The Manufacturers Life Insurance Company Buys New Shares in Phillips 66 $PSX

The Manufacturers Life Insurance Company bought a new position in shares of Phillips 66 (NYSE:PSX) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 262,251 shares of the oil and gas company’s stock, valued at approximately $44,334,000.

Several other large investors also recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of Phillips 66 during the second quarter worth approximately $5,766,779,000. Bank of New York Mellon Corp purchased a new position in Phillips 66 in the second quarter worth approximately $1,093,206,000. Norges Bank acquired a new position in Phillips 66 during the 4th quarter worth approximately $640,206,000. Deutsche Bank AG acquired a new position in Phillips 66 during the 2nd quarter worth approximately $271,128,000. Finally, AQR Capital Management LLC grew its holdings in Phillips 66 by 424.7% during the 3rd quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock worth $257,512,000 after acquiring an additional 1,532,389 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Performance

NYSE PSX opened at $242.27 on Thursday. 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. The company has a market capitalization of $96.67 billion, a PE ratio of 13.80, a P/E/G ratio of 0.18 and a beta of 0.68. The company has a fifty day moving average of $203.06 and a two-hundred day moving average of $181.56.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, topping the consensus estimate 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 last year, the company posted $2.38 earnings per share. As a group, analysts expect that Phillips 66 will post 23.86 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a 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 declared that its Board of Directors has initiated a stock buyback program on Friday, July 31st that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PSX shares. BMO Capital Markets raised their price objective on shares of Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. Wells Fargo & Company boosted their target price on shares of Phillips 66 from $201.00 to $239.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Raymond James Financial increased their target price on Phillips 66 from $218.00 to $235.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Mizuho upgraded Phillips 66 from a “neutral” rating to an “outperform” rating and raised their price target for the company from $170.00 to $212.00 in a research note on Wednesday, May 27th. Finally, Citigroup reaffirmed a “neutral” rating on shares of Phillips 66 in a report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $206.56.

Insider Transactions at Phillips 66

In other news, EVP Vanessa Allen Sutherland sold 3,523 shares of the stock in a transaction that occurred 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 directly owned 27,537 shares of the company’s stock, valued at approximately $5,811,683.85. This represents a 11.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin J. Mitchell sold 11,021 shares of the firm’s stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the transaction, the chief financial officer owned 97,376 shares in the company, valued at approximately $18,504,361.28. This trade represents a 10.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 100,507 shares of company stock worth $21,770,810. 0.40% of the stock is owned by corporate insiders.

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.