Evolve Private Wealth LLC Makes New Investment in Phillips 66 $PSX

Evolve Private Wealth LLC bought a new position in Phillips 66 (NYSE:PSX) in the second quarter, Holdings Channel reports. The institutional investor bought 7,993 shares of the oil and gas company’s stock, valued at approximately $1,351,000.

A number of other institutional investors also recently made changes to their positions in the business. Brighton Jones LLC grew its holdings in Phillips 66 by 238.5% in the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock worth $1,166,000 after acquiring an additional 7,214 shares during the last quarter. Woodline Partners LP lifted its stake in shares of Phillips 66 by 40.7% in the 1st quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock valued at $4,308,000 after purchasing an additional 10,089 shares during the period. Sei Investments Co. lifted its position in Phillips 66 by 28.3% during the second quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company’s stock valued at $18,788,000 after buying an additional 34,698 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Phillips 66 by 9.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company’s stock valued at $41,359,000 after buying an additional 28,988 shares in the last quarter. Finally, Glenview Trust co grew its position in shares of Phillips 66 by 2.6% in the 2nd quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company’s stock worth $1,068,000 after buying an additional 229 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Kevin J. Mitchell sold 11,021 shares of the business’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 transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of the company’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 transaction, the executive vice president owned 39,094 shares of the company’s stock, valued at approximately $8,747,673.44. This represents a 57.13% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 100,507 shares of company stock worth $21,770,810. 0.40% of the stock is currently owned by corporate insiders.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $243.34 on Monday. The firm has a market cap of $97.10 billion, a P/E ratio of 13.87, a PEG ratio of 0.18 and a beta of 0.68. Phillips 66 has a twelve month low of $124.88 and a twelve month high of $246.95. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. The company has a 50 day moving average of $198.87 and a 200 day moving average of $179.70.

Phillips 66 (NYSE:PSX) last posted its 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 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 quarter last year, the company earned $2.38 EPS. As a group, research analysts expect that Phillips 66 will post 23.86 EPS for the current fiscal year.

Phillips 66 declared that its board has authorized a share repurchase plan on Friday, July 31st that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the oil and gas company to purchase up to 11.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board 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 paid a $1.27 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.1%. Phillips 66’s dividend payout ratio is 28.95%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PSX. Mizuho raised shares of Phillips 66 from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $170.00 to $212.00 in a research report on Wednesday, May 27th. Citigroup restated a “neutral” rating on shares of Phillips 66 in a report on Thursday, August 6th. Morgan Stanley lifted their target price on shares of Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a report on Friday, June 12th. Wells Fargo & Company upped their price target on Phillips 66 from $201.00 to $239.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Finally, The Goldman Sachs Group raised their price objective on Phillips 66 from $207.00 to $235.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $206.56.

Phillips 66 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.