Simplicity Wealth LLC Takes $1.12 Million Position in Phillips 66 $PSX

Key Points

• Simplicity Wealth LLC acquired 6,639 Phillips 66 shares worth approximately $1.12 million in the second quarter, while institutional investors collectively own 76.93% of the company.
• Phillips 66 reported quarterly EPS of $9.41, beating estimates of $7.50, and revenue of $52.04 billion versus expectations of $43.60 billion.
• The company authorized a $10 billion share repurchase program covering up to 11.8% of outstanding shares and declared a quarterly dividend of $1.27 per share, equivalent to a 2.1% annualized yield.

Simplicity Wealth LLC purchased a new position in Phillips 66 (NYSE:PSX - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 6,639 shares of the oil and gas company's stock, valued at approximately $1,122,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of PSX. Baxter Bros Inc. acquired a new stake in Phillips 66 during the 2nd quarter worth about $3,793,000. Uniting Wealth Partners LLC acquired a new position in shares of Phillips 66 in the second quarter worth about $390,000. Trivium Point Advisory LLC purchased a new position in shares of Phillips 66 in the second quarter worth approximately $349,000. Wealthspan Partners LLC purchased a new position in shares of Phillips 66 in the second quarter worth approximately $275,000. Finally, N.E.W. Advisory Services LLC acquired a new stake in shares of Phillips 66 during the second quarter valued at approximately $49,000. Institutional investors and hedge funds own 76.93% of the company's stock.

Phillips 66 Stock Up 2.9%

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. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32. The firm's 50 day moving average price is $193.87 and its two-hundred day moving average price is $176.91. Phillips 66 has a twelve month low of $121.24 and a twelve month high of $240.67.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results 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. The company had revenue of $52.04 billion during the quarter, compared to analyst estimates of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same quarter last year, the business posted $2.38 EPS. On average, research analysts predict that Phillips 66 will post 24.44 EPS for the current fiscal year.

Phillips 66 announced that its board has initiated a stock repurchase plan on Friday, July 31st that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the oil and gas company to reacquire up to 11.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.1%. Phillips 66's dividend payout ratio (DPR) is 28.95%.

Insider Transactions at Phillips 66

In related news, CFO Kevin J. Mitchell sold 11,021 shares of the firm's stock in a transaction that occurred on Thursday, July 9th. The shares were 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brian Mandell sold 30,000 shares of Phillips 66 stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the completion of the sale, the executive vice president owned 61,595 shares of the company's stock, valued at $13,242,925. This trade represents a 32.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 100,507 shares of company stock valued at $21,770,810 in the last quarter. Corporate insiders own 0.40% of the company's stock.

Wall Street Analysts Forecast Growth

PSX has been the subject of a number of recent analyst reports. Piper Sandler raised their price objective on shares of Phillips 66 from $208.00 to $209.00 and gave the stock a "neutral" rating in a research note on Monday, August 10th. Jefferies Financial Group boosted their target price 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. Mizuho upgraded Phillips 66 from a "neutral" rating to an "outperform" rating and increased their target price for the company from $170.00 to $212.00 in a report on Wednesday, May 27th. Guggenheim raised Phillips 66 to an "outperform" rating in a research report on Wednesday, May 27th. Finally, Scotiabank lifted their price target on Phillips 66 from $140.00 to $151.00 and gave the company a "sector perform" rating in a report on Wednesday, April 22nd. One equities 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.com, Phillips 66 has an average rating of "Moderate Buy" and an average target price of $206.56.

About Phillips 66

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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