Saudi Central Bank Acquires 13,197 Shares of Phillips 66 $PSX

Key Points

• Saudi Central Bank increased its Phillips 66 stake by 88.7% in the second quarter, acquiring 13,197 shares and bringing its holdings to 28,069 shares valued at approximately $4.75 million.
• Phillips 66 reported quarterly EPS of $9.41, exceeding analysts’ $7.50 estimate, while revenue reached $52.04 billion versus the $43.60 billion consensus forecast.
• The company authorized a $10 billion share-repurchase plan and declared a quarterly dividend of $1.27, equivalent to $5.08 annually and a 2.0% yield; analysts maintain a “Moderate Buy” consensus rating.

Saudi Central Bank raised its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 88.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 28,069 shares of the oil and gas company's stock after acquiring an additional 13,197 shares during the period. Saudi Central Bank's holdings in Phillips 66 were worth $4,745,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of PSX. Angeles Wealth Management LLC raised its position in shares of Phillips 66 by 1.6% during the second quarter. Angeles Wealth Management LLC now owns 6,004 shares of the oil and gas company's stock worth $1,015,000 after purchasing an additional 95 shares during the period. Compass Financial Management LLC bought a new stake in shares of Phillips 66 in the second quarter worth $28,000. NBH Bank bought a new stake in Phillips 66 during the 2nd quarter worth about $120,000. AlphaGrep UK Ltd bought a new stake in Phillips 66 during the second quarter worth about $422,000. Finally, Oakmont Investment Advisors Inc. bought a new stake in shares of Phillips 66 during the 2nd quarter worth approximately $1,540,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Trading Up 0.0%

PSX opened at $255.13 on Monday. 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 company has a fifty day moving average of $214.38 and a 200-day moving average of $186.07. Phillips 66 has a twelve month low of $126.74 and a twelve month high of $260.68. The stock has a market cap of $101.80 billion, a PE ratio of 14.54, a price-to-earnings-growth ratio of 0.19 and a beta of 0.71.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.The company had revenue of $52.04 billion for the quarter, compared to the consensus estimate of $43.60 billion. During the same period in the previous year, the business earned $2.38 EPS. On average, sell-side analysts predict that Phillips 66 will post 24.07 EPS for the current year.

Phillips 66 announced that its Board of Directors has approved a stock buyback plan 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 buy up to 11.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.

Phillips 66 Announces Dividend

The business also recently declared 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 yield of 2.0%. The ex-dividend date of this dividend was Tuesday, August 18th. Phillips 66's payout ratio is 28.95%.

Insider Transactions at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 11,021 shares of the firm'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. This trade represents a 10.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of the company's 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 completion of the sale, the executive vice president owned 39,094 shares in the company, valued at $8,747,673.44. This represents a 57.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 100,507 shares of company stock valued at $21,770,810. 0.40% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

PSX has been the subject of several recent analyst reports. Piper Sandler raised their target price on shares of Phillips 66 from $209.00 to $264.00 and gave the company a "neutral" rating in a research note on Thursday. 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 research report on Monday, July 13th. Guggenheim raised Phillips 66 to an "outperform" rating in a research report on Wednesday, May 27th. 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 note on Thursday, May 14th. Finally, Citigroup reaffirmed a "neutral" rating on shares of Phillips 66 in a report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $218.94.

Phillips 66 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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