Americana Partners LLC lifted its position in Phillips 66 (NYSE:PSX – Free Report) by 8.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 26,946 shares of the oil and gas company’s stock after purchasing an additional 1,985 shares during the quarter. Americana Partners LLC’s holdings in Phillips 66 were worth $6,880,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in PSX. BlackRock Inc. acquired a new position in Phillips 66 in the second quarter valued at about $5,766,779,000. State Street Corp grew its stake in Phillips 66 by 1.1% during the second quarter. State Street Corp now owns 26,044,694 shares of the oil and gas company’s stock worth $4,402,856,000 after buying an additional 271,841 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Phillips 66 during the second quarter worth approximately $1,093,206,000. Amundi increased its holdings in shares of Phillips 66 by 62.0% during the first quarter. Amundi now owns 3,667,451 shares of the oil and gas company’s stock worth $668,137,000 after buying an additional 1,403,493 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Phillips 66 by 1.2% during the first quarter. Bank of America Corp DE now owns 2,971,036 shares of the oil and gas company’s stock worth $541,263,000 after buying an additional 35,167 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.
Insider Transactions at Phillips 66
In related news, EVP Richard Harbison sold 52,100 shares of Phillips 66 stock in a transaction dated 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 completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Brian Mandell sold 23,400 shares of the business’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $265.06, for a total value of $6,202,404.00. Following the sale, the executive vice president directly owned 61,595 shares of the company’s stock, valued at $16,326,370.70. This represents a 27.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 108,800 shares of company stock valued at $25,016,566. Corporate insiders own 0.40% of the company’s stock.
Wall Street Analyst Weigh In
PSX has been the subject of a number of recent analyst reports. Wells Fargo & Company raised their price target on Phillips 66 from $345.00 to $346.00 and gave the company an “overweight” rating in a report on Thursday. UBS Group boosted their price objective on Phillips 66 from $235.00 to $300.00 and gave the stock a “buy” rating in a research note on Tuesday, September 8th. Raymond James Financial restated an “outperform” rating and set a $335.00 target price on shares of Phillips 66 in a report on Monday, October 19th. Jefferies Financial Group restated a “hold” rating and set a $276.00 target price on shares of Phillips 66 in a report on Sunday, October 11th. Finally, Morgan Stanley lifted their price target on Phillips 66 from $196.00 to $284.00 and gave the company an “overweight” rating in a report on Monday, September 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $270.19.
Get Our Latest Analysis on Phillips 66
Phillips 66 Stock Up 3.5%
NYSE:PSX opened at $283.18 on Friday. The company has a market cap of $112.99 billion, a price-to-earnings ratio of 9.04, a P/E/G ratio of 0.16 and a beta of 0.71. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.00 and a current ratio of 1.34. The stock’s fifty day moving average price is $266.19 and its two-hundred day moving average price is $198.51. Phillips 66 has a 52-week low of $127.16 and a 52-week high of $299.39.
Phillips 66 (NYSE:PSX – Get Free Report) last released its earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share for the quarter, topping analysts’ consensus estimates of $11.73 by $2.35. The company had revenue of $50.54 billion during the quarter, compared to the consensus estimate of $44.91 billion. Phillips 66 had a return on equity of 33.12% and a net margin of 7.27%. During the same quarter in the previous year, the company posted $2.52 earnings per share. On average, analysts anticipate that Phillips 66 will post 31.39 EPS for the current year.
Phillips 66 declared that its Board of Directors has initiated a share repurchase plan on Friday, July 31st that allows the company to buy back $10 billion in shares. This repurchase authorization allows the oil and gas company to buy up to 11.8% of its shares through open market purchases. Share repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
Phillips 66 Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 17th will be issued a $1.33 dividend. This is a positive change from Phillips 66’s previous quarterly dividend of $1.27. This represents a $5.32 annualized dividend and a yield of 1.9%. The ex-dividend date is Tuesday, November 17th. Phillips 66’s dividend payout ratio (DPR) is 16.99%.
More Phillips 66 News
Here are the key news stories impacting Phillips 66 this week:
- Positive Sentiment: Phillips 66 reported adjusted earnings per share of $14.08, well above the $11.73 analyst consensus and up sharply year over year. Revenue also exceeded expectations, while record refining margins, 98% refinery utilization and a 41% distillate yield drove the profit surge. Phillips 66 Posts Strong Earnings But the Stock Doesn’t Care
- Positive Sentiment: Management highlighted continued strength in refining and midstream, progress on debt reduction and shareholder returns, and investment in long-term projects such as the Western Gateway Pipeline system. These initiatives could improve cash flow durability and reduce leverage. PSX Q3 Earnings Call Highlights Refining Strength and Growth Plans
- Positive Sentiment: The company raised its quarterly dividend to $1.33 per share and continued substantial share repurchases, reinforcing the income and capital-return case for investors. Learn Why The Bull Case For Phillips 66 Stock Could Change Following Earnings Beat
- Positive Sentiment: Some coverage argues that PSX may still be undervalued despite its significant multiyear advance, citing record profitability, robust midstream volumes, deleveraging and a relatively low reported valuation multiple. Phillips 66 Stock Could Be Undervalued
Phillips 66 Profile
Phillips 66 (NYSE: PSX) is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips’ downstream and midstream businesses.
Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.
The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.
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