Sovran Advisors LLC Makes New Investment in Phillips 66 $PSX

Key Points

• Sovran Advisors LLC has invested approximately $324,000 in Phillips 66 by purchasing 2,491 shares during the second quarter.
• Phillips 66 reported a quarterly earnings per share of $2.38, exceeding analysts' estimates of $1.79, with revenues of $33.77 billion.
• The company recently declared a quarterly dividend of $1.20 per share, resulting in an annualized dividend yield of 3.7% and a payout ratio of 115.38%.

Sovran Advisors LLC purchased a new position in shares of Phillips 66 (NYSE:PSX - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,491 shares of the oil and gas company's stock, valued at approximately $324,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Elliott Investment Management L.P. raised its position in Phillips 66 by 1,929.0% during the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock worth $1,941,723,000 after acquiring an additional 14,950,000 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Phillips 66 by 11.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company's stock valued at $828,442,000 after buying an additional 682,459 shares in the last quarter. Invesco Ltd. grew its holdings in Phillips 66 by 15.9% during the 1st quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock valued at $588,489,000 after buying an additional 653,248 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Phillips 66 by 11.1% during the first quarter. Goldman Sachs Group Inc. now owns 3,781,064 shares of the oil and gas company's stock worth $466,886,000 after buying an additional 377,132 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Phillips 66 by 3.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,103,316 shares of the oil and gas company's stock worth $383,197,000 after acquiring an additional 100,321 shares during the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently commented on PSX shares. Cantor Fitzgerald started coverage on Phillips 66 in a research report on Wednesday, June 18th. They set a "neutral" rating for the company. Piper Sandler lifted their price target on shares of Phillips 66 from $144.00 to $154.00 and gave the stock a "neutral" rating in a report on Thursday, September 11th. Bank of America lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $144.00 to $147.00 in a research report on Wednesday, September 3rd. Scotiabank restated a "sector perform" rating and set a $133.00 target price on shares of Phillips 66 in a research report on Friday, July 11th. Finally, Wall Street Zen upgraded Phillips 66 from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eleven have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $139.38.

Phillips 66 Stock Up 2.4%

Shares of PSX stock traded up $3.13 on Tuesday, hitting $132.70. The stock had a trading volume of 976,982 shares, compared to its average volume of 3,239,734. The stock's 50 day moving average is $127.06 and its 200-day moving average is $119.78. The firm has a market capitalization of $53.63 billion, a price-to-earnings ratio of 31.90, a P/E/G ratio of 1.86 and a beta of 1.15. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $140.60. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, topping analysts' consensus estimates of $1.79 by $0.59. The firm had revenue of $33.77 billion for the quarter, compared to analyst estimates of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same quarter in the previous year, the business posted $2.31 EPS. As a group, research analysts expect that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th were issued a $1.20 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a yield of 3.6%. Phillips 66's dividend payout ratio is currently 115.38%.

Insiders Place Their Bets

In other news, EVP Vanessa Allen Sutherland sold 4,393 shares of the firm's stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $135.00, for a total transaction of $593,055.00. Following the completion of the sale, the executive vice president owned 38,980 shares of the company's stock, valued at approximately $5,262,300. This trade represents a 10.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael A. Heim purchased 1,000 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The stock was bought at an average cost of $125.97 per share, for a total transaction of $125,970.00. Following the completion of the acquisition, the director directly owned 12,043 shares of the company's stock, valued at $1,517,056.71. This represents a 9.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 9,850 shares of company stock worth $1,188,910 in the last quarter. Company insiders own 0.22% of the company's stock.

Phillips 66 Company Profile

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.