Principle Wealth Partners LLC Purchases Shares of 26,244 Phillips 66 $PSX

Principle Wealth Partners LLC purchased a new stake in Phillips 66 (NYSE:PSX) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 26,244 shares of the oil and gas company’s stock, valued at approximately $4,437,000.

A number of other hedge funds have also modified their holdings of PSX. MUFG Securities EMEA plc boosted its stake in shares of Phillips 66 by 113.5% during the fourth quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock valued at $2,131,000 after acquiring an additional 8,783 shares during the last quarter. Horizon Investments LLC raised its stake in Phillips 66 by 478.4% in the 4th quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company’s stock valued at $8,167,000 after purchasing an additional 52,348 shares during the last quarter. Truist Financial Corp lifted its holdings in Phillips 66 by 1.6% in the 4th quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company’s stock valued at $87,113,000 after purchasing an additional 10,585 shares in the last quarter. Fifth Third Bancorp lifted its holdings in Phillips 66 by 543.7% in the 1st quarter. Fifth Third Bancorp now owns 128,156 shares of the oil and gas company’s stock valued at $23,348,000 after purchasing an additional 108,248 shares in the last quarter. Finally, National Pension Service boosted its stake in shares of Phillips 66 by 2.0% during the 4th quarter. National Pension Service now owns 614,059 shares of the oil and gas company’s stock worth $79,238,000 after purchasing an additional 11,960 shares during the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Stock Performance

Shares of NYSE:PSX opened at $240.50 on Tuesday. The business has a 50-day moving average of $193.87 and a two-hundred day moving average of $176.91. The firm has a market capitalization of $95.96 billion, a PE ratio of 13.70, a P/E/G ratio of 0.17 and a beta of 0.68. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. Phillips 66 has a 12 month low of $121.24 and a 12 month high of $240.67.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $43.60 billion. During the same period in the previous year, the company posted $2.38 EPS. As a group, research analysts forecast that Phillips 66 will post 24.44 earnings per share for the current year.

Phillips 66 declared that its board has approved a stock repurchase plan on Friday, July 31st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders 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 of this dividend is Tuesday, August 18th. Phillips 66’s payout ratio is 28.95%.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 3,523 shares of the business’s stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the completion of the sale, the executive vice president directly owned 27,537 shares in the company, valued at $5,811,683.85. The trade was a 11.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the completion of the sale, the executive vice president directly owned 61,595 shares of the company’s stock, valued at $13,242,925. The trade was a 32.75% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 100,507 shares of company stock valued at $21,770,810. 0.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

PSX has been the subject of a number of recent research reports. Mizuho upgraded shares of Phillips 66 from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $170.00 to $212.00 in a report on Wednesday, May 27th. Barclays raised their target price on shares of Phillips 66 from $183.00 to $216.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 6th. UBS Group lifted their target price on shares of Phillips 66 from $212.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. The Goldman Sachs Group boosted their price target on Phillips 66 from $207.00 to $235.00 and gave the company a “neutral” rating in a report on Wednesday, July 22nd. Finally, Argus raised their price objective on Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $206.56.

Phillips 66 Company 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.