The Manufacturers Life Insurance Company Sells 12,727 Shares of Phillips 66 $PSX

The Manufacturers Life Insurance Company cut its stake in shares of Phillips 66 (NYSE:PSX) by 4.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 262,251 shares of the oil and gas company’s stock after selling 12,727 shares during the period. The Manufacturers Life Insurance Company’s holdings in Phillips 66 were worth $44,334,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. NFSG Corp grew its holdings in shares of Phillips 66 by 105.6% in the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after acquiring an additional 75 shares during the period. Axiom Investment Management LLC bought a new position in Phillips 66 in the first quarter valued at about $27,000. SWAN Capital LLC boosted its position in Phillips 66 by 1,055.6% in the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock worth $27,000 after purchasing an additional 190 shares during the last quarter. Compass Financial Management LLC bought a new stake in shares of Phillips 66 during the 2nd quarter valued at about $28,000. Finally, Kelleher Financial Advisors bought a new stake in shares of Phillips 66 during the 2nd quarter valued at about $29,000. 76.93% of the stock is owned by institutional investors.

Phillips 66 Trading Up 0.4%

Shares of NYSE:PSX opened at $259.66 on Friday. The stock has a 50 day moving average of $222.85 and a 200 day moving average of $189.43. The company has a market cap of $103.61 billion, a PE ratio of 14.80, a price-to-earnings-growth ratio of 0.19 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 12-month low of $126.74 and a 12-month high of $265.43.

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, topping analysts’ consensus estimates of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The company had revenue of $52.04 billion for the quarter, compared to analysts’ expectations of $43.60 billion. During the same quarter last year, the business earned $2.38 EPS. As a group, equities research analysts expect that Phillips 66 will post 24.47 EPS for the current year.

Phillips 66 declared that its board has authorized a share repurchase program 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 reacquire up to 11.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership 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 paid 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 2.0%. Phillips 66’s dividend payout ratio is 28.95%.

Insider Activity

In related news, CFO Kevin J. Mitchell sold 11,021 shares of the company’s stock in a transaction on 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 transaction, the chief financial officer owned 97,376 shares of the company’s stock, valued at approximately $18,504,361.28. This represents a 10.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Vanessa Sutherland sold 3,523 shares of the stock in a transaction 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 sale, the executive vice president owned 27,537 shares of the company’s stock, valued at $5,811,683.85. The trade was a 11.34% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 100,507 shares of company stock valued at $21,770,810. 0.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PSX shares. Morgan Stanley increased their price objective on shares of Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Raymond James Financial boosted their target price on shares of Phillips 66 from $218.00 to $235.00 and gave the company an “outperform” rating in a research report on Monday, July 13th. Wells Fargo & Company upped their target price on shares of Phillips 66 from $239.00 to $335.00 and gave the company an “overweight” rating in a report on Tuesday, September 1st. The Goldman Sachs Group increased their price target on shares of Phillips 66 from $207.00 to $235.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 22nd. Finally, Barclays lifted their price target on shares of Phillips 66 from $183.00 to $216.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $222.76.

Phillips 66 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.