4,543 Shares in Phillips 66 $PSX Acquired by Redwood Investment Management LLC

Redwood Investment Management LLC acquired a new stake in shares of Phillips 66 (NYSE:PSX) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 4,543 shares of the oil and gas company’s stock, valued at approximately $768,000.

Other institutional investors have also recently added to or reduced their stakes in the company. NFSG Corp lifted its stake in Phillips 66 by 105.6% in the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 75 shares during the last quarter. Axiom Investment Management LLC acquired a new position in shares of Phillips 66 during the first quarter valued at $27,000. SWAN Capital LLC grew its position in shares of Phillips 66 by 1,055.6% during 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 last quarter. Compass Financial Management LLC bought a new position in shares of Phillips 66 during the second quarter worth about $28,000. Finally, Kelleher Financial Advisors acquired a new stake in shares of Phillips 66 in the 2nd quarter worth about $29,000. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Stock Down 0.7%

PSX stock opened at $240.58 on Friday. The firm’s 50-day moving average is $204.55 and its two-hundred day moving average is $182.15. The company has a market capitalization of $96.00 billion, a price-to-earnings ratio of 13.71, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. Phillips 66 has a 52 week low of $126.74 and a 52 week high of $246.95. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The business had revenue of $52.04 billion during the quarter, compared to analysts’ expectations of $43.60 billion. During the same period last year, the firm posted $2.38 earnings per share. On average, analysts forecast that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 announced that its Board of Directors has approved a stock 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 typically an indication that the company’s management believes its shares are undervalued.

Phillips 66 Dividend Announcement

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

Insider Transactions at Phillips 66

In other news, EVP Brian Mandell sold 30,000 shares of the business’s 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 sale, the executive vice president owned 61,595 shares of the company’s stock, valued at approximately $13,242,925. The trade was a 32.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kevin J. Mitchell sold 11,021 shares of the company’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 completion of the sale, the chief financial officer owned 97,376 shares of the company’s stock, valued at approximately $18,504,361.28. This trade represents a 10.17% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 100,507 shares of company stock valued at $21,770,810. Company insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Morgan Stanley boosted their target price on shares of Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Barclays raised their price target on shares of Phillips 66 from $183.00 to $216.00 and gave the company an “equal weight” rating in a research note on Thursday, August 6th. Weiss Ratings raised Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, August 12th. Piper Sandler boosted their price objective on Phillips 66 from $208.00 to $209.00 and gave the stock a “neutral” rating in a research report on Monday, August 10th. Finally, Citigroup reaffirmed a “neutral” rating on shares of Phillips 66 in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average 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.