Insider Selling: Phillips 66 (NYSE:PSX) EVP Sells 23,400 Shares of Stock

Key Points

• Phillips 66 EVP Brian Mandell sold 23,400 shares at an average price of $265.06, generating $6.2 million and reducing his direct ownership by 27.53% to 61,595 shares.
• Phillips 66 reported quarterly EPS of $9.41, exceeding estimates of $7.50, while revenue reached $52.04 billion versus the $43.60 billion consensus estimate.
• The company authorized a $10 billion stock buyback and pays a quarterly dividend of $1.27, equivalent to a 1.9% annualized yield; analysts maintain a consensus “Moderate Buy” rating with a $237.35 price target.

Phillips 66 (NYSE:PSX - Get Free Report) EVP Brian Mandell sold 23,400 shares of the firm's stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $265.06, for a total value of $6,202,404.00. Following the completion of the sale, the executive vice president directly owned 61,595 shares in the company, valued at approximately $16,326,370.70. The trade was a 27.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

Brian Mandell also recently made the following trade(s):

• On Monday, August 10th, Brian Mandell sold 3,300 shares of Phillips 66 stock. The shares were sold at an average price of $214.02, for a total transaction of $706,266.00.
• On Tuesday, August 11th, Brian Mandell sold 30,000 shares of Phillips 66 stock. The shares were sold at an average price of $215.00, for a total transaction of $6,450,000.00.

Phillips 66 Price Performance

Shares of NYSE PSX traded up $9.03 during trading on Thursday, hitting $273.66. The company had a trading volume of 3,572,668 shares, compared to its average volume of 2,826,335. The firm has a market capitalization of $109.20 billion, a price-to-earnings ratio of 15.59 and a beta of 0.71. The stock has a fifty day simple moving average of $227.71 and a two-hundred day simple moving average of $191.99. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. Phillips 66 has a fifty-two week low of $126.74 and a fifty-two week high of $274.21.

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 for the quarter, topping the consensus estimate of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The firm had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. During the same quarter in the prior year, the firm earned $2.38 EPS. On average, research analysts expect that Phillips 66 will post 26.95 earnings per share for the current year.

Phillips 66 announced that its Board of Directors has approved a stock buyback program on Friday, July 31st that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the oil and gas company to purchase 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 shares are undervalued.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th were paid a $1.27 dividend. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 1.9%. Phillips 66's payout ratio is currently 28.95%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in Phillips 66 during the second quarter worth $5,766,779,000. Bank of New York Mellon Corp purchased a new position in Phillips 66 during the second quarter worth about $1,093,206,000. Norges Bank acquired a new stake in shares of Phillips 66 during the fourth quarter valued at about $640,206,000. Bank of America Corp DE purchased a new stake in shares of Phillips 66 in the 2nd quarter valued at approximately $469,970,000. Finally, Legal & General Group Plc purchased a new stake in shares of Phillips 66 in the 2nd quarter valued at approximately $303,648,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on PSX. UBS Group lifted their target price on shares of Phillips 66 from $235.00 to $300.00 and gave the stock a "buy" rating in a research note on Tuesday, September 8th. The Goldman Sachs Group boosted their price target on shares of Phillips 66 from $207.00 to $235.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 22nd. Weiss Ratings raised shares of Phillips 66 from a "hold (c)" rating to a "buy (b)" rating in a research note on Wednesday, August 12th. Guggenheim raised shares of Phillips 66 to an "outperform" rating in a research note on Wednesday, May 27th. Finally, Wall Street Zen upgraded Phillips 66 from a "buy" rating to a "strong-buy" rating in a report on Sunday, July 26th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Phillips 66 presently has a consensus rating of "Moderate Buy" and a consensus price target of $237.35.

About Phillips 66

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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