Equitable Holdings Inc. bought a new position in Phillips 66 (NYSE:PSX – Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 20,976 shares of the oil and gas company’s stock, valued at approximately $3,546,000.
A number of other large investors also recently made changes to their positions in the business. MUFG Securities EMEA plc boosted its holdings in Phillips 66 by 113.5% in the fourth quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock valued at $2,131,000 after acquiring an additional 8,783 shares during the last quarter. Horizon Investments LLC increased its stake in Phillips 66 by 478.4% during the fourth quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company’s stock worth $8,167,000 after acquiring an additional 52,348 shares during the last quarter. Truist Financial Corp increased its stake in Phillips 66 by 1.6% during the fourth quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company’s stock worth $87,113,000 after acquiring an additional 10,585 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of Phillips 66 by 543.7% in the 1st quarter. Fifth Third Bancorp now owns 128,156 shares of the oil and gas company’s stock worth $23,348,000 after purchasing an additional 108,248 shares during the period. Finally, National Pension Service raised its holdings in shares of Phillips 66 by 2.0% in the 4th quarter. National Pension Service now owns 614,059 shares of the oil and gas company’s stock worth $79,238,000 after purchasing an additional 11,960 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.
Phillips 66 Price Performance
Shares of NYSE PSX opened at $240.58 on Friday. 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 has a 1-year low of $126.74 and a 1-year high of $246.95. The company has a market capitalization of $96.00 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 0.18 and a beta of 0.68. The business has a 50-day moving average of $204.55 and a 200-day moving average of $182.15.
Phillips 66 Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be given a $1.27 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.1%. Phillips 66’s dividend payout ratio (DPR) is 28.95%.
Phillips 66 declared that its board has authorized a share repurchase plan on Friday, July 31st that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the oil and gas company to purchase up to 11.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.
Wall Street Analyst Weigh In
PSX has been the subject of a number of research reports. UBS Group boosted their target price on Phillips 66 from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Jefferies Financial Group raised their price target on shares of Phillips 66 from $191.00 to $207.00 and gave the company a “hold” rating in a report on Thursday, July 9th. Citigroup reaffirmed a “neutral” rating on shares of Phillips 66 in a research report on Thursday, August 6th. Morgan Stanley boosted their price objective on shares of Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Finally, TD Cowen increased their price objective 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. One 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 stock. According to MarketBeat, Phillips 66 has an average rating of “Moderate Buy” and an average target price of $206.56.
Insider Activity
In other news, EVP Richard G. Harbison sold 52,100 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Brian Mandell sold 30,000 shares of the firm’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the sale, the executive vice president directly owned 61,595 shares of the company’s stock, valued at approximately $13,242,925. The trade was a 32.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 100,507 shares of company stock worth $21,770,810 over the last three months. Insiders own 0.40% of the company’s stock.
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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