Visionary Wealth Advisors Makes New Investment in Phillips 66 $PSX

Visionary Wealth Advisors bought a new stake in Phillips 66 (NYSE:PSX) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 69,764 shares of the oil and gas company’s stock, valued at approximately $11,794,000.

A number of other institutional investors have also recently made changes to their positions in PSX. Vanguard Group Inc. increased its stake in shares of Phillips 66 by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company’s stock worth $6,701,052,000 after purchasing an additional 205,480 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of Phillips 66 during the 2nd quarter valued at approximately $5,766,779,000. State Street Corp boosted its holdings in Phillips 66 by 0.8% in the 4th quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company’s stock worth $3,043,996,000 after buying an additional 175,616 shares during the period. Geode Capital Management LLC boosted its holdings in Phillips 66 by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock worth $1,338,596,000 after buying an additional 45,340 shares during the period. Finally, Bank of New York Mellon Corp purchased a new position in Phillips 66 in the 2nd quarter valued at approximately $1,093,206,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insider Activity at Phillips 66

In related news, EVP Brian Mandell sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total value of $6,450,000.00. Following the transaction, the executive vice president directly owned 61,595 shares in the company, valued at approximately $13,242,925. This represents a 32.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kevin J. Mitchell sold 11,021 shares of the firm’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 transaction of $2,094,320.63. Following the completion of the sale, the chief financial officer directly owned 97,376 shares in the company, valued at $18,504,361.28. This represents a 10.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 ninety days. 0.40% of the stock is currently owned by company insiders.

Phillips 66 Price Performance

NYSE:PSX opened at $241.88 on Tuesday. The firm has a market capitalization of $96.51 billion, a price-to-earnings ratio of 13.78, a P/E/G ratio of 0.18 and a beta of 0.68. Phillips 66 has a 52-week low of $126.74 and a 52-week high of $246.95. The stock has a fifty day moving average of $200.25 and a 200 day moving average of $180.36. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32.

Phillips 66 (NYSE:PSX) last announced its earnings results 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 business had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same period in the prior year, the company earned $2.38 EPS. On average, research analysts expect that Phillips 66 will post 23.86 EPS for the current fiscal year.

Phillips 66 declared that its board has initiated a share repurchase program on Friday, July 31st that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the oil and gas company to repurchase up to 11.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Phillips 66 Announces Dividend

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 issued a dividend of $1.27 per share. 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 presently 28.95%.

Wall Street Analyst Weigh In

PSX has been the topic of a number of analyst reports. Tudor Pickering raised shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Jefferies Financial Group raised their price target on Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a report on Thursday, July 9th. Morgan Stanley lifted their price target on Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. Citigroup reiterated a “neutral” rating on shares of Phillips 66 in a research note on Thursday, August 6th. Finally, Piper Sandler increased their price objective on Phillips 66 from $208.00 to $209.00 and gave the stock a “neutral” rating in a report on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat, Phillips 66 has an average rating of “Moderate Buy” and an average target price of $206.56.

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.