Ceredex Value Advisors LLC Takes Position in Phillips 66 $PSX

Ceredex Value Advisors LLC purchased a new position in shares of Phillips 66 (NYSE:PSX) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 107,700 shares of the oil and gas company’s stock, valued at approximately $18,207,000.

Other institutional investors also recently made changes to their positions in the company. BlackRock Inc. bought a new position in Phillips 66 during the 2nd quarter valued at $5,766,779,000. Bank of New York Mellon Corp purchased a new position in Phillips 66 in the 2nd quarter worth about $1,093,206,000. Norges Bank acquired a new stake in shares of Phillips 66 during the fourth quarter valued at approximately $640,206,000. Deutsche Bank AG acquired a new stake in Phillips 66 during the 2nd quarter valued at $271,128,000. Finally, AQR Capital Management LLC lifted its stake in Phillips 66 by 424.7% in the 3rd quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock worth $257,512,000 after acquiring an additional 1,532,389 shares in the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Phillips 66

In other news, EVP Brian Mandell sold 30,000 shares of Phillips 66 stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total value of $6,450,000.00. Following the completion of the sale, the executive vice president directly owned 61,595 shares of the company’s stock, valued at approximately $13,242,925. This trade represents a 32.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction dated Thursday, July 9th. The stock was 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 approximately $18,504,361.28. The trade was 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. Insiders have sold a total of 100,507 shares of company stock valued at $21,770,810 over the last 90 days. 0.40% of the stock is currently owned by corporate insiders.

Phillips 66 Price Performance

NYSE:PSX opened at $239.46 on Friday. The firm has a market cap of $95.55 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. 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 has a 12 month low of $122.25 and a 12 month high of $246.95. The company’s 50-day moving average price is $197.59 and its two-hundred day moving average price is $178.99.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, topping analysts’ consensus estimates of $7.50 by $1.91. The business had revenue of $52.04 billion for 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 EPS. On average, equities analysts anticipate that Phillips 66 will post 23.86 EPS for the current fiscal year.

Phillips 66 announced that its Board of Directors has approved a stock buyback plan on Friday, July 31st that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the oil and gas company to reacquire up to 11.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be paid 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%.

Wall Street Analyst Weigh In

PSX has been the subject of a number of research analyst reports. Citigroup reiterated a “neutral” rating on shares of Phillips 66 in a research report on Thursday, August 6th. Barclays boosted their target price on Phillips 66 from $183.00 to $216.00 and gave the stock an “equal weight” rating in a report on Thursday, August 6th. Jefferies Financial Group upped their price target on shares of Phillips 66 from $191.00 to $207.00 and gave the company a “hold” rating in a report on Thursday, July 9th. Piper Sandler raised their price objective on shares of Phillips 66 from $208.00 to $209.00 and gave the stock a “neutral” rating in a research note on Monday, August 10th. Finally, JPMorgan Chase & Co. boosted their price target on Phillips 66 from $188.00 to $202.00 in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target 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.