Bank OZK Acquires 2,111 Shares of Phillips 66 $PSX

Bank OZK grew its holdings in shares of Phillips 66 (NYSE:PSX) by 11.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,334 shares of the oil and gas company’s stock after acquiring an additional 2,111 shares during the quarter. Phillips 66 accounts for approximately 1.1% of Bank OZK’s investment portfolio, making the stock its 27th largest position. Bank OZK’s holdings in Phillips 66 were worth $3,437,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. California State Teachers Retirement System increased its position in Phillips 66 by 22,604.5% during the 2nd quarter. California State Teachers Retirement System now owns 106,125,026 shares of the oil and gas company’s stock worth $17,940,436,000 after purchasing an additional 105,657,607 shares in the last quarter. BlackRock Inc. acquired a new stake in Phillips 66 in the second quarter valued at approximately $5,766,779,000. Bank of New York Mellon Corp acquired a new stake in Phillips 66 in the second quarter valued at approximately $1,093,206,000. Norges Bank bought a new stake in shares of Phillips 66 during the fourth quarter worth $640,206,000. Finally, Bank of America Corp DE acquired a new position in shares of Phillips 66 during the second quarter worth $469,970,000. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Trading Up 1.7%

Shares of NYSE:PSX traded up $4.34 during mid-day trading on Tuesday, reaching $259.43. 2,509,475 shares of the company’s stock were exchanged, compared to its average volume of 2,822,933. The firm has a market capitalization of $103.52 billion, a price-to-earnings ratio of 14.78, a PEG ratio of 0.19 and a beta of 0.71. The business’s fifty day moving average price is $216.00 and its 200-day moving average price is $186.75. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32. Phillips 66 has a twelve month low of $126.74 and a twelve month high of $261.00.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating analysts’ consensus estimates of $7.50 by $1.91. The business had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same period in the prior year, the business posted $2.38 earnings per share. On average, research analysts predict that Phillips 66 will post 24.07 EPS for the current fiscal year.

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

Phillips 66 Dividend Announcement

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

Insider Buying and Selling

In related news, CFO Kevin Mitchell sold 11,021 shares of Phillips 66 stock in a transaction that occurred on Thursday, July 9th. The stock was 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brian Mandell sold 30,000 shares of the stock in a transaction that occurred on 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 sale, the executive vice president directly owned 61,595 shares of the company’s stock, valued at $13,242,925. This represents a 32.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 100,507 shares of company stock valued at $21,770,810 in the last ninety days. Insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Argus increased their price target on Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Barclays boosted their price objective on Phillips 66 from $183.00 to $216.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 6th. Zacks Research downgraded Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Weiss Ratings raised Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday, August 12th. Finally, Citigroup restated a “neutral” rating on shares of Phillips 66 in a report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $222.76.

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.