Van ECK Associates Corp reduced its stake in shares of Phillips 66 (NYSE:PSX – Free Report) by 70.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 90,926 shares of the oil and gas company’s stock after selling 215,581 shares during the quarter. Van ECK Associates Corp’s holdings in Phillips 66 were worth $15,371,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. NFSG Corp boosted its holdings in Phillips 66 by 105.6% in the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after acquiring an additional 75 shares during the period. Axiom Investment Management LLC purchased a new stake in shares of Phillips 66 during the first quarter valued at approximately $27,000. SWAN Capital LLC lifted its position in shares of Phillips 66 by 1,055.6% during the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock worth $27,000 after purchasing an additional 190 shares in the last quarter. Compass Financial Management LLC acquired a new position in shares of Phillips 66 during the second quarter worth $28,000. Finally, Kelleher Financial Advisors purchased a new position in shares of Phillips 66 in the second quarter valued at $29,000. 76.93% of the stock is owned by institutional investors and hedge funds.
Phillips 66 Price Performance
Shares of NYSE:PSX opened at $246.86 on Tuesday. The company has a market cap of $98.50 billion, a PE ratio of 14.07, a P/E/G ratio of 0.18 and a beta of 0.68. Phillips 66 has a fifty-two week low of $126.74 and a fifty-two week high of $250.66. The firm has a 50-day simple moving average of $207.69 and a 200 day simple moving average of $183.39. 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 announced that its board has authorized a share 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 buy up to 11.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
Phillips 66 Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be issued a $1.27 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.1%. Phillips 66’s dividend payout ratio (DPR) is 28.95%.
Insider Buying and Selling
In other Phillips 66 news, EVP Richard G. Harbison sold 52,100 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total value of $11,657,896.00. Following the sale, the executive vice president directly owned 39,094 shares of the company’s stock, valued at $8,747,673.44. This trade represents a 57.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Kevin J. Mitchell sold 11,021 shares of the firm’s stock in a transaction 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 in the company, valued at $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 100,507 shares of company stock worth $21,770,810. Company insiders own 0.40% of the company’s stock.
Analysts Set New Price Targets
A number of equities research analysts recently weighed in on PSX shares. Mizuho raised shares of Phillips 66 from a “neutral” rating to an “outperform” rating and raised their price target for the company from $170.00 to $212.00 in a report on Wednesday, May 27th. Jefferies Financial Group boosted their price objective on shares of Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a report on Thursday, July 9th. Morgan Stanley upped their price objective on shares of Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. Argus raised their target price on Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Finally, Raymond James Financial lifted their target price on Phillips 66 from $218.00 to $235.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and an average target price of $206.56.
View Our Latest Stock Report on PSX
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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