Proficio Capital Partners LLC Invests $384,000 in Phillips 66 $PSX

Proficio Capital Partners LLC bought a new stake in shares of Phillips 66 (NYSE:PSX) in the second quarter, Holdings Channel reports. The fund bought 2,273 shares of the oil and gas company’s stock, valued at approximately $384,000.

Several other hedge funds also recently added to or reduced their stakes in PSX. BlackRock Inc. purchased a new position in shares of Phillips 66 during the 2nd quarter valued at about $5,766,779,000. Bank of New York Mellon Corp acquired a new position in shares of Phillips 66 in the 2nd quarter valued at about $1,093,206,000. Norges Bank purchased a new stake in shares of Phillips 66 in the fourth quarter worth about $640,206,000. Bank of America Corp DE acquired a new stake in Phillips 66 during the second quarter worth about $469,970,000. Finally, Legal & General Group Plc purchased a new position in Phillips 66 during the second quarter valued at approximately $303,648,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Brian Mandell sold 30,000 shares of the company’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 value of $6,450,000.00. Following the transaction, the executive vice president directly owned 61,595 shares in the company, valued at approximately $13,242,925. This represents a 32.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Vanessa Sutherland sold 3,523 shares of the stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the transaction, the executive vice president owned 27,537 shares of the company’s stock, valued at approximately $5,811,683.85. This represents a 11.34% 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. Insiders sold a total of 100,507 shares of company stock worth $21,770,810 in the last 90 days. 0.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PSX shares. Jefferies Financial Group boosted 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. Raymond James Financial lifted their target price 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. Wall Street Zen upgraded shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 26th. Zacks Research lowered shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Finally, Weiss Ratings raised shares of Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $218.94.

Phillips 66 Trading Down 0.6%

Shares of PSX opened at $254.61 on Friday. The stock has a market cap of $101.59 billion, a PE ratio of 14.51, a price-to-earnings-growth ratio of 0.19 and a beta of 0.71. 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 has a 52-week low of $126.74 and a 52-week high of $260.68. The firm’s fifty day moving average is $212.72 and its two-hundred day moving average is $185.40.

Phillips 66 (NYSE:PSX) last released its 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 net margin of 4.54% and a return on equity of 19.93%. The business had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same period last year, the company posted $2.38 EPS. Research analysts forecast that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 announced that its Board of Directors has authorized a stock repurchase program on Friday, July 31st that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to purchase up to 11.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th were paid a dividend of $1.27 per share. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.0%. Phillips 66’s payout ratio is 28.95%.

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.