Rakuten Investment Management Inc. Makes New Investment in Phillips 66 $PSX

Key Points

• Rakuten Investment Management acquired 65,580 Phillips 66 shares worth approximately $11.4 million in the second quarter. Institutional investors collectively own 76.93% 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.
• The company announced a quarterly dividend of $1.27 per share and authorized a $10 billion share-buyback program, covering up to 11.8% of outstanding shares.

Rakuten Investment Management Inc. acquired a new position in Phillips 66 (NYSE:PSX - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The firm acquired 65,580 shares of the oil and gas company's stock, valued at approximately $11,414,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in Phillips 66 during the second quarter valued at approximately $5,766,779,000. Bank of New York Mellon Corp acquired a new stake in shares of Phillips 66 in the second quarter worth $1,093,206,000. Norges Bank acquired a new stake in shares of Phillips 66 in the fourth quarter worth $640,206,000. Bank of America Corp DE purchased a new position in shares of Phillips 66 in the 2nd quarter valued at $469,970,000. Finally, Legal & General Group Plc acquired a new position in shares of Phillips 66 during the 2nd quarter valued at $303,648,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Trading Up 2.0%

Shares of NYSE PSX opened at $244.50 on Friday. The stock's 50 day moving average price is $206.11 and its two-hundred day moving average price is $182.58. Phillips 66 has a 52-week low of $126.74 and a 52-week high of $246.95. The stock has a market capitalization of $97.56 billion, a P/E ratio of 13.93, a PEG ratio of 0.18 and a beta of 0.68. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57.

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, beating analysts' consensus estimates of $7.50 by $1.91. The business had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same period in the previous year, the business earned $2.38 EPS. On average, analysts anticipate that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The firm 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 dividend of $1.27 per share. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.1%. Phillips 66's payout ratio is presently 28.95%.

Phillips 66 declared that its board has approved a stock 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 purchase up to 11.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Zacks Research downgraded Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. TD Cowen boosted their price objective on Phillips 66 from $240.00 to $255.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Raymond James Financial upped 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. Piper Sandler increased their target price on Phillips 66 from $208.00 to $209.00 and gave the company a "neutral" rating in a research note on Monday, August 10th. Finally, Wells Fargo & Company increased their target price on Phillips 66 from $201.00 to $239.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, Phillips 66 currently has a consensus rating of "Moderate Buy" and a consensus target price of $206.56.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, EVP Richard G. Harbison sold 52,100 shares of the stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the sale, the executive vice president directly owned 39,094 shares of the company's stock, valued at approximately $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the firm'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 transaction, the executive vice president owned 27,537 shares in the company, valued at approximately $5,811,683.85. The trade was a 11.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 100,507 shares of company stock valued at $21,770,810 over the last three months. 0.40% of the stock is currently owned by company insiders.

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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