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

Proficio Capital Partners LLC bought a new position in shares of Phillips 66 (NYSE:PSX) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 2,273 shares of the oil and gas company’s stock, valued at approximately $384,000.

Several other institutional investors have also recently added to or reduced their stakes in PSX. Pure Financial Advisors LLC acquired a new position in Phillips 66 in the second quarter valued at approximately $401,000. Transamerica Financial Advisors LLC purchased a new position in Phillips 66 in the second quarter valued at approximately $391,000. Corient Private Wealth LP acquired a new stake in Phillips 66 during the second quarter worth approximately $122,808,000. Parallax Volatility Advisers L.P. acquired a new stake in Phillips 66 during the second quarter worth approximately $343,000. Finally, Perennial Investment Advisors LLC purchased a new stake in shares of Phillips 66 during the 2nd quarter worth approximately $296,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insider Buying and Selling at Phillips 66

In other news, EVP Brian Mandell sold 30,000 shares of the company’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total value 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 approximately $13,242,925. This represents a 32.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Richard G. Harbison sold 52,100 shares of the stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following 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 position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 100,507 shares of company stock valued at $21,770,810. Company insiders own 0.40% of the company’s stock.

Phillips 66 Price Performance

PSX stock opened at $240.58 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $96.00 billion, a P/E ratio of 13.71, a PEG ratio of 0.18 and a beta of 0.68. The business has a 50 day simple moving average of $204.55 and a 200-day simple moving average of $182.15. Phillips 66 has a twelve month low of $126.74 and a twelve month high of $246.95.

Phillips 66 (NYSE:PSX) last announced its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, beating 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 analysts’ expectations of $43.60 billion. During the same period in the previous year, the company posted $2.38 EPS. As a group, equities analysts anticipate that Phillips 66 will post 23.86 EPS for the current year.

Phillips 66 declared that its board has initiated a share buyback 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 reacquire up to 11.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Phillips 66 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a $1.27 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.1%. Phillips 66’s payout ratio is currently 28.95%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PSX. Piper Sandler upped their target price on shares of Phillips 66 from $208.00 to $209.00 and gave the company a “neutral” rating in a report on Monday, August 10th. Raymond James Financial lifted their price target on shares of Phillips 66 from $218.00 to $235.00 and gave the stock an “outperform” rating in a research note on Monday, July 13th. Zacks Research cut shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. TD Cowen upped their price objective on shares of Phillips 66 from $240.00 to $255.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, Barclays raised their price objective on Phillips 66 from $183.00 to $216.00 and gave the stock an “equal weight” rating in a report on Thursday, August 6th. One equities research 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 company. Based on data from MarketBeat.com, Phillips 66 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.