Texas Capital Bank Wealth Management Services Inc Buys New Shares in Phillips 66 $PSX

Texas Capital Bank Wealth Management Services Inc bought a new position in Phillips 66 (NYSE:PSX) in the 2nd quarter, Holdings Channel.com reports. The fund bought 5,914 shares of the oil and gas company’s stock, valued at approximately $1,000,000.

Other institutional investors have also bought and sold shares of the company. NFSG Corp raised its holdings in Phillips 66 by 105.6% during the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock valued at $27,000 after acquiring an additional 75 shares during the period. Axiom Investment Management LLC bought a new position in shares of Phillips 66 in the first quarter worth about $27,000. SWAN Capital LLC boosted its stake in shares of 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. Kelleher Financial Advisors purchased a new stake in shares of Phillips 66 during the second quarter worth about $29,000. Finally, J.Safra Asset Management Corp purchased a new stake in shares of Phillips 66 during the second quarter worth about $30,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insider Transactions at Phillips 66

In other news, EVP Brian Mandell sold 30,000 shares of the 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 completion of the transaction, the executive vice president directly owned 61,595 shares in the company, valued at approximately $13,242,925. This represents a 32.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the firm’s stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the completion of the transaction, the executive vice president directly owned 27,537 shares of the company’s stock, valued at approximately $5,811,683.85. This trade represents a 11.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 100,507 shares of company stock valued at $21,770,810 over the last quarter. 0.40% of the stock is owned by insiders.

Phillips 66 Price Performance

NYSE:PSX opened at $240.50 on Tuesday. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $95.96 billion, a P/E ratio of 13.70, a P/E/G ratio of 0.17 and a beta of 0.68. Phillips 66 has a 12 month low of $121.24 and a 12 month high of $240.67. The business’s 50-day moving average is $193.87 and its 200 day moving average is $176.91.

Phillips 66 (NYSE:PSX) last announced its quarterly 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 company had revenue of $52.04 billion during the quarter, compared to analyst estimates of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same period in the prior year, the company earned $2.38 earnings per share. On average, equities research analysts forecast that Phillips 66 will post 24.44 earnings per share for the current fiscal year.

Phillips 66 announced that its board has authorized a share repurchase program on Friday, July 31st that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to repurchase up to 11.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be issued a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66’s dividend payout ratio is 28.95%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Jefferies Financial Group boosted their price target on Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a report on Thursday, July 9th. BMO Capital Markets increased their price objective on shares of Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. The Goldman Sachs Group lifted their price objective on shares of Phillips 66 from $207.00 to $235.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Tudor Pickering raised shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Finally, Zacks Research lowered shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. One equities 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. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $206.56.

Phillips 66 Company 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.