Philadelphia Investment Partners LLC Makes New $535,000 Investment in Phillips 66 $PSX

Philadelphia Investment Partners LLC acquired a new stake in Phillips 66 (NYSE:PSX) during the second quarter, HoldingsChannel reports. The firm acquired 2,299 shares of the oil and gas company’s stock, valued at approximately $535,000.

A number of other institutional investors and hedge funds have also made changes to their positions in PSX. Pinnacle Family Advisors LLC acquired a new stake in shares of Phillips 66 during the second quarter worth about $305,000. Ausdal Financial Partners Inc. acquired a new position in Phillips 66 in the 2nd quarter valued at about $1,373,000. Bank of America Corp DE acquired a new position in Phillips 66 in the 2nd quarter valued at about $469,970,000. Birmingham Capital Management Co. Inc. AL purchased a new stake in Phillips 66 during the 2nd quarter valued at approximately $266,000. Finally, Port Capital LLC purchased a new stake in Phillips 66 during the 2nd quarter valued at approximately $356,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. JPMorgan Chase & Co. increased their price objective on Phillips 66 from $188.00 to $202.00 in a research report on Thursday, April 30th. Morgan Stanley boosted their target price on Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a report on Friday, June 12th. Tudor Pickering raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. UBS Group increased their price target on Phillips 66 from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Finally, Weiss Ratings upgraded shares of Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $206.56.

Insiders Place Their Bets

In other Phillips 66 news, EVP Richard G. Harbison sold 52,100 shares of the firm’s 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 completion of the sale, the executive vice president owned 39,094 shares of the company’s stock, valued at approximately $8,747,673.44. This trade represents a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kevin J. Mitchell sold 11,021 shares of the business’s stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 100,507 shares of company stock worth $21,770,810. Insiders own 0.40% of the company’s stock.

Phillips 66 Price Performance

Shares of NYSE:PSX opened at $242.27 on Thursday. Phillips 66 has a 52 week low of $126.74 and a 52 week high of $246.95. The company has a 50-day moving average price of $203.06 and a 200 day moving average price of $181.56. The company has a market cap of $96.67 billion, a P/E ratio of 13.80, a PEG 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 (NYSE:PSX) last released its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.50 by $1.91. The company had revenue of $52.04 billion for the quarter, compared to analysts’ expectations 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 in the previous year, the firm posted $2.38 EPS. Research analysts predict that Phillips 66 will post 23.86 earnings per share for the current year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be paid a $1.27 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.1%. Phillips 66’s payout ratio is 28.95%.

Phillips 66 announced that its board has approved a share repurchase program on Friday, July 31st that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to reacquire up to 11.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

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.