Port Capital LLC Acquires Shares of 2,103 Phillips 66 $PSX

Port Capital LLC acquired a new stake in Phillips 66 (NYSE:PSX) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 2,103 shares of the oil and gas company’s stock, valued at approximately $356,000.

Other hedge funds have also modified their holdings of the company. NFSG Corp grew its holdings in shares of Phillips 66 by 105.6% in the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after purchasing an additional 75 shares during the last quarter. Axiom Investment Management LLC bought a new position in Phillips 66 during the 1st quarter valued at about $27,000. Compass Financial Management LLC acquired a new position in Phillips 66 in the second quarter valued at about $28,000. Kelleher Financial Advisors acquired a new position in Phillips 66 in the second quarter valued at about $29,000. Finally, J.Safra Asset Management Corp bought a new stake in Phillips 66 during the second quarter worth about $30,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Phillips 66

In other news, CFO Kevin J. Mitchell sold 11,021 shares of the business’s stock in a transaction 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 completion of the sale, the chief financial officer owned 97,376 shares in the company, valued at $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the company’s stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total value of $743,529.15. Following the transaction, the executive vice president directly owned 27,537 shares in the company, valued at $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 sold a total of 100,507 shares of company stock valued at $21,770,810 over the last quarter. Corporate insiders own 0.40% of the company’s stock.

Phillips 66 Trading Up 2.3%

Shares of NYSE PSX opened at $242.27 on Thursday. Phillips 66 has a 1-year low of $126.74 and a 1-year high of $246.95. The company has a 50-day moving average of $203.06 and a two-hundred day moving average of $181.56. The company has a market cap 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 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 released its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, beating the consensus estimate of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The business had revenue of $52.04 billion for the quarter, compared to analysts’ expectations of $43.60 billion. During the same period in the prior year, the firm earned $2.38 earnings per share. As a group, equities analysts expect that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 declared that its Board of Directors has initiated a stock repurchase plan on Friday, July 31st that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to buy up to 11.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be given a $1.27 dividend. 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 presently 28.95%.

Analysts Set New Price Targets

PSX has been the subject of several recent analyst reports. Wells Fargo & Company raised their price objective on shares of Phillips 66 from $201.00 to $239.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Mizuho upgraded Phillips 66 from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $170.00 to $212.00 in a research report on Wednesday, May 27th. Raymond James Financial increased their price target on Phillips 66 from $218.00 to $235.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. UBS Group lifted their price objective on Phillips 66 from $212.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, July 27th. Finally, TD Cowen boosted their price objective on Phillips 66 from $240.00 to $255.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. One equities 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 stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target 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.