West Family Investments Inc. Takes $724,000 Position in Phillips 66 $PSX

West Family Investments Inc. purchased a new stake in Phillips 66 (NYSE:PSX) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 4,280 shares of the oil and gas company’s stock, valued at approximately $724,000.

Other institutional investors have also recently bought and sold shares of the company. NFSG Corp lifted its stake in Phillips 66 by 105.6% during the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 75 shares in the last quarter. Axiom Investment Management LLC purchased a new position in shares of Phillips 66 in the first quarter worth approximately $27,000. SWAN Capital LLC raised 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 during the period. Compass Financial Management LLC acquired a new stake in shares of Phillips 66 during the second quarter valued at approximately $28,000. Finally, Kelleher Financial Advisors purchased a new stake in shares of Phillips 66 in the 2nd quarter valued at approximately $29,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Up 1.7%

Phillips 66 stock traded up $4.34 during trading hours on Tuesday, hitting $259.43. The company had a trading volume of 2,509,475 shares, compared to its average volume of 2,822,933. The firm has a market capitalization of $103.52 billion, a P/E ratio of 14.78, a price-to-earnings-growth ratio of 0.19 and a beta of 0.71. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. The firm’s fifty day moving average is $217.81 and its 200-day moving average is $187.47. Phillips 66 has a fifty-two week low of $126.74 and a fifty-two week high of $261.00.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $43.60 billion. During the same period in the previous year, the company posted $2.38 EPS. On average, research analysts forecast that Phillips 66 will post 24.07 earnings per share for the current year.

Phillips 66 Announces Dividend

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

Phillips 66 announced that its board has initiated a stock repurchase program on Friday, July 31st that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the oil and gas company to buy up to 11.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PSX. Mizuho raised shares of Phillips 66 from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $170.00 to $212.00 in a research note on Wednesday, May 27th. Citigroup reissued a “neutral” rating on shares of Phillips 66 in a research note on Thursday, August 6th. Morgan Stanley increased their target price on Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a report on Friday, June 12th. Piper Sandler lifted their price target on Phillips 66 from $209.00 to $264.00 and gave the company a “neutral” rating in a report on Thursday, September 3rd. Finally, Raymond James Financial upped their price target on Phillips 66 from $218.00 to $235.00 and gave the company an “outperform” rating in a research report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Phillips 66 presently has an average rating of “Moderate Buy” and an average target price of $222.76.

Insider Transactions at Phillips 66

In related news, CFO Kevin Mitchell sold 11,021 shares of the firm’s stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the transaction, the chief financial officer owned 97,376 shares of the company’s stock, valued at approximately $18,504,361.28. This trade represents a 10.17% decrease in their ownership of the stock. The sale 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 Richard Harbison sold 52,100 shares of Phillips 66 stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total transaction 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. This trade represents a 57.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 100,507 shares of company stock worth $21,770,810. Corporate insiders own 0.40% of the company’s stock.

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.