Commerce Bank Makes New $8.75 Million Investment in Phillips 66 $PSX

Commerce Bank bought a new position in shares of Phillips 66 (NYSE:PSX) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 51,744 shares of the oil and gas company’s stock, valued at approximately $8,747,000.

A number of other institutional investors have also recently modified their holdings of the business. NFSG Corp raised its holdings in Phillips 66 by 105.6% in the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after purchasing an additional 75 shares during the period. Axiom Investment Management LLC acquired a new stake in Phillips 66 in the first quarter valued at approximately $27,000. SWAN Capital LLC grew its holdings in Phillips 66 by 1,055.6% in the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock valued at $27,000 after purchasing an additional 190 shares during the period. Kelleher Financial Advisors purchased a new stake in shares of Phillips 66 in the second quarter valued at approximately $29,000. Finally, J.Safra Asset Management Corp purchased a new stake in shares of Phillips 66 in the second quarter valued at approximately $30,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PSX. Tudor Pickering upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Wells Fargo & Company boosted their price target on shares of Phillips 66 from $201.00 to $239.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. 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. Zacks Research downgraded shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Finally, Mizuho upgraded shares of Phillips 66 from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $170.00 to $212.00 in a research report on Wednesday, May 27th. One investment 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’s stock. Based on data from MarketBeat.com, Phillips 66 currently has an average rating of “Moderate Buy” and an average price target of $206.56.

Insider Buying and Selling at Phillips 66

In other news, EVP Richard G. Harbison sold 52,100 shares of the company’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total transaction 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 $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Brian Mandell sold 30,000 shares of the stock in a transaction dated 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 completion of the sale, the executive vice president owned 61,595 shares of the company’s stock, valued at $13,242,925. This trade represents a 32.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 100,507 shares of company stock worth $21,770,810. Company insiders own 0.40% of the company’s stock.

Phillips 66 Stock Performance

NYSE PSX opened at $243.34 on Monday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. The stock’s 50 day simple moving average is $198.87 and its 200-day simple moving average is $179.70. The company has a market cap of $97.10 billion, a PE ratio of 13.87, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. Phillips 66 has a 1-year low of $124.88 and a 1-year high of $246.95.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $43.60 billion. During the same period in the previous year, the business earned $2.38 earnings per share. As a group, equities research analysts anticipate that Phillips 66 will post 23.86 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

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

Phillips 66 declared that its board has authorized a share buyback 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 purchase up to 11.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors 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.