OVERSEA CHINESE BANKING Corp Ltd Makes New $1 Million Investment in Phillips 66 $PSX

OVERSEA CHINESE BANKING Corp Ltd bought a new stake in Phillips 66 (NYSE:PSX) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 5,926 shares of the oil and gas company’s stock, valued at approximately $1,002,000.

Several other institutional investors also recently made changes to their positions in the stock. NFSG Corp lifted its stake in shares of Phillips 66 by 105.6% in the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock valued at $27,000 after purchasing an additional 75 shares during the period. Axiom Investment Management LLC purchased a new stake in Phillips 66 during the first quarter worth about $27,000. Kelleher Financial Advisors acquired a new position in Phillips 66 during the second quarter worth about $29,000. J.Safra Asset Management Corp acquired a new position in Phillips 66 during the second quarter worth about $30,000. Finally, SWAN Capital LLC increased its holdings in Phillips 66 by 1,055.6% in the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 190 shares in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction dated 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 directly owned 39,094 shares in the company, valued at $8,747,673.44. The trade was a 57.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction, the executive vice president directly owned 27,537 shares of the company’s stock, valued at approximately $5,811,683.85. This represents a 11.34% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 100,507 shares of company stock valued at $21,770,810 over the last quarter. 0.40% of the stock is currently owned by company insiders.

Phillips 66 Stock Up 1.4%

Shares of NYSE:PSX opened at $243.34 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $97.10 billion, a P/E ratio of 13.87, a P/E/G ratio of 0.18 and a beta of 0.68. Phillips 66 has a 52-week low of $124.88 and a 52-week high of $246.95. The stock’s fifty day simple moving average is $198.87 and its 200-day simple moving average is $179.44.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, topping 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 firm had revenue of $52.04 billion during the quarter, compared to analysts’ expectations of $43.60 billion. During the same quarter last year, the business posted $2.38 EPS. As a group, equities research 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 buyback $10.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to buy up to 11.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66’s dividend payout ratio (DPR) is currently 28.95%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PSX. Citigroup reiterated a “neutral” rating on shares of Phillips 66 in a research report on Thursday, August 6th. UBS Group upped their price target on Phillips 66 from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Argus raised their price objective on Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Mizuho raised Phillips 66 from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $170.00 to $212.00 in a report on Wednesday, May 27th. Finally, Jefferies Financial Group boosted their target price on Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a research report on Thursday, July 9th. One investment 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $206.56.

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.