Texas Capital Bank Wealth Management Services Inc Acquires Shares of 5,914 Phillips 66 $PSX

Key Points

• Texas Capital Bank Wealth Management Services acquired 5,914 Phillips 66 shares worth approximately $1 million, while institutional investors collectively own 76.93% of the company.
• Phillips 66 reported quarterly EPS of $9.41, exceeding estimates of $7.50, and revenue of $52.04 billion versus $43.60 billion expected. The company also authorized a $10 billion share-repurchase plan and declared a $1.27 quarterly dividend, yielding about 2.1% annually.
• Shares recently traded near a 52-week high at $240.50, while analysts maintained a “Moderate Buy” consensus with an average price target of $206.56. Insiders have sold more than 100,000 shares worth approximately $21.8 million over the past three months.

Texas Capital Bank Wealth Management Services Inc bought a new position in Phillips 66 (NYSE:PSX - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,914 shares of the oil and gas company's stock, valued at approximately $1,000,000.

Other institutional investors have also recently made changes to their positions in the company. NFSG Corp boosted its stake in Phillips 66 by 105.6% during the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company's stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Axiom Investment Management LLC bought a new stake in shares of Phillips 66 in the 1st quarter worth $27,000. SWAN Capital LLC raised its stake in shares of Phillips 66 by 1,055.6% in the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock worth $27,000 after purchasing an additional 190 shares during the last quarter. Kelleher Financial Advisors purchased a new position in shares of Phillips 66 in the second quarter worth $29,000. Finally, J.Safra Asset Management Corp bought a new position in shares of Phillips 66 during the second quarter valued at $30,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Phillips 66 Trading Up 2.9%

Shares of Phillips 66 stock opened at $240.50 on Tuesday. Phillips 66 has a 1-year low of $121.24 and a 1-year high of $240.67. The company's fifty day simple moving average is $193.87 and its 200-day simple moving average is $176.91. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. The stock has a market capitalization of $95.96 billion, a PE ratio of 13.70, a P/E/G ratio of 0.17 and a beta of 0.68.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, topping the consensus estimate of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.The firm had revenue of $52.04 billion during the quarter, compared to analyst estimates of $43.60 billion. During the same period in the prior year, the business posted $2.38 EPS. As a group, equities analysts anticipate that Phillips 66 will post 24.44 earnings per share for the current year.

Phillips 66 declared that its Board of Directors has authorized a stock repurchase plan on Friday, July 31st that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to reacquire up to 11.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Phillips 66 Announces Dividend

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

Insider Buying and Selling

In other Phillips 66 news, EVP Brian Mandell sold 30,000 shares of the company's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total value of $6,450,000.00. Following the completion of the sale, the executive vice president owned 61,595 shares in the company, valued at $13,242,925. This represents a 32.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the firm's stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the completion of the transaction, the executive vice president directly owned 27,537 shares in the company, valued at $5,811,683.85. This trade represents a 11.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 100,507 shares of company stock worth $21,770,810. Corporate insiders own 0.40% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. lifted their price objective on Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Jefferies Financial Group upped 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. TD Cowen raised their price target on shares of Phillips 66 from $240.00 to $255.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Barclays lifted their price target on shares of Phillips 66 from $183.00 to $216.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 6th. Finally, Mizuho upgraded shares of Phillips 66 from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $170.00 to $212.00 in a research report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $206.56.

Phillips 66 Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source