Public Employees Retirement System of Ohio Acquires Shares of 173,128 Phillips 66 $PSX

Public Employees Retirement System of Ohio acquired a new stake in shares of Phillips 66 (NYSE:PSX) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 173,128 shares of the oil and gas company’s stock, valued at approximately $29,267,000.

A number of other institutional investors have also made changes to their positions in PSX. Brighton Jones LLC grew its holdings in Phillips 66 by 238.5% during the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock valued at $1,166,000 after purchasing an additional 7,214 shares in the last quarter. Woodline Partners LP lifted its holdings in 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 worth $4,308,000 after buying an additional 10,089 shares in the last quarter. Sei Investments Co. lifted its holdings in Phillips 66 by 28.3% in the 2nd quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company’s stock worth $18,788,000 after buying an additional 34,698 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Phillips 66 by 9.1% in 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 during the last quarter. Finally, Glenview Trust co boosted its position in 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 valued at $1,068,000 after buying an additional 229 shares during the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Stock Up 2.0%

NYSE:PSX opened at $244.50 on Friday. The company has a market capitalization of $97.56 billion, a price-to-earnings ratio of 13.93, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. Phillips 66 has a one year low of $126.74 and a one year high of $246.95. The stock has a 50-day simple moving average of $206.11 and a 200 day simple moving average of $182.58. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32.

Phillips 66 (NYSE:PSX) last announced 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 return on equity of 19.93% and a net margin of 4.54%.The firm had revenue of $52.04 billion for the quarter, compared to analysts’ expectations of $43.60 billion. During the same quarter in the prior year, the firm posted $2.38 earnings per share. Sell-side analysts predict that Phillips 66 will post 23.86 EPS for the current fiscal year.

Phillips 66 declared that its board has approved a stock buyback 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 repurchase up to 11.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Phillips 66 Announces Dividend

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

Insider Transactions at Phillips 66

In related news, EVP Richard G. Harbison sold 52,100 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Brian Mandell sold 30,000 shares of the firm’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 transaction, the executive vice president owned 61,595 shares in the company, valued at $13,242,925. This trade represents a 32.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 100,507 shares of company stock valued at $21,770,810 over the last 90 days. Insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. UBS Group lifted their target price on Phillips 66 from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Argus increased their price target on Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a report on Thursday, May 14th. Piper Sandler raised their price objective on Phillips 66 from $208.00 to $209.00 and gave the company a “neutral” rating in a research note on Monday, August 10th. Raymond James Financial lifted their price objective on Phillips 66 from $218.00 to $235.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Finally, Morgan Stanley upped their target price on Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, Phillips 66 has an average rating of “Moderate Buy” and an average target price of $206.56.

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.