Empowered Funds LLC bought a new stake in shares of Phillips 66 (NYSE:PSX – Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 179,617 shares of the oil and gas company’s stock, valued at approximately $30,364,000.
Several other institutional investors and hedge funds have also recently modified their holdings of PSX. BlackRock Inc. acquired a new position in Phillips 66 in the 2nd quarter worth about $5,766,779,000. Bank of New York Mellon Corp acquired a new stake in Phillips 66 in the second quarter valued at approximately $1,093,206,000. Norges Bank purchased a new stake in shares of Phillips 66 in the fourth quarter valued at approximately $640,206,000. Bank of America Corp DE acquired a new position in shares of Phillips 66 during the 2nd quarter worth approximately $469,970,000. Finally, Legal & General Group Plc acquired a new position in shares of Phillips 66 during the 2nd quarter worth approximately $303,648,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.
Insider Buying and Selling at Phillips 66
In other news, EVP Brian Mandell sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the transaction, the executive vice president directly owned 61,595 shares in the company, valued at $13,242,925. The trade was 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, CFO Kevin J. Mitchell sold 11,021 shares of the company’s stock in a transaction that occurred on Thursday, July 9th. The shares were 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 90 days, insiders sold 100,507 shares of company stock valued at $21,770,810. Company insiders own 0.40% of the company’s stock.
Analysts Set New Price Targets
View Our Latest Report on Phillips 66
Phillips 66 Trading Down 0.7%
Shares of PSX opened at $240.58 on Friday. Phillips 66 has a 52-week low of $126.74 and a 52-week high of $246.95. The stock has a market cap of $96.00 billion, a PE ratio of 13.71, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. The firm’s fifty day moving average is $204.55 and its two-hundred day moving average is $182.15. 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 (NYSE:PSX – Get Free Report) last issued its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, beating analysts’ consensus estimates of $7.50 by $1.91. The business had revenue of $52.04 billion during the quarter, compared to analysts’ expectations of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same period in the prior year, the business earned $2.38 earnings per share. Research analysts forecast that Phillips 66 will post 23.86 earnings per share for the current fiscal year.
Phillips 66 announced that its Board of Directors has initiated a share repurchase program on Friday, July 31st that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
Phillips 66 Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be issued a $1.27 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.1%. Phillips 66’s dividend payout ratio is presently 28.95%.
About Phillips 66
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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