Keebeck Wealth Management Takes $432,000 Position in Phillips 66 $PSX

Keebeck Wealth Management acquired a new stake in shares of Phillips 66 (NYSE:PSX) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,557 shares of the oil and gas company’s stock, valued at approximately $432,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of PSX. MUFG Securities EMEA plc increased its position in Phillips 66 by 113.5% in the fourth quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock worth $2,131,000 after buying an additional 8,783 shares during the period. Horizon Investments LLC boosted its holdings in shares of 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 valued at $8,167,000 after acquiring an additional 52,348 shares during the period. Truist Financial Corp boosted its holdings in shares of Phillips 66 by 1.6% during 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 acquiring an additional 10,585 shares during the period. Fifth Third Bancorp grew its position in shares of Phillips 66 by 543.7% during the first quarter. Fifth Third Bancorp now owns 128,156 shares of the oil and gas company’s stock worth $23,348,000 after acquiring an additional 108,248 shares during the last quarter. Finally, National Pension Service grew its position in shares of Phillips 66 by 2.0% during the fourth quarter. National Pension Service now owns 614,059 shares of the oil and gas company’s stock worth $79,238,000 after acquiring an additional 11,960 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Analyst Upgrades and Downgrades

PSX has been the topic of several recent research reports. Wall Street Zen upgraded shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 26th. The Goldman Sachs Group upped their target price 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. BMO Capital Markets lifted their price target on Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. Mizuho raised Phillips 66 from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $170.00 to $212.00 in a report on Wednesday, May 27th. Finally, UBS Group boosted their price objective on Phillips 66 from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $206.56.

Phillips 66 Trading Up 1.4%

Shares of Phillips 66 stock opened at $243.34 on Friday. The business has a fifty day simple moving average of $198.87 and a 200-day simple moving average of $179.44. Phillips 66 has a fifty-two week low of $124.88 and a fifty-two week high of $246.95. The firm has a market cap of $97.10 billion, a price-to-earnings ratio of 13.87, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) 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 firm had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same period in the previous year, the company earned $2.38 earnings per share. On average, equities analysts forecast that Phillips 66 will post 23.86 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

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

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

Insider Buying and Selling at Phillips 66

In related news, CFO Kevin J. Mitchell sold 11,021 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer directly owned 97,376 shares in the company, valued at $18,504,361.28. The trade was a 10.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brian Mandell sold 30,000 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the sale, the executive vice president directly owned 61,595 shares of the company’s stock, valued at approximately $13,242,925. This represents a 32.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 100,507 shares of company stock worth $21,770,810. 0.40% of the stock is currently owned by company insiders.

About Phillips 66

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.