Corient Private Wealth LP Makes New Investment in Phillips 66 $PSX

Corient Private Wealth LP bought a new position in shares of Phillips 66 (NYSE:PSX) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 761,252 shares of the oil and gas company’s stock, valued at approximately $122,808,000.

Several other hedge funds have also modified their holdings of PSX. Parallax Volatility Advisers L.P. purchased a new stake in shares of Phillips 66 in the second quarter valued at approximately $343,000. Perennial Investment Advisors LLC purchased a new position in Phillips 66 in the second quarter worth $296,000. Philadelphia Investment Partners LLC purchased a new position in Phillips 66 in the second quarter worth $535,000. Pinnacle Family Advisors LLC acquired a new stake in Phillips 66 in the second quarter valued at $305,000. Finally, Ausdal Financial Partners Inc. acquired a new stake in Phillips 66 in the second quarter valued at $1,373,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total value 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. The trade was a 57.13% 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. Also, CFO Kevin J. Mitchell sold 11,021 shares of the company’s 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 completion of the transaction, the chief financial officer owned 97,376 shares of the company’s stock, 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. Over the last quarter, insiders sold 100,507 shares of company stock worth $21,770,810. Company insiders own 0.40% of the company’s stock.

Phillips 66 Price Performance

Shares of NYSE:PSX opened at $242.27 on Thursday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32. The business’s fifty day moving average price is $203.06 and its two-hundred day moving average price is $181.56. The stock has a market cap of $96.67 billion, a PE ratio of 13.80, 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.

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 for the quarter, topping 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 company 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 firm posted $2.38 earnings per share. On average, analysts forecast that Phillips 66 will post 23.86 EPS for the current fiscal year.

Phillips 66 announced that its board has approved a stock repurchase 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 reacquire up to 11.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

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 given a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Tuesday, August 18th. Phillips 66’s dividend payout ratio (DPR) is currently 28.95%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Argus upped their price target on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. The Goldman Sachs Group boosted their price objective on shares of Phillips 66 from $207.00 to $235.00 and gave the stock a “neutral” rating in a report on Wednesday, July 22nd. Weiss Ratings raised shares of Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, August 12th. JPMorgan Chase & Co. boosted their price target on Phillips 66 from $188.00 to $202.00 in a research note on Thursday, April 30th. Finally, Guggenheim raised Phillips 66 to an “outperform” rating in a research note on Wednesday, May 27th. One 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 stock. According to data from MarketBeat.com, Phillips 66 currently has a consensus rating of “Moderate Buy” and a consensus price target 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.