HBK Sorce Advisory LLC bought a new stake in shares of Phillips 66 (NYSE:PSX – Free Report) during the second quarter, Holdings Channel.com reports. The fund bought 15,670 shares of the oil and gas company’s stock, valued at approximately $3,174,000.
Several other institutional investors and hedge funds have also recently modified their holdings of the business. Tulsa Wealth Advisors INC purchased a new position in shares of Phillips 66 in the 2nd quarter valued at about $334,000. German American Bancorp Inc. purchased a new position in Phillips 66 during the second quarter worth approximately $3,334,000. Nippon Life Global Investors Americas Inc. purchased a new position in Phillips 66 during the second quarter worth approximately $730,000. J.Safra Asset Management Corp acquired a new stake in Phillips 66 in the second quarter valued at approximately $30,000. Finally, Flputnam Investment Management Co. acquired a new stake in Phillips 66 in the second quarter valued at approximately $2,584,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.
Insider Activity
In other news, EVP Brian Mandell sold 30,000 shares of the company’s stock in a transaction on 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 transaction, the executive vice president owned 61,595 shares of the company’s stock, valued at $13,242,925. This represents a 32.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president directly owned 27,537 shares in the company, valued at $5,811,683.85. The trade was a 11.34% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 100,507 shares of company stock worth $21,770,810 in the last 90 days. 0.40% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
Check Out Our Latest Report on Phillips 66
Phillips 66 Stock Performance
PSX opened at $240.50 on Tuesday. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. The firm’s 50-day moving average price is $193.87 and its 200 day moving average price is $176.91. The firm has a market capitalization of $95.96 billion, a PE ratio of 13.70, a PEG ratio of 0.17 and a beta of 0.68. Phillips 66 has a twelve month low of $121.24 and a twelve month high of $240.67.
Phillips 66 (NYSE:PSX – Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $43.60 billion. During the same quarter last year, the business posted $2.38 earnings per share. As a group, sell-side analysts expect that Phillips 66 will post 24.44 EPS for the current fiscal year.
Phillips 66 declared that its board has approved a stock buyback program 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 repurchase up to 11.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Phillips 66 Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be issued 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 (DPR) is currently 28.95%.
Phillips 66 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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