North Star Asset Management Inc. Takes Position in Phillips 66 $PSX

North Star Asset Management Inc. acquired a new position in shares of Phillips 66 (NYSE:PSX) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 2,112 shares of the oil and gas company’s stock, valued at approximately $357,000.

Several other hedge funds also recently bought and sold shares of the stock. NFSG Corp increased its holdings in Phillips 66 by 105.6% in the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Axiom Investment Management LLC acquired a new position in Phillips 66 during the first quarter worth $27,000. SWAN Capital LLC boosted its position in shares of Phillips 66 by 1,055.6% during the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock worth $27,000 after buying an additional 190 shares during the period. Compass Financial Management LLC purchased a new position in shares of Phillips 66 during the second quarter worth $28,000. Finally, Kelleher Financial Advisors acquired a new stake in shares of Phillips 66 in the second quarter valued at $29,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction on 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 directly owned 39,094 shares in the company, valued at approximately $8,747,673.44. The trade was a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 sale, the executive vice president owned 27,537 shares of the company’s stock, valued at $5,811,683.85. This trade represents a 11.34% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 100,507 shares of company stock valued at $21,770,810. Company insiders own 0.40% of the company’s stock.

Phillips 66 Trading Up 2.0%

NYSE:PSX opened at $244.50 on Friday. Phillips 66 has a 1 year low of $126.74 and a 1 year high of $246.95. The stock has a market cap of $97.56 billion, a P/E ratio of 13.93, a P/E/G ratio of 0.18 and a beta of 0.68. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32. The stock has a 50-day simple moving average of $206.11 and a 200-day simple moving average of $182.58.

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, topping 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 company posted $2.38 earnings per share. As a group, analysts anticipate 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 reacquire up to 11.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors 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 yield of 2.1%. Phillips 66’s dividend payout ratio is currently 28.95%.

Analyst Upgrades and Downgrades

PSX has been the topic of several research reports. Morgan Stanley increased their target price on Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Guggenheim upgraded shares of Phillips 66 to an “outperform” rating in a research note on Wednesday, May 27th. Jefferies Financial Group increased their price target on shares of Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a research report on Thursday, July 9th. Barclays raised their price objective on shares of Phillips 66 from $183.00 to $216.00 and gave the company an “equal weight” rating in a research note on Thursday, August 6th. Finally, Wall Street Zen raised shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 26th. 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. Based on data from MarketBeat, the stock has a consensus 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.