Infrastructure Capital Advisors LLC Takes $2.32 Million Position in Phillips 66 $PSX

Infrastructure Capital Advisors LLC acquired a new position in shares of Phillips 66 (NYSE:PSX) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 13,737 shares of the oil and gas company’s stock, valued at approximately $2,322,000.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Phillips 66 in the second quarter worth about $5,766,779,000. Bank of New York Mellon Corp purchased a new position in shares of Phillips 66 during the 2nd quarter valued at approximately $1,093,206,000. Norges Bank acquired a new stake in shares of Phillips 66 in the fourth quarter valued at about $640,206,000. Deutsche Bank AG acquired a new position in shares of Phillips 66 during the 2nd quarter worth about $271,128,000. Finally, AQR Capital Management LLC lifted its stake in Phillips 66 by 424.7% in the 3rd quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock valued at $257,512,000 after buying an additional 1,532,389 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Morgan Stanley boosted their target price on Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. Barclays increased their price target on Phillips 66 from $183.00 to $216.00 and gave the company an “equal weight” rating in a report on Thursday, August 6th. Wells Fargo & Company boosted their price objective on Phillips 66 from $201.00 to $239.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Finally, Mizuho upgraded Phillips 66 from a “neutral” rating to an “outperform” rating and upped their target price for the company from $170.00 to $212.00 in a report on Wednesday, May 27th. One research 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’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $206.56.

Insider Activity at Phillips 66

In other Phillips 66 news, EVP Richard G. Harbison sold 52,100 shares of the company’s 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 transaction, the executive vice president owned 39,094 shares of the company’s stock, valued at $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total transaction of $743,529.15. Following the transaction, the executive vice president directly owned 27,537 shares of the company’s stock, valued at approximately $5,811,683.85. This trade represents 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 a total of 100,507 shares of company stock valued at $21,770,810 in the last quarter. Corporate insiders own 0.40% of the company’s stock.

Phillips 66 Stock Performance

NYSE:PSX opened at $243.34 on Monday. The company’s 50-day moving average is $198.87 and its two-hundred day moving average is $179.70. Phillips 66 has a 1-year low of $124.88 and a 1-year high of $246.95. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. The firm has a market capitalization of $97.10 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 0.18 and a beta of 0.68.

Phillips 66 (NYSE:PSX) last announced its quarterly 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. The business had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same quarter last year, the firm earned $2.38 EPS. Analysts forecast that Phillips 66 will post 23.86 EPS for the current year.

Phillips 66 Dividend Announcement

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

Phillips 66 announced that its board has initiated a share 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 purchase up to 11.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Phillips 66 Company 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.