Meiji Yasuda Asset Management Co Ltd. acquired a new stake in shares of Phillips 66 (NYSE:PSX – Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,548 shares of the oil and gas company’s stock, valued at approximately $431,000.
Other institutional investors and hedge funds have also bought and sold shares of the company. NFSG Corp boosted its holdings in shares of Phillips 66 by 105.6% in the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after buying an additional 75 shares during the last quarter. Axiom Investment Management LLC purchased a new stake in Phillips 66 during the first quarter valued at approximately $27,000. SWAN Capital LLC raised its position in Phillips 66 by 1,055.6% in the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock worth $27,000 after acquiring an additional 190 shares during the period. Compass Financial Management LLC purchased a new position in shares of Phillips 66 during the 2nd quarter worth $28,000. Finally, Kelleher Financial Advisors bought a new stake in shares of Phillips 66 during the 2nd quarter valued at $29,000. 76.93% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at Phillips 66
In other news, EVP Brian Mandell sold 30,000 shares of Phillips 66 stock in a transaction that occurred 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 owned 61,595 shares in the company, valued at $13,242,925. This trade represents a 32.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Richard G. Harbison sold 52,100 shares of the business’s stock in a transaction on Wednesday, August 12th. The stock was 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 in the company, valued at $8,747,673.44. This trade represents a 57.13% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 100,507 shares of company stock valued at $21,770,810. Corporate insiders own 0.40% of the company’s stock.
Phillips 66 Price Performance
Phillips 66 (NYSE:PSX – Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share 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 during 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, analysts forecast that Phillips 66 will post 23.86 EPS for the current fiscal year.
Phillips 66 announced that its Board of Directors has initiated a stock buyback program on Friday, July 31st that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
Phillips 66 Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 2.1%. The ex-dividend date is Tuesday, August 18th. Phillips 66’s dividend payout ratio is presently 28.95%.
Wall Street Analysts Forecast Growth
A number of equities analysts recently commented on PSX shares. Wall Street Zen raised Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 26th. Tudor Pickering upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Citigroup reaffirmed a “neutral” rating on shares of Phillips 66 in a research note on Thursday, August 6th. Wells Fargo & Company lifted their price objective on Phillips 66 from $201.00 to $239.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Finally, JPMorgan Chase & Co. increased their target price on shares of Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $206.56.
View Our Latest Report on Phillips 66
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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