Ieq Capital LLC Makes New Investment in Phillips 66 $PSX

Ieq Capital LLC purchased a new stake in shares of Phillips 66 (NYSE:PSX) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 262,569 shares of the oil and gas company’s stock, valued at approximately $44,387,000.

A number of other hedge funds have also modified their holdings of the company. Key Client Fiduciary Advisors LLC raised its position in shares of Phillips 66 by 3.5% during the 2nd quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company’s stock valued at $275,000 after purchasing an additional 55 shares during the period. Threadgill Financial LLC boosted its holdings in Phillips 66 by 3.5% in the 2nd quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company’s stock worth $286,000 after buying an additional 58 shares during the period. Calamos Wealth Management LLC boosted its holdings in Phillips 66 by 2.0% in the 2nd quarter. Calamos Wealth Management LLC now owns 3,084 shares of the oil and gas company’s stock worth $521,000 after buying an additional 60 shares during the period. Somerset Trust Co increased its stake in Phillips 66 by 0.3% in the 2nd quarter. Somerset Trust Co now owns 21,301 shares of the oil and gas company’s stock worth $3,601,000 after buying an additional 63 shares in the last quarter. Finally, Clifford Group LLC raised its holdings in Phillips 66 by 2.0% during the fourth quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company’s stock valued at $428,000 after acquiring an additional 64 shares during the period. 76.93% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, EVP Brian Mandell sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the sale, the executive vice president directly owned 61,595 shares of the company’s stock, valued at $13,242,925. The trade was a 32.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the company’s stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total value of $743,529.15. Following the sale, the executive vice president owned 27,537 shares in the company, valued at approximately $5,811,683.85. This trade represents a 11.34% decrease in their ownership of the stock. 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 have sold a total of 100,507 shares of company stock valued at $21,770,810 over the last quarter. 0.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Wells Fargo & Company boosted their price objective on Phillips 66 from $201.00 to $239.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Wall Street Zen upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 26th. Piper Sandler lifted their target price on Phillips 66 from $208.00 to $209.00 and gave the company a “neutral” rating in a research note on Monday, August 10th. Citigroup reissued a “neutral” rating on shares of Phillips 66 in a report on Thursday, August 6th. Finally, BMO Capital Markets upped their price target on Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. One investment 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. Based on data from MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and an average target price of $206.56.

Phillips 66 Trading Up 1.4%

Shares of PSX opened at $243.34 on Friday. The company’s fifty day moving average is $198.87 and its 200 day moving average is $179.44. Phillips 66 has a fifty-two week low of $124.88 and a fifty-two week high of $246.95. The stock has a market capitalization of $97.10 billion, a PE ratio of 13.87, a P/E/G ratio of 0.18 and a beta of 0.68. 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 released its quarterly 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. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The company had revenue of $52.04 billion for the quarter, compared to the consensus estimate of $43.60 billion. During the same quarter in the prior year, the firm earned $2.38 earnings per share. Sell-side analysts expect that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 declared that its board has authorized a stock buyback plan 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 plans are often an indication that the company’s board believes its stock is undervalued.

Phillips 66 Announces Dividend

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

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.