UNIVEST FINANCIAL Corp Makes New $502,000 Investment in Phillips 66 $PSX

UNIVEST FINANCIAL Corp acquired a new stake in shares of Phillips 66 (NYSE:PSX) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,971 shares of the oil and gas company’s stock, valued at approximately $502,000.

Other hedge funds have also modified their holdings of the company. Argyle Capital Partners LLC acquired a new position in shares of Phillips 66 in the 2nd quarter worth approximately $688,000. MidFirst Bank acquired a new stake in Phillips 66 in the 2nd quarter valued at $6,483,000. BlackRock Inc. acquired a new stake in Phillips 66 in the 2nd quarter valued at $5,766,779,000. Pallas Capital Advisors LLC bought a new stake in Phillips 66 in the second quarter valued at $1,843,000. Finally, Performance Wealth Partners LLC bought a new stake in Phillips 66 in the second quarter valued at $209,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on PSX. The Goldman Sachs Group increased their price objective on Phillips 66 from $207.00 to $235.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 22nd. Jefferies Financial Group boosted their target price on shares of Phillips 66 from $191.00 to $207.00 and gave the company a “hold” rating in a research note on Thursday, July 9th. TD Cowen increased their target price on shares of Phillips 66 from $240.00 to $255.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Raymond James Financial increased their target price on shares of Phillips 66 from $218.00 to $235.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. Finally, BMO Capital Markets upped their price objective on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, Phillips 66 has an average rating of “Moderate Buy” and an average target price of $206.56.

Phillips 66 Trading Up 2.9%

Shares of PSX opened at $240.50 on Tuesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32. The company has a market cap of $95.96 billion, a price-to-earnings ratio of 13.70, a PEG ratio of 0.17 and a beta of 0.68. The stock has a fifty day moving average price of $193.87 and a two-hundred day moving average price of $176.91. Phillips 66 has a 52-week low of $121.24 and a 52-week high of $240.67.

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, topping 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 company had revenue of $52.04 billion for the quarter, compared to analysts’ expectations of $43.60 billion. During the same quarter in the prior year, the business earned $2.38 earnings per share. Analysts predict that Phillips 66 will post 24.44 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

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

Phillips 66 declared that its Board of Directors has approved a share buyback plan on Friday, July 31st that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 11,021 shares of the firm’s stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the sale, the chief financial officer owned 97,376 shares in the company, valued at approximately $18,504,361.28. This trade represents a 10.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of the business’s 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 completion of the transaction, the executive vice president directly owned 39,094 shares of the company’s stock, valued at approximately $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. Insiders sold 100,507 shares of company stock worth $21,770,810 in the last quarter. 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.