The Manufacturers Life Insurance Company Acquires Shares of 262,251 Phillips 66 $PSX

Key Points

• The Manufacturers Life Insurance Company acquired 262,251 Phillips 66 shares worth approximately $44.3 million, while institutional investors and hedge funds collectively own 76.93% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $206.56; however, Phillips 66 insiders sold 100,507 shares worth $21.8 million over the past three months.
• Phillips 66 reported quarterly EPS of $9.41, exceeding estimates by $1.91, and authorized a $10 billion share-repurchase program. The company also declared a quarterly dividend of $1.27 per share, equivalent to a 2.1% yield.

The Manufacturers Life Insurance Company bought a new position in Phillips 66 (NYSE:PSX - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm bought 262,251 shares of the oil and gas company's stock, valued at approximately $44,334,000. The Manufacturers Life Insurance Company owned approximately 0.07% of Phillips 66 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in PSX. Brighton Jones LLC increased its stake in shares of Phillips 66 by 238.5% in the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock worth $1,166,000 after acquiring an additional 7,214 shares during the last quarter. Woodline Partners LP grew its holdings in shares of Phillips 66 by 40.7% in the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company's stock valued at $4,308,000 after purchasing an additional 10,089 shares during the period. Sei Investments Co. increased its position in Phillips 66 by 28.3% during the second quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company's stock worth $18,788,000 after purchasing an additional 34,698 shares during the last quarter. Glenview Trust co increased its position in Phillips 66 by 2.6% during the second quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company's stock worth $1,068,000 after purchasing an additional 229 shares during the last quarter. Finally, Treasurer of the State of North Carolina raised its stake in Phillips 66 by 0.8% during the second quarter. Treasurer of the State of North Carolina now owns 190,433 shares of the oil and gas company's stock worth $22,719,000 after purchasing an additional 1,499 shares during the period. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Phillips 66

In related news, EVP Brian Mandell sold 30,000 shares of the firm's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the completion of the transaction, the executive vice president directly owned 61,595 shares in the company, valued at $13,242,925. This trade represents a 32.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total value of $11,657,896.00. Following the completion of the transaction, the executive vice president directly owned 39,094 shares of the company's stock, valued at approximately $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 100,507 shares of company stock valued at $21,770,810. Corporate insiders own 0.40% of the company's stock.

Analyst Ratings Changes

PSX has been the subject of several analyst reports. Mizuho raised shares of Phillips 66 from a "neutral" rating to an "outperform" rating and increased their price target for the company from $170.00 to $212.00 in a research note on Wednesday, May 27th. Tudor Pickering raised shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 30th. Morgan Stanley lifted their price target on shares of Phillips 66 from $180.00 to $196.00 and gave the company an "overweight" rating in a research report on Friday, June 12th. Piper Sandler increased their price objective on Phillips 66 from $208.00 to $209.00 and gave the stock a "neutral" rating in a research report on Monday, August 10th. Finally, JPMorgan Chase & Co. raised their target price on Phillips 66 from $188.00 to $202.00 in a research note on Thursday, April 30th. One equities research 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's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $206.56.

Phillips 66 Trading Up 2.3%

Shares of PSX stock opened at $242.27 on Thursday. Phillips 66 has a 1-year low of $126.74 and a 1-year high of $246.95. The firm has a market cap of $96.67 billion, a PE ratio of 13.80, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. The company has a 50-day moving average of $203.06 and a two-hundred day moving average of $181.56. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly 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 business had revenue of $52.04 billion for the quarter, compared to the consensus estimate of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same period in the previous year, the firm earned $2.38 EPS. On average, analysts predict that Phillips 66 will post 23.86 EPS for the current year.

Phillips 66 announced that its Board of Directors has authorized a stock repurchase program on Friday, July 31st that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to purchase up to 11.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its shares are undervalued.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be paid a $1.27 dividend. 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 payout ratio is presently 28.95%.

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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