State Street Corp Has $4.40 Billion Stake in Phillips 66 $PSX

Key Points

• State Street increased its Phillips 66 stake by 1.1% in the second quarter, bringing its holdings to 26.04 million shares valued at approximately $4.40 billion, or 6.53% of the company. Institutional investors collectively own 76.93% of PSX.
• Phillips 66 reported quarterly earnings of $9.41 per share, exceeding analyst expectations of $7.50, while revenue reached $52.04 billion versus the $43.60 billion consensus estimate.
• The company authorized a $10 billion share repurchase program, equivalent to up to 11.8% of outstanding shares, and maintained a quarterly dividend of $1.27 per share, or a 1.9% annualized yield.

State Street Corp lifted its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 1.1% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 26,044,694 shares of the oil and gas company's stock after buying an additional 271,841 shares during the quarter. State Street Corp owned about 6.53% of Phillips 66 worth $4,402,856,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Pointe Capital Management LLC raised its position in Phillips 66 by 4.3% during the 2nd quarter. Pointe Capital Management LLC now owns 1,261 shares of the oil and gas company's stock worth $213,000 after purchasing an additional 52 shares during the last quarter. Key Client Fiduciary Advisors LLC increased its position in shares of Phillips 66 by 3.5% during the second quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company's stock worth $275,000 after buying an additional 55 shares during the period. Threadgill Financial LLC raised its stake in Phillips 66 by 3.5% during the second quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company's stock worth $286,000 after buying an additional 58 shares during the last quarter. Nilsine Partners LLC raised its stake in Phillips 66 by 1.5% during the second quarter. Nilsine Partners LLC now owns 4,068 shares of the oil and gas company's stock worth $688,000 after buying an additional 59 shares during the last quarter. Finally, Calamos Wealth Management LLC lifted its holdings in Phillips 66 by 2.0% in the second quarter. Calamos Wealth Management LLC now owns 3,084 shares of the oil and gas company's stock valued at $521,000 after buying an additional 60 shares during the period. 76.93% of the stock is owned by institutional investors.

Phillips 66 Price Performance

NYSE PSX traded up $0.62 on Tuesday, hitting $262.37. The stock had a trading volume of 1,830,203 shares, compared to its average volume of 2,864,140. Phillips 66 has a 52-week low of $126.74 and a 52-week high of $277.12. 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 company has a market capitalization of $104.69 billion, a price-to-earnings ratio of 14.94 and a beta of 0.71. The firm has a 50-day moving average of $232.33 and a 200-day moving average of $194.34.

Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, topping analysts' consensus estimates of $7.50 by $1.91. The company 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 quarter in the previous year, the company posted $2.38 EPS. Equities analysts expect that Phillips 66 will post 28.28 EPS for the current 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 issued a $1.27 dividend. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 1.9%. Phillips 66's payout ratio is 28.95%.

Phillips 66 announced that its board has authorized a stock buyback plan on Friday, July 31st that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. UBS Group lifted their price target on shares of Phillips 66 from $235.00 to $300.00 and gave the company a "buy" rating in a research note on Tuesday, September 8th. Raymond James Financial raised their target price on Phillips 66 from $240.00 to $300.00 and gave the company an "outperform" rating in a research note on Monday, September 14th. Piper Sandler upped their price target on Phillips 66 from $209.00 to $264.00 and gave the stock a "neutral" rating in a research note on Thursday, September 3rd. Mizuho upgraded Phillips 66 from a "neutral" rating to an "outperform" rating and increased their price target for the stock from $170.00 to $212.00 in a report on Wednesday, May 27th. Finally, TD Cowen raised their price objective on Phillips 66 from $240.00 to $255.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $241.56.

Insider Activity

In other Phillips 66 news, 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 value 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction 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 in the company, valued at approximately $18,504,361.28. This trade represents a 10.17% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 123,907 shares of company stock worth $27,973,214. Corporate insiders own 0.40% of the company's stock.

Phillips 66 Profile

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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