Wellington Management Group LLP Has $199.30 Million Stock Holdings in Phillips 66 $PSX

Wellington Management Group LLP raised its stake in Phillips 66 (NYSE:PSX) by 30.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,178,961 shares of the oil and gas company’s stock after purchasing an additional 274,147 shares during the period. Wellington Management Group LLP’s holdings in Phillips 66 were worth $199,303,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. NFSG Corp boosted its holdings in Phillips 66 by 105.6% in the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after acquiring an additional 75 shares in the last quarter. Axiom Investment Management LLC acquired a new stake in Phillips 66 in the first quarter valued at approximately $27,000. SWAN Capital LLC increased its holdings in shares of Phillips 66 by 1,055.6% during the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock valued at $27,000 after acquiring an additional 190 shares in the last quarter. Compass Financial Management LLC bought a new stake in shares of Phillips 66 during the second quarter valued at approximately $28,000. Finally, Kelleher Financial Advisors acquired a new position in shares of Phillips 66 during the second quarter worth approximately $29,000. Institutional investors own 76.93% of the company’s stock.

Insider Activity

In other news, EVP Vanessa Allen Sutherland sold 3,523 shares of the stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total value of $743,529.15. Following the completion of the sale, 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 SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brian Mandell sold 30,000 shares of the firm’s 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 transaction, the executive vice president directly owned 61,595 shares in the company, valued at $13,242,925. The trade was a 32.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 100,507 shares of company stock worth $21,770,810. Company insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Wells Fargo & Company increased their target price on Phillips 66 from $201.00 to $239.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Argus upped their price objective on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. TD Cowen raised their price objective on shares of Phillips 66 from $240.00 to $255.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Raymond James Financial lifted their price objective on shares of Phillips 66 from $218.00 to $235.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Finally, Piper Sandler boosted their target price on shares of Phillips 66 from $208.00 to $209.00 and gave the stock a “neutral” rating in a research report on Monday, August 10th. One equities research 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $206.56.

Phillips 66 Stock Up 1.2%

Shares of NYSE:PSX opened at $246.86 on Tuesday. The business’s 50 day moving average is $207.69 and its 200 day moving average is $183.39. Phillips 66 has a 12-month low of $126.74 and a 12-month high of $250.66. The stock has a market cap of $98.50 billion, a price-to-earnings ratio of 14.07, a PEG ratio of 0.18 and a beta of 0.68. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 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 business had revenue of $52.04 billion during the quarter, compared to analyst estimates of $43.60 billion. During the same period in the prior year, the firm posted $2.38 EPS. On average, sell-side analysts forecast that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 declared that its Board of Directors has authorized a share repurchase 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 reacquire up to 11.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Phillips 66 Dividend Announcement

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