Tidal Investments LLC Acquires 11,136 Shares of Phillips 66 $PSX

Key Points

• Tidal Investments increased its Phillips 66 stake by 51.7% in the second quarter, purchasing 11,136 shares and bringing its holdings to 32,674 shares valued at approximately $5.5 million. Institutional investors collectively own 76.93% of PSX.
• Analyst sentiment is favorable, with Phillips 66 receiving a “Moderate Buy” consensus rating and an average price target of $222.76; several firms recently upgraded the stock or raised their targets.
• Phillips 66 reported quarterly EPS of $9.41, well above the $7.50 estimate, and declared a $1.27 quarterly dividend. The company also authorized a $10 billion share-buyback program covering up to 11.8% of outstanding shares.

Tidal Investments LLC raised its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 51.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 32,674 shares of the oil and gas company's stock after purchasing an additional 11,136 shares during the period. Tidal Investments LLC's holdings in Phillips 66 were worth $5,524,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. NFSG Corp boosted its position in shares of Phillips 66 by 105.6% during the first quarter. NFSG Corp now owns 146 shares of the oil and gas company's stock valued at $27,000 after buying an additional 75 shares during the last quarter. Axiom Investment Management LLC purchased a new position in Phillips 66 in the 1st quarter worth about $27,000. SWAN Capital LLC raised its position in Phillips 66 by 1,055.6% in the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock worth $27,000 after buying an additional 190 shares during the last quarter. Compass Financial Management LLC bought a new position in Phillips 66 during the 2nd quarter valued at about $28,000. Finally, Kelleher Financial Advisors bought a new position in Phillips 66 during the 2nd quarter valued at about $29,000. Institutional investors own 76.93% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on PSX. Mizuho upgraded shares of Phillips 66 from a "neutral" rating to an "outperform" rating and lifted their price target for the stock from $170.00 to $212.00 in a research note on Wednesday, May 27th. Zacks Research upgraded shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 7th. Wall Street Zen upgraded shares of Phillips 66 from a "buy" rating to a "strong-buy" rating in a report on Sunday, July 26th. TD Cowen lifted their target price on shares of Phillips 66 from $240.00 to $255.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Finally, UBS Group boosted their target price 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. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $222.76.

Phillips 66 Price Performance

NYSE PSX opened at $259.66 on Monday. The company has a 50-day moving average price of $222.85 and a 200-day moving average price of $189.68. Phillips 66 has a 52 week low of $126.74 and a 52 week high of $265.43. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $103.61 billion, a P/E ratio of 14.80 and a beta of 0.71.

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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $7.50 by $1.91. The company 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 quarter last year, the firm posted $2.38 earnings per share. Equities research analysts anticipate that Phillips 66 will post 24.47 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 1st. Stockholders of record on Tuesday, August 18th were paid a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Tuesday, August 18th. Phillips 66's dividend payout ratio (DPR) is currently 28.95%.

Phillips 66 declared that its Board of Directors has initiated a share buyback plan on Friday, July 31st that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling at Phillips 66

In other news, EVP Vanessa Sutherland sold 3,523 shares of the business's stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the completion of the sale, the executive vice president owned 27,537 shares of the company's stock, valued at $5,811,683.85. The trade was a 11.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin Mitchell sold 11,021 shares of the company's stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the sale, the chief financial officer owned 97,376 shares of the company's stock, valued at $18,504,361.28. This trade represents a 10.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 100,507 shares of company stock worth $21,770,810. 0.40% of the stock is owned by insiders.

Phillips 66 Company 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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