Tocqueville Asset Management L.P. Invests $3.68 Million in Phillips 66 $PSX

Tocqueville Asset Management L.P. purchased a new stake in shares of Phillips 66 (NYSE:PSX) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 21,777 shares of the oil and gas company’s stock, valued at approximately $3,681,000.

A number of other large investors have also recently modified their holdings of PSX. BlackRock Inc. bought a new stake in Phillips 66 during the 2nd quarter valued at $5,766,779,000. Bank of New York Mellon Corp purchased a new stake in shares of Phillips 66 in the 2nd quarter worth $1,093,206,000. Norges Bank bought a new position in shares of Phillips 66 during the 4th quarter worth $640,206,000. Deutsche Bank AG bought a new position in shares of Phillips 66 during the 2nd quarter worth $271,128,000. Finally, AQR Capital Management LLC increased its stake in shares of Phillips 66 by 424.7% during the third 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 during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insiders Place Their Bets

In other 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 transaction of $11,657,896.00. Following the transaction, the executive vice president owned 39,094 shares in the company, valued at $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Kevin J. Mitchell sold 11,021 shares of the 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 transaction, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. 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 worth $21,770,810 over the last ninety days. Insiders own 0.40% of the company’s stock.

Phillips 66 Stock Performance

Shares of PSX opened at $239.46 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. The firm has a market cap of $95.55 billion, a PE ratio of 13.64, a P/E/G ratio of 0.18 and a beta of 0.68. Phillips 66 has a 12 month low of $122.25 and a 12 month high of $246.95. The stock has a fifty day moving average price of $197.59 and a 200-day moving average price of $178.99.

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 the consensus estimate 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 the consensus estimate of $43.60 billion. During the same period in the previous year, the business earned $2.38 EPS. Equities research analysts predict that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 announced that its board has approved a stock buyback 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 purchase up to 11.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Phillips 66 Dividend Announcement

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

Analyst Upgrades and Downgrades

Several analysts recently weighed in on PSX shares. Zacks Research downgraded Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Weiss Ratings upgraded shares of Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, August 12th. Morgan Stanley raised their target price on shares of Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. Jefferies Financial Group boosted their price target on shares of Phillips 66 from $191.00 to $207.00 and gave the company a “hold” rating in a report on Thursday, July 9th. Finally, Argus upped their price target on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a research report on Thursday, May 14th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the company 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.