35,789 Shares in Phillips 66 $PSX Purchased by Northwestern Mutual Wealth Management Co.

Northwestern Mutual Wealth Management Co. acquired a new position in Phillips 66 (NYSE:PSX) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 35,789 shares of the oil and gas company’s stock, valued at approximately $6,050,000.

A number of other institutional investors and hedge funds have also made changes to their positions in PSX. CFO4Life Group LLC purchased a new position in shares of Phillips 66 during the second quarter valued at approximately $398,000. Quantbot Technologies LP purchased a new stake in shares of Phillips 66 in the 2nd quarter worth approximately $4,411,000. Evolve Private Wealth LLC purchased a new stake in shares of Phillips 66 in the 2nd quarter worth approximately $1,351,000. WealthShield Partners LLC bought a new position in Phillips 66 during the 2nd quarter valued at approximately $226,000. Finally, Farringdon Capital Ltd. bought a new position in Phillips 66 during the 2nd quarter valued at approximately $348,000. Institutional investors own 76.93% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on PSX shares. Wall Street Zen raised Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 26th. Jefferies Financial Group raised their price target on Phillips 66 from $191.00 to $207.00 and gave the company a “hold” rating in a report on Thursday, July 9th. Zacks Research lowered Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. BMO Capital Markets lifted their price target on Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 13th. Finally, Morgan Stanley upped their price target on shares of Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. One equities 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 company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $206.56.

Phillips 66 Stock Up 0.2%

Phillips 66 stock opened at $243.34 on Monday. Phillips 66 has a 12 month low of $124.88 and a 12 month high of $246.95. The stock has a fifty day simple moving average of $198.87 and a two-hundred day simple moving average of $179.70. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. The firm has a market cap of $97.10 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 0.18 and a beta of 0.68.

Phillips 66 (NYSE:PSX) last announced 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 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 the consensus estimate of $43.60 billion. During the same period in the prior year, the company posted $2.38 earnings per share. Equities analysts predict that Phillips 66 will post 23.86 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The business 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. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.1%. Phillips 66’s dividend payout ratio is currently 28.95%.

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

Insider Activity at Phillips 66

In related news, EVP Vanessa Allen Sutherland sold 3,523 shares of the stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the transaction, the executive vice president owned 27,537 shares in the company, valued at $5,811,683.85. This represents a 11.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin J. Mitchell sold 11,021 shares of the 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 transaction, the chief financial officer directly owned 97,376 shares in the company, valued at $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. 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 worth $21,770,810. 0.40% of the stock is owned by insiders.

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.