Concurrent Investment Advisors LLC Purchases 15,169 Shares of Phillips 66 $PSX

Concurrent Investment Advisors LLC grew its position in shares of Phillips 66 (NYSE:PSX) by 23.5% in the second quarter, according to its most recent filing with the SEC. The fund owned 79,658 shares of the oil and gas company’s stock after acquiring an additional 15,169 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Phillips 66 were worth $13,466,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of PSX. Proficio Capital Partners LLC purchased a new position in shares of Phillips 66 during the second quarter valued at approximately $384,000. MUFG Securities EMEA plc raised its holdings in shares of 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. Fifth Third Bancorp lifted its stake in shares of Phillips 66 by 543.7% during the 1st 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. BlackRock Inc. bought a new stake in shares of Phillips 66 during the 2nd quarter worth approximately $5,766,779,000. Finally, Norges Bank purchased a new position in Phillips 66 during the 4th quarter valued at $640,206,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Vanessa Sutherland sold 3,523 shares of the stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total transaction of $743,529.15. Following the completion of the sale, the executive vice president owned 27,537 shares in the company, valued at approximately $5,811,683.85. This represents a 11.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of the firm’s stock in a transaction on Wednesday, August 12th. The stock was 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 directly owned 39,094 shares of the company’s stock, valued at $8,747,673.44. The trade was a 57.13% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 100,507 shares of company stock worth $21,770,810. 0.40% of the stock is currently owned by insiders.

Phillips 66 Trading Up 0.2%

Shares of NYSE PSX opened at $255.13 on Friday. Phillips 66 has a 1-year low of $126.74 and a 1-year high of $260.68. The business has a fifty day moving average price of $214.38 and a 200 day moving average price of $185.89. The stock has a market capitalization of $101.80 billion, a P/E ratio of 14.54, a price-to-earnings-growth ratio of 0.19 and a beta of 0.71. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00.

Phillips 66 (NYSE:PSX) last posted its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.50 by $1.91. The company had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same quarter in the previous year, the firm earned $2.38 earnings per share. Equities research analysts expect that Phillips 66 will post 23.86 EPS for the current fiscal year.

Phillips 66 announced that its Board of Directors has authorized 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 reacquire up to 11.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th were given a dividend of $1.27 per share. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.0%. Phillips 66’s dividend payout ratio is presently 28.95%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Wall Street Zen upgraded 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 price target on shares of Phillips 66 from $207.00 to $235.00 and gave the stock a “neutral” rating in a report on Wednesday, July 22nd. Weiss Ratings raised shares of Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday, August 12th. Piper Sandler lifted their target price on Phillips 66 from $209.00 to $264.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, BMO Capital Markets boosted their price target on shares of Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and an average target price of $218.94.

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.