Strs Ohio Buys Shares of 92,332 Phillips 66 $PSX

Key Points

• Strs Ohio has acquired 92,332 shares of Phillips 66, valued at approximately $11.4 million, marking a significant investment during the first quarter.
• Phillips 66 recently beat earnings estimates, reporting $2.38 EPS for the quarter, exceeding the consensus of $1.79, with revenue of $33.77 billion.
• The company announced a quarterly dividend of $1.20 per share, which reflects an annualized dividend yield of 3.7% and a payout ratio of 115.38%.

Strs Ohio acquired a new stake in Phillips 66 (NYSE:PSX - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 92,332 shares of the oil and gas company's stock, valued at approximately $11,401,000.

Other large investors have also made changes to their positions in the company. von Borstel & Associates Inc. acquired a new position in Phillips 66 in the 1st quarter valued at about $27,000. Olde Wealth Management LLC purchased a new stake in shares of Phillips 66 during the first quarter worth about $28,000. Opal Wealth Advisors LLC acquired a new position in shares of Phillips 66 in the first quarter valued at approximately $29,000. Pacific Center for Financial Services purchased a new position in shares of Phillips 66 during the fourth quarter valued at approximately $27,000. Finally, Smallwood Wealth Investment Management LLC acquired a new stake in Phillips 66 during the first quarter worth approximately $29,000. Institutional investors and hedge funds own 76.93% of the company's stock.

Phillips 66 Stock Up 0.3%

NYSE:PSX traded up $0.37 during mid-day trading on Monday, hitting $131.15. The company had a trading volume of 1,730,007 shares, compared to its average volume of 2,003,097. The business has a fifty day simple moving average of $127.04 and a 200-day simple moving average of $119.50. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $140.60. The firm has a market capitalization of $53.00 billion, a price-to-earnings ratio of 31.53, a PEG ratio of 1.95 and a beta of 1.15.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.59. The company had revenue of $33.77 billion during the quarter, compared to the consensus estimate of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.During the same quarter in the prior year, the business earned $2.31 earnings per share. Equities analysts forecast that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th were given a $1.20 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $4.80 annualized dividend and a yield of 3.7%. Phillips 66's dividend payout ratio (DPR) is 115.38%.

Insider Activity at Phillips 66

In other news, Director Sigmund L. Cornelius purchased 500 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The shares were purchased at an average price of $123.55 per share, with a total value of $61,775.00. Following the purchase, the director directly owned 21,543 shares of the company's stock, valued at approximately $2,661,637.65. This represents a 2.38% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Michael A. Heim acquired 1,000 shares of the firm's stock in a transaction on Wednesday, July 30th. The stock was purchased at an average cost of $125.97 per share, with a total value of $125,970.00. Following the completion of the transaction, the director owned 12,043 shares in the company, valued at $1,517,056.71. The trade was a 9.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 9,850 shares of company stock valued at $1,188,910 and have sold 18,586 shares valued at $2,389,145. Company insiders own 0.22% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on PSX shares. Piper Sandler boosted their price target on Phillips 66 from $144.00 to $154.00 and gave the company a "neutral" rating in a report on Thursday. Wells Fargo & Company dropped their target price on Phillips 66 from $149.00 to $147.00 and set an "overweight" rating for the company in a research note on Wednesday, June 11th. Bank of America downgraded Phillips 66 from a "buy" rating to a "neutral" rating and increased their target price for the stock from $144.00 to $147.00 in a research report on Wednesday, September 3rd. TD Cowen lifted their price target on Phillips 66 from $130.00 to $134.00 and gave the company a "buy" rating in a report on Monday, July 28th. Finally, Cantor Fitzgerald started coverage on shares of Phillips 66 in a report on Wednesday, June 18th. They set a "neutral" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, Phillips 66 presently has an average rating of "Moderate Buy" and a consensus target price of $136.67.

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.