NEOS Investment Management LLC Boosts Stake in Phillips 66 $PSX

NEOS Investment Management LLC increased its holdings in shares of Phillips 66 (NYSE:PSX) by 13.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 65,327 shares of the oil and gas company’s stock after acquiring an additional 7,685 shares during the period. NEOS Investment Management LLC’s holdings in Phillips 66 were worth $11,044,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Proficio Capital Partners LLC purchased a new stake in Phillips 66 during the 2nd quarter worth approximately $384,000. MUFG Securities EMEA plc lifted its position 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 valued at $2,131,000 after acquiring an additional 8,783 shares in the last quarter. Fifth Third Bancorp lifted its position in shares of Phillips 66 by 543.7% in the first quarter. Fifth Third Bancorp now owns 128,156 shares of the oil and gas company’s stock valued at $23,348,000 after acquiring an additional 108,248 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of Phillips 66 in the second quarter worth approximately $5,766,779,000. Finally, Norges Bank acquired a new stake in shares of Phillips 66 in the fourth quarter worth approximately $640,206,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. The Goldman Sachs Group increased their price objective on Phillips 66 from $207.00 to $235.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. UBS Group lifted their target price on shares of Phillips 66 from $212.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. Zacks Research lowered shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Argus increased their target price on shares of Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Finally, Citigroup restated a “neutral” rating on shares of Phillips 66 in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, Phillips 66 presently has an average rating of “Moderate Buy” and an average price target of $218.94.

Insider Activity

In other Phillips 66 news, EVP Vanessa Sutherland sold 3,523 shares of Phillips 66 stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the sale, the executive vice president owned 27,537 shares in the company, valued at $5,811,683.85. The trade was a 11.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brian Mandell sold 30,000 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total value of $6,450,000.00. Following the transaction, the executive vice president owned 61,595 shares of the company’s stock, valued at approximately $13,242,925. This represents a 32.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 100,507 shares of company stock worth $21,770,810 in the last 90 days. 0.40% of the stock is owned by corporate insiders.

Phillips 66 Stock Up 0.2%

NYSE PSX opened at $255.13 on Friday. The business’s fifty day simple moving average is $214.38 and its 200-day simple moving average is $185.89. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. The firm has a market cap of $101.80 billion, a PE ratio of 14.54, a P/E/G ratio of 0.19 and a beta of 0.71. Phillips 66 has a 52 week low of $126.74 and a 52 week high of $260.68.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The firm had revenue of $52.04 billion during the quarter, compared to analyst estimates of $43.60 billion. During the same quarter in the prior year, the firm posted $2.38 earnings per share. As a group, equities analysts anticipate that Phillips 66 will post 24.07 earnings per share for the current year.

Phillips 66 Dividend Announcement

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

Phillips 66 announced that its Board of Directors has authorized a share repurchase plan 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 repurchase up to 11.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

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.