Brooks Moore & Associates Inc. Makes New $352,000 Investment in Phillips 66 $PSX

Brooks Moore & Associates Inc. bought a new stake in Phillips 66 (NYSE:PSX) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 2,085 shares of the oil and gas company’s stock, valued at approximately $352,000.

A number of other institutional investors have also modified their holdings of the stock. Bank OZK acquired a new position in shares of Phillips 66 in the second quarter valued at approximately $3,437,000. Hamilton Capital LLC acquired a new stake in shares of Phillips 66 during the second quarter worth $576,000. Old North State Trust LLC acquired a new stake in shares of Phillips 66 during the second quarter worth $1,089,000. Caitlin John LLC purchased a new position in Phillips 66 in the 2nd quarter valued at $216,000. Finally, Ruggaard & Associates LLC purchased a new position in Phillips 66 in the 2nd quarter valued at $381,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PSX. JPMorgan Chase & Co. upped their price objective on shares of Phillips 66 from $188.00 to $202.00 in a research report on Thursday, April 30th. Raymond James Financial raised their target price 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. The Goldman Sachs Group lifted their target price on shares of Phillips 66 from $207.00 to $235.00 and gave the company a “neutral” rating in a report on Wednesday, July 22nd. Piper Sandler boosted their price target on shares of Phillips 66 from $208.00 to $209.00 and gave the stock a “neutral” rating in a research note on Monday, August 10th. Finally, BMO Capital Markets increased their price target on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $206.56.

Phillips 66 Trading Down 0.7%

Shares of PSX stock opened at $240.58 on Friday. The business’s fifty day moving average price is $204.55 and its 200 day moving average price is $182.15. The firm has a market capitalization of $96.00 billion, a PE ratio of 13.71, a P/E/G ratio of 0.18 and a beta of 0.68. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. Phillips 66 has a 1-year low of $126.74 and a 1-year high of $246.95.

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 analysts’ consensus estimates of $7.50 by $1.91. The company had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same quarter last year, the company earned $2.38 earnings per share. As a group, sell-side analysts forecast that Phillips 66 will post 23.86 EPS for the current fiscal year.

Phillips 66 Announces Dividend

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

Phillips 66 announced that its Board of Directors has approved a stock buyback program on Friday, July 31st that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to buy up to 11.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Phillips 66

In related news, EVP Brian Mandell sold 30,000 shares of the firm’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 owned 61,595 shares in the company, valued at $13,242,925. This trade represents a 32.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 sale, the executive vice president directly owned 39,094 shares in the company, valued at approximately $8,747,673.44. This represents a 57.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 100,507 shares of company stock worth $21,770,810 over the last three months. 0.40% of the stock is currently owned by company insiders.

About Phillips 66

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.