Phillips 66 $PSX Stake Lifted by International Assets Investment Management LLC

International Assets Investment Management LLC raised its holdings in shares of Phillips 66 (NYSE:PSX) by 35.7% during the third quarter, HoldingsChannel reports. The firm owned 24,747 shares of the oil and gas company’s stock after purchasing an additional 6,517 shares during the period. International Assets Investment Management LLC’s holdings in Phillips 66 were worth $6,318,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of PSX. BlackRock Inc. bought a new position in shares of Phillips 66 during the second quarter valued at approximately $5,766,779,000. State Street Corp increased its holdings in Phillips 66 by 1.1% during the second quarter. State Street Corp now owns 26,044,694 shares of the oil and gas company’s stock valued at $4,402,856,000 after buying an additional 271,841 shares during the period. Bank of New York Mellon Corp bought a new position in Phillips 66 in the second quarter worth approximately $1,093,206,000. Amundi raised its stake in Phillips 66 by 62.0% in the first quarter. Amundi now owns 3,667,451 shares of the oil and gas company’s stock worth $668,137,000 after buying an additional 1,403,493 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in Phillips 66 by 1.2% in the first quarter. Bank of America Corp DE now owns 2,971,036 shares of the oil and gas company’s stock worth $541,263,000 after buying an additional 35,167 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Trading Down 0.6%

NYSE PSX opened at $245.45 on Friday. The company has a market capitalization of $95.74 billion, a PE ratio of 7.84, a P/E/G ratio of 0.13 and a beta of 0.69. The company has a fifty day moving average of $268.05 and a 200 day moving average of $201.52. Phillips 66 has a 1 year low of $127.16 and a 1 year high of $299.39. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.34 and a quick ratio of 1.04.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 EPS for the quarter, beating the consensus estimate of $11.73 by $2.35. The company had revenue of $50.54 billion for the quarter, compared to analyst estimates of $44.91 billion. Phillips 66 had a net margin of 7.27% and a return on equity of 33.12%. During the same period in the prior year, the company earned $2.52 earnings per share. Research analysts forecast that Phillips 66 will post 33.63 earnings per share for the current year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 17th will be issued a $1.33 dividend. This is a boost from Phillips 66’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend is Tuesday, November 17th. This represents a $5.32 annualized dividend and a dividend yield of 2.2%. Phillips 66’s payout ratio is presently 16.22%.

Phillips 66 declared that its board has authorized a stock repurchase plan on Friday, July 31st that permits the company to repurchase $10 billion in shares. This buyback authorization permits the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Share buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Freedom Broker raised Phillips 66 from a “sell” rating to a “hold” rating and increased their target price for the company from $173.00 to $258.00 in a research report on Friday, October 30th. Barclays lifted their price target on Phillips 66 from $216.00 to $282.00 and gave the company an “equal weight” rating in a report on Monday, October 12th. Morgan Stanley boosted their price target on Phillips 66 from $284.00 to $290.00 and gave the stock an “overweight” rating in a research report on Monday, November 2nd. Zacks Research upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 7th. Finally, The Goldman Sachs Group raised their price objective on Phillips 66 from $245.00 to $274.00 and gave the company a “neutral” rating in a research report on Wednesday, September 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and an average target price of $270.12.

Insider Activity

In other news, EVP Brian Mandell sold 30,000 shares of the company’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total value of $6,450,000.00. Following the sale, the executive vice president owned 61,595 shares in the company, valued at $13,242,925. This represents a 32.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Richard Harbison sold 52,100 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total value 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 trade represents a 57.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 108,800 shares of company stock valued at $25,016,566. Insiders own 0.40% of the company’s stock.

Phillips 66 Profile

Phillips 66 (NYSE: PSX) is an integrated energy company with businesses spanning refining, midstream operations, chemicals, and marketing. It processes crude oil and other feedstocks into transportation fuels and other petroleum products, including gasoline, diesel, and jet fuel.

The company’s midstream operations include the transportation, processing, storage, and marketing of crude oil, natural gas, natural gas liquids, and refined products. Phillips 66 also markets fuels and related products through retail and wholesale channels, including under the Phillips 66, 76, and JET brands.

Phillips 66 was established in 2012 when ConocoPhillips separated its downstream and midstream businesses.