stock valued at $642,000 after purchasing an additional 1,868 shares during the period. Wedmont Private Capital raised its stake in Phillips 66 by 1.4% during the second quarter. Wedmont Private Capital now owns 12,894 shares of the oil and gas company's stock worth $2,180,000 after purchasing an additional 175 shares during the period. Beaird Harris Wealth Management LLC boosted its holdings in shares of Phillips 66 by 27.1% in the 2nd quarter. Beaird Harris Wealth Management LLC now owns 939 shares of the oil and gas company's stock valued at $159,000 after purchasing an additional 200 shares during the last quarter. HB Wealth Management LLC boosted its holdings in shares of Phillips 66 by 7.7% in the 2nd quarter. HB Wealth Management LLC now owns 41,017 shares of the oil and gas company's stock valued at $6,934,000 after purchasing an additional 2,947 shares during the last quarter. Finally, Nilsine Partners LLC grew its stake in shares of Phillips 66 by 1.5% during the 2nd quarter. Nilsine Partners LLC now owns 4,068 shares of the oil and gas company's stock valued at $688,000 after buying an additional 59 shares during the period. 76.93% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Phillips 66 news, CFO Kevin Mitchell sold 11,021 shares of the business's stock in a transaction dated 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 in the company, valued at $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available 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 dated 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 completion of the sale, the executive vice president directly owned 61,595 shares of the company's stock, valued at $13,242,925. The trade was a 32.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 100,507 shares of company stock valued at $21,770,810. 0.40% of the stock is owned by company insiders.

Phillips 66 Price Performance

Phillips 66 stock opened at $255.13 on Tuesday. The firm has a fifty day moving average of $216.00 and a 200-day moving average of $186.75. Phillips 66 has a 52-week low of $126.74 and a 52-week high of $260.68. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. The firm 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 (NYSE:PSX - Get Free Report) last posted its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $43.60 billion. During the same quarter in the previous year, the business posted $2.38 EPS. As a group, analysts predict that Phillips 66 will post 24.07 EPS for the current year.

Phillips 66 announced that its board has initiated a share repurchase plan on Friday, July 31st that permits the company to buyback $10.00 billion in outstanding 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 plans are typically a sign that the company's leadership believes its stock is undervalued.

Phillips 66 Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Jefferies Financial Group upped their price objective on Phillips 66 from $191.00 to $207.00 and gave the stock a "hold" rating in a report on Thursday, July 9th. Mizuho upgraded Phillips 66 from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $170.00 to $212.00 in a report on Wednesday, May 27th. Wall Street Zen raised Phillips 66 from a "buy" rating to a "strong-buy" rating in a research report on Sunday, July 26th. Piper Sandler upped their price target on Phillips 66 from $209.00 to $264.00 and gave the stock a "neutral" rating in a research note on Thursday. Finally, BMO Capital Markets raised their price objective on Phillips 66 from $195.00 to $215.00 and gave the stock an "outperform" rating in a report on Wednesday, May 13th. One equities research 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 stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $218.94.

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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