State Street Corp Acquires 271,841 Shares of Phillips 66 $PSX

State Street Corp boosted its holdings in shares of Phillips 66 (NYSE:PSX) by 1.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,044,694 shares of the oil and gas company’s stock after buying an additional 271,841 shares during the quarter. State Street Corp owned approximately 0.07% of Phillips 66 worth $4,402,856,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Security National Bank of Sioux City Iowa IA bought a new stake in Phillips 66 during the second quarter valued at about $42,000. Sequoia Financial Advisors LLC raised its holdings in Phillips 66 by 5.6% in the second quarter. Sequoia Financial Advisors LLC now owns 39,247 shares of the oil and gas company’s stock worth $6,635,000 after purchasing an additional 2,065 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Phillips 66 by 51.7% during the second quarter. Tidal Investments LLC now owns 32,674 shares of the oil and gas company’s stock valued at $5,524,000 after buying an additional 11,136 shares during the last quarter. National Pension Service boosted its holdings in shares of Phillips 66 by 5.0% in the 2nd quarter. National Pension Service now owns 732,811 shares of the oil and gas company’s stock valued at $123,882,000 after buying an additional 34,742 shares in the last quarter. Finally, WINTON GROUP Ltd bought a new stake in shares of Phillips 66 in the 2nd quarter valued at about $8,882,000. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Performance

Shares of NYSE:PSX traded up $0.62 on Tuesday, hitting $262.37. 1,830,203 shares of the company were exchanged, compared to its average volume of 2,864,140. The firm has a market capitalization of $104.69 billion, a P/E ratio of 14.94 and a beta of 0.71. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. Phillips 66 has a 1-year low of $126.74 and a 1-year high of $277.12. The stock’s 50 day moving average price is $232.33 and its 200 day moving average price is $194.34.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) 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 firm had revenue of $52.04 billion for the quarter, compared to the consensus estimate of $43.60 billion. During the same period in the prior year, the firm earned $2.38 EPS. Sell-side analysts predict that Phillips 66 will post 28.28 EPS for the current year.

Phillips 66 declared that its Board of Directors has initiated a stock buyback program on Friday, July 31st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the oil and gas company to reacquire up to 11.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th were issued a $1.27 dividend. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 1.9%. Phillips 66’s dividend payout ratio is currently 28.95%.

Insider Transactions at Phillips 66

In related news, 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 value of $6,450,000.00. Following the transaction, the executive vice president owned 61,595 shares in the company, valued at approximately $13,242,925. This represents a 32.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Richard G. Harbison sold 52,100 shares of the firm’s stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 39,094 shares of the company’s stock, valued at $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 123,907 shares of company stock valued at $27,973,214. 0.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PSX. Citigroup restated a “neutral” rating on shares of Phillips 66 in a research note on Thursday, August 6th. Wall Street Zen upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 26th. Guggenheim raised Phillips 66 to an “outperform” rating in a research report on Wednesday, May 27th. Weiss Ratings upgraded Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday, August 12th. Finally, Zacks Research raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 7th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $241.56.

Phillips 66 Company Profile

Phillips 66 (NYSE: PSX) is an energy company that operates across the midstream, chemicals, refining and marketing sectors. Headquartered in Houston, Texas, the company was established in 2012 when ConocoPhillips separated its downstream businesses into an independent company.

The company’s midstream operations include transportation, processing, storage and other infrastructure for crude oil, natural gas and natural gas liquids. Phillips 66 also owns and operates refineries that process crude oil into transportation fuels, lubricants, specialty products and other refined petroleum products.

Phillips 66 markets gasoline, diesel and other fuels under the Phillips 66, Conoco and 76 brands, primarily in the United States.