Uniting Wealth Partners LLC Acquires Shares of 2,309 Phillips 66 $PSX

Uniting Wealth Partners LLC acquired a new stake in shares of Phillips 66 (NYSE:PSX) in the second quarter, HoldingsChannel reports. The firm acquired 2,309 shares of the oil and gas company’s stock, valued at approximately $390,000.

Several other large investors have also recently made changes to their positions in PSX. Trivium Point Advisory LLC bought a new stake in shares of Phillips 66 in the second quarter worth about $349,000. Wealthspan Partners LLC bought a new position in Phillips 66 during the second quarter valued at approximately $275,000. N.E.W. Advisory Services LLC bought a new position in Phillips 66 during the second quarter valued at approximately $49,000. HBK Sorce Advisory LLC purchased a new position in Phillips 66 during the 2nd quarter valued at approximately $3,174,000. Finally, Tulsa Wealth Advisors INC bought a new stake in Phillips 66 in the 2nd quarter worth approximately $334,000. 76.93% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on PSX shares. Morgan Stanley upped their price objective on Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. Jefferies Financial Group raised their target price 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. Argus boosted their price target on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a research report on Thursday, May 14th. Zacks Research lowered shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Finally, Wall Street Zen raised shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 26th. One investment 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. According to MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and an average price target of $206.56.

Insider Activity at Phillips 66

In other news, EVP Brian Mandell sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the sale, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $18,504,361.28. This represents a 10.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 100,507 shares of company stock valued at $21,770,810 in the last quarter. Corporate insiders own 0.40% of the company’s stock.

Phillips 66 Stock Performance

PSX stock opened at $240.50 on Tuesday. 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 business’s fifty day simple moving average is $193.87 and its two-hundred day simple moving average is $176.91. Phillips 66 has a twelve month low of $121.24 and a twelve month high of $240.67. The firm has a market cap of $95.96 billion, a price-to-earnings ratio of 13.70, a PEG ratio of 0.17 and a beta of 0.68.

Phillips 66 (NYSE:PSX) last issued its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.50 by $1.91. The firm had revenue of $52.04 billion during the quarter, compared to analyst estimates of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same period in the previous year, the firm earned $2.38 earnings per share. Analysts predict that Phillips 66 will post 24.44 earnings per share for the current year.

Phillips 66 Dividend Announcement

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

Phillips 66 declared that its board has approved a stock repurchase program on Friday, July 31st that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is 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.