UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Acquires 39,747 Shares of Phillips 66 $PSX

Key Points

• UBS Asset Management increased its Phillips 66 stake by 1.7%, purchasing 39,747 shares to hold 2.36 million shares valued at approximately $399.2 million. Institutional investors collectively own 76.93% of the company.
• Analysts remain broadly positive, with Phillips 66 carrying a consensus “Moderate Buy” rating and an average price target of $206.56, despite the stock opening at $244.50 and trading near its 52-week high.
• Phillips 66 reported quarterly EPS of $9.41, beating estimates by $1.91, and announced a $10 billion share-repurchase program. The company also declared a quarterly dividend of $1.27 per share, representing a 2.1% annualized yield.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 1.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,361,396 shares of the oil and gas company's stock after purchasing an additional 39,747 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.59% of Phillips 66 worth $399,194,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of PSX. Key Client Fiduciary Advisors LLC boosted its holdings in shares of Phillips 66 by 3.5% in the second quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company's stock valued at $275,000 after buying an additional 55 shares during the period. Threadgill Financial LLC raised its holdings in shares of 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 acquiring an additional 58 shares during the period. Calamos Wealth Management LLC lifted its position in Phillips 66 by 2.0% in the 2nd quarter. Calamos Wealth Management LLC now owns 3,084 shares of the oil and gas company's stock valued at $521,000 after acquiring an additional 60 shares in the last quarter. Somerset Trust Co lifted its position in Phillips 66 by 0.3% in the 2nd quarter. Somerset Trust Co now owns 21,301 shares of the oil and gas company's stock valued at $3,601,000 after acquiring an additional 63 shares in the last quarter. Finally, Clifford Group LLC boosted its stake in Phillips 66 by 2.0% in the 4th quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company's stock worth $428,000 after purchasing an additional 64 shares during the period. Institutional investors own 76.93% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Barclays lifted their price target on Phillips 66 from $183.00 to $216.00 and gave the company an "equal weight" rating in a research note on Thursday, August 6th. Wells Fargo & Company increased their price objective on Phillips 66 from $201.00 to $239.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Wall Street Zen raised Phillips 66 from a "buy" rating to a "strong-buy" rating in a research report on Sunday, July 26th. Mizuho upgraded Phillips 66 from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $170.00 to $212.00 in a research note on Wednesday, May 27th. Finally, Argus upped their price target on Phillips 66 from $185.00 to $197.00 and gave the stock a "buy" rating in a research report on Thursday, May 14th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $206.56.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $244.50 on Monday. 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 business has a 50-day moving average of $206.11 and a 200-day moving average of $182.76. The stock has a market capitalization of $97.56 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 0.18 and a beta of 0.68. Phillips 66 has a fifty-two week low of $126.74 and a fifty-two week high of $246.95.

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 (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 business had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same quarter in the prior year, the company posted $2.38 earnings per share. As a group, sell-side analysts predict that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business 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 dividend of $1.27 per share. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.1%. Phillips 66's dividend payout ratio is currently 28.95%.

Phillips 66 declared that its board has approved a share repurchase program on Friday, July 31st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling

In other news, CFO Kevin J. Mitchell sold 11,021 shares of the stock in a transaction that occurred 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 approximately $18,504,361.28. This represents a 10.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of the firm's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total transaction 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 $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 100,507 shares of company stock worth $21,770,810. 0.40% of the stock is currently owned by company insiders.

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.

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