Phillips 66 $PSX Stock Acquired by QRG Capital Management Inc.

Key Points

• QRG Capital Management increased its Phillips 66 stake by 22.4% in the second quarter, bringing its holdings to 55,595 shares worth approximately $9.4 million. Institutional investors collectively own 76.93% of the company.
• Phillips 66 reported quarterly earnings of $9.41 per share, well above the $7.50 consensus estimate, while revenue reached $52.04 billion versus expectations of $43.60 billion.
• The company maintains a quarterly dividend of $1.27 per share, representing a 2.0% yield, and authorized a $10 billion share-repurchase program covering up to 11.8% of outstanding shares.

QRG Capital Management Inc. lifted its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 22.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 55,595 shares of the oil and gas company's stock after buying an additional 10,186 shares during the period. QRG Capital Management Inc.'s holdings in Phillips 66 were worth $9,398,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PSX. Envestnet Portfolio Solutions Inc. raised its stake in Phillips 66 by 1.4% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 16,403 shares of the oil and gas company's stock valued at $2,773,000 after acquiring an additional 232 shares during the last quarter. State Street Corp grew its stake in shares of Phillips 66 by 1.1% in the 2nd quarter. State Street Corp now owns 26,044,694 shares of the oil and gas company's stock valued at $4,402,856,000 after purchasing an additional 271,841 shares during the last quarter. Security National Bank of Sioux City Iowa IA acquired a new position in shares of Phillips 66 in the second quarter valued at approximately $42,000. Sequoia Financial Advisors LLC increased its holdings in shares of Phillips 66 by 5.6% in the second quarter. Sequoia Financial Advisors LLC now owns 39,247 shares of the oil and gas company's stock valued at $6,635,000 after purchasing an additional 2,065 shares during the period. Finally, Tidal Investments LLC raised its stake in shares of Phillips 66 by 51.7% during the second quarter. Tidal Investments LLC now owns 32,674 shares of the oil and gas company's stock worth $5,524,000 after purchasing an additional 11,136 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company's stock.

Phillips 66 Trading Down 0.3%

Shares of Phillips 66 stock opened at $255.75 on Friday. The company has a 50-day moving average of $235.74 and a two-hundred day moving average of $196.25. Phillips 66 has a 12-month low of $126.74 and a 12-month high of $277.12. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. The stock has a market cap of $102.05 billion, a PE ratio of 14.57 and a beta of 0.71.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, topping the consensus estimate of $7.50 by $1.91. The business had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same quarter in the previous year, the company earned $2.38 EPS. On average, research analysts anticipate that Phillips 66 will post 28.28 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th were given a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date was Tuesday, August 18th. Phillips 66's payout ratio is presently 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.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PSX shares. TD Cowen increased their price target on Phillips 66 from $240.00 to $255.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Jefferies Financial Group boosted their price objective on shares of Phillips 66 from $191.00 to $207.00 and gave the company a "hold" rating in a research note on Thursday, July 9th. Wall Street Zen upgraded shares of Phillips 66 from a "buy" rating to a "strong-buy" rating in a research report on Sunday, July 26th. Wells Fargo & Company raised their target price on shares of Phillips 66 from $239.00 to $335.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 1st. Finally, Piper Sandler lifted their target price on shares of Phillips 66 from $209.00 to $264.00 and gave the company a "neutral" rating in a report on Thursday, September 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $241.56.

Insider Transactions at Phillips 66

In other news, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction on 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 completion of the transaction, the executive vice president owned 39,094 shares of the company's stock, valued at $8,747,673.44. The trade was a 57.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Vanessa Sutherland sold 3,523 shares of the business's stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total transaction of $743,529.15. Following the completion of the sale, the executive vice president owned 27,537 shares in the company, valued at $5,811,683.85. This represents a 11.34% 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. Insiders have sold a total of 123,907 shares of company stock valued at $27,973,214 in the last three months. 0.40% of the stock is owned by company insiders.

About Phillips 66

Phillips 66 NYSE: PSX is an energy company that operates across the midstream, chemicals, refining and marketing sectors. Headquartered in Houston, Texas, the company was established in 2012 when ConocoPhillips separated its downstream businesses into an independent company.

The company's midstream operations include transportation, processing, storage and other infrastructure for crude oil, natural gas and natural gas liquids. Phillips 66 also owns and operates refineries that process crude oil into transportation fuels, lubricants, specialty products and other refined petroleum products.

Phillips 66 markets gasoline, diesel and other fuels under the Phillips 66, Conoco and 76 brands, primarily in the United States.

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