VIRGINIA RETIREMENT SYSTEMS ET Al Purchases New Position in Phillips 66 $PSX

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Phillips 66 (NYSE:PSX) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 12,200 shares of the oil and gas company’s stock, valued at approximately $2,062,000.

Several other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in Phillips 66 by 238.5% in the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock valued at $1,166,000 after purchasing an additional 7,214 shares during the period. Woodline Partners LP boosted its stake in shares of Phillips 66 by 40.7% in the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock valued at $4,308,000 after buying an additional 10,089 shares in the last quarter. Sei Investments Co. boosted its position in shares of Phillips 66 by 28.3% during the 2nd quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company’s stock worth $18,788,000 after purchasing an additional 34,698 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Phillips 66 by 9.1% during the second quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company’s stock worth $41,359,000 after buying an additional 28,988 shares during the period. Finally, Glenview Trust co increased its stake in Phillips 66 by 2.6% in the 2nd quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company’s stock valued at $1,068,000 after purchasing an additional 229 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insider Activity

In other Phillips 66 news, EVP Richard Harbison sold 52,100 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total value of $11,657,896.00. Following the sale, the executive vice president owned 39,094 shares in the company, valued at approximately $8,747,673.44. This trade represents a 57.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Brian Mandell sold 30,000 shares of the firm’s 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 completion of the sale, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 100,507 shares of company stock worth $21,770,810 in the last quarter. Company insiders own 0.40% of the company’s stock.

Phillips 66 Trading Up 0.4%

Shares of NYSE PSX opened at $259.66 on Friday. The stock’s 50 day moving average price is $222.85 and its two-hundred day moving average price is $189.43. Phillips 66 has a 52-week low of $126.74 and a 52-week high of $265.43. The stock has a market capitalization of $103.61 billion, a P/E ratio of 14.80, a PEG ratio of 0.19 and a beta of 0.71. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating the consensus estimate of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The firm had revenue of $52.04 billion during the quarter, compared to analyst estimates of $43.60 billion. During the same quarter in the previous year, the firm earned $2.38 earnings per share. On average, analysts anticipate that Phillips 66 will post 24.47 earnings per share for the current fiscal year.

Phillips 66 announced that its Board of Directors has authorized a share buyback plan on Friday, July 31st that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th were given a dividend of $1.27 per share. The ex-dividend date was Tuesday, August 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.0%. Phillips 66’s dividend payout ratio is currently 28.95%.

Analyst Upgrades and Downgrades

PSX has been the topic of a number of research reports. Morgan Stanley increased their price objective on shares of Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Guggenheim upgraded Phillips 66 to an “outperform” rating in a research report on Wednesday, May 27th. Jefferies Financial Group lifted their price target on shares of Phillips 66 from $191.00 to $207.00 and gave the company a “hold” rating in a report on Thursday, July 9th. TD Cowen lifted their price objective on Phillips 66 from $240.00 to $255.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, Wall Street Zen raised shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 26th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $222.76.

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.