West Family Investments Inc. Acquires Shares of 4,280 Phillips 66 $PSX

West Family Investments Inc. acquired a new stake in Phillips 66 (NYSE:PSX) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 4,280 shares of the oil and gas company’s stock, valued at approximately $724,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. MUFG Securities EMEA plc increased its stake in shares of Phillips 66 by 113.5% in the 4th quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock valued at $2,131,000 after purchasing an additional 8,783 shares in the last quarter. Horizon Investments LLC boosted its position in Phillips 66 by 478.4% during the fourth quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company’s stock worth $8,167,000 after purchasing an additional 52,348 shares in the last quarter. Truist Financial Corp grew its holdings in Phillips 66 by 1.6% in the fourth quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company’s stock valued at $87,113,000 after purchasing an additional 10,585 shares during the period. Fifth Third Bancorp increased its position in shares of Phillips 66 by 543.7% in the first quarter. Fifth Third Bancorp now owns 128,156 shares of the oil and gas company’s stock valued at $23,348,000 after buying an additional 108,248 shares in the last quarter. Finally, National Pension Service increased its position in shares of Phillips 66 by 2.0% in the fourth quarter. National Pension Service now owns 614,059 shares of the oil and gas company’s stock valued at $79,238,000 after buying an additional 11,960 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insider Activity

In other news, EVP Vanessa Allen Sutherland sold 3,523 shares of the firm’s stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the completion of the sale, the executive vice president owned 27,537 shares in the company, valued at $5,811,683.85. This trade represents a 11.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction that occurred on Wednesday, August 12th. The shares were 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. The trade was a 57.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 100,507 shares of company stock valued at $21,770,810 in the last ninety days. 0.40% of the stock is currently owned by company insiders.

Phillips 66 Price Performance

NYSE:PSX opened at $242.53 on Thursday. Phillips 66 has a one year low of $122.13 and a one year high of $244.73. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32. The stock has a market cap of $96.77 billion, a PE ratio of 13.82, a P/E/G ratio of 0.18 and a beta of 0.68. The stock has a 50 day moving average price of $196.37 and a 200 day moving average price of $178.31.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, topping analysts’ consensus estimates of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.The company had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same quarter in the previous year, the company posted $2.38 earnings per share. Equities research analysts expect that Phillips 66 will post 24.44 EPS for the current fiscal year.

Phillips 66 announced that its board has initiated a stock repurchase program on Friday, July 31st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the oil and gas company to buy up to 11.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Phillips 66 Announces Dividend

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

Analysts Set New Price Targets

PSX has been the topic of a number of research analyst reports. UBS Group lifted their price target on shares of Phillips 66 from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Wells Fargo & Company upped their price objective on shares of Phillips 66 from $201.00 to $239.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. JPMorgan Chase & Co. lifted their target price on shares of Phillips 66 from $188.00 to $202.00 in a research report on Thursday, April 30th. Piper Sandler boosted their target price 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, The Goldman Sachs Group upped 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. One investment 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. According to data from MarketBeat.com, Phillips 66 presently has an average rating of “Moderate Buy” and a consensus price target of $206.56.

Phillips 66 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.