Clear Harbor Asset Management LLC Purchases Shares of 3,117 Phillips 66 $PSX

Clear Harbor Asset Management LLC purchased a new stake in shares of Phillips 66 (NYSE:PSX) in the second quarter, according to its most recent 13F filing with the SEC. The fund purchased 3,117 shares of the oil and gas company’s stock, valued at approximately $527,000.

A number of other institutional investors have also added to or reduced their stakes in PSX. First Nebraska Trust Co purchased a new stake in shares of Phillips 66 in the 2nd quarter valued at about $3,344,000. Bank of Nova Scotia purchased a new position in shares of Phillips 66 during the second quarter worth about $8,675,000. Compass Financial Management LLC purchased a new position in shares of Phillips 66 during the second quarter worth about $28,000. Elevation Point Wealth Partners LLC bought a new position in shares of Phillips 66 in the second quarter worth approximately $2,654,000. Finally, Alta Advisers Ltd bought a new position in shares of Phillips 66 in the second quarter worth approximately $261,000. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Trading Up 0.2%

Shares of PSX opened at $243.34 on Monday. Phillips 66 has a fifty-two week low of $124.88 and a fifty-two week high of $246.95. The firm has a market cap of $97.10 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 0.18 and a beta of 0.68. The firm has a 50 day moving average price of $198.87 and a 200-day moving average price of $179.70. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, beating the consensus estimate of $7.50 by $1.91. The company had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same quarter last year, the firm earned $2.38 EPS. As a group, equities research analysts forecast that Phillips 66 will post 23.86 earnings per share for the current year.

Phillips 66 declared that its Board of Directors has initiated a stock repurchase program 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 reacquire up to 11.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis 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 28.95%.

Insider Buying and Selling

In related news, CFO Kevin J. Mitchell sold 11,021 shares of the firm’s stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at $18,504,361.28. This trade represents a 10.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of Phillips 66 stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the completion of the transaction, the executive vice president directly owned 27,537 shares in the company, valued at $5,811,683.85. This trade represents a 11.34% decrease in their ownership of the stock. 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 a total of 100,507 shares of company stock valued at $21,770,810 over the last three months. 0.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PSX. TD Cowen lifted their target price on shares of Phillips 66 from $240.00 to $255.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Argus increased their price target on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Zacks Research cut shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Raymond James Financial lifted their price objective on shares of Phillips 66 from $218.00 to $235.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Finally, Jefferies Financial Group upped their target price on shares of Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, Phillips 66 has an average 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.