Sequoia Financial Advisors LLC Raises Position in Phillips 66 $PSX

Sequoia Financial Advisors LLC boosted its stake in Phillips 66 (NYSE:PSX) by 5.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,247 shares of the oil and gas company’s stock after acquiring an additional 2,065 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Phillips 66 were worth $6,635,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. California State Teachers Retirement System boosted its holdings in Phillips 66 by 22,604.5% in the second quarter. California State Teachers Retirement System now owns 106,125,026 shares of the oil and gas company’s stock valued at $17,940,436,000 after purchasing an additional 105,657,607 shares during the last quarter. BlackRock Inc. acquired a new position in Phillips 66 in the second quarter worth $5,766,779,000. State Street Corp grew its position in shares of Phillips 66 by 0.8% during the 4th quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company’s stock valued at $3,043,996,000 after buying an additional 175,616 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Phillips 66 by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock valued at $1,338,596,000 after purchasing an additional 45,340 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in Phillips 66 during the 2nd quarter worth $1,093,206,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Richard G. Harbison sold 52,100 shares of the stock in a transaction dated 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 completion of 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Vanessa Sutherland sold 3,523 shares of Phillips 66 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 sale, the executive vice president directly owned 27,537 shares in the company, valued at $5,811,683.85. The trade was a 11.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 100,507 shares of company stock valued at $21,770,810 in the last three months. 0.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on PSX. Wells Fargo & Company raised their price target on shares of Phillips 66 from $239.00 to $335.00 and gave the company an “overweight” rating in a research note on Tuesday, September 1st. Morgan Stanley lifted 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. Weiss Ratings raised Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. Zacks Research raised shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 7th. Finally, UBS Group raised their price objective on Phillips 66 from $235.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $222.76.

Phillips 66 Trading Up 0.4%

Shares of NYSE:PSX opened at $259.66 on Friday. The stock has a market capitalization of $103.61 billion, a PE ratio of 14.80, a P/E/G ratio of 0.19 and a beta of 0.71. The firm has a fifty day moving average price of $222.85 and a 200 day moving average price of $189.43. Phillips 66 has a 1 year low of $126.74 and a 1 year high of $265.43. 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 (NYSE:PSX) last issued its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating 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 business had revenue of $52.04 billion for the quarter, compared to the consensus estimate of $43.60 billion. During the same period last year, the business earned $2.38 EPS. Analysts expect that Phillips 66 will post 24.47 EPS for the current fiscal year.

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

Phillips 66 Dividend Announcement

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

About Phillips 66

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.