Waverly Advisors LLC Buys 6,117 Shares of Phillips 66 $PSX

Waverly Advisors LLC raised its stake in shares of Phillips 66 (NYSE:PSX) by 17.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 40,457 shares of the oil and gas company’s stock after buying an additional 6,117 shares during the period. Waverly Advisors LLC’s holdings in Phillips 66 were worth $6,839,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Proficio Capital Partners LLC bought a new stake in Phillips 66 during the second quarter valued at about $384,000. MUFG Securities EMEA plc raised its position in shares of Phillips 66 by 113.5% during the 4th quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock valued at $2,131,000 after purchasing an additional 8,783 shares during the period. BlackRock Inc. bought a new stake in shares of Phillips 66 during the 2nd quarter valued at $5,766,779,000. 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 valued at $23,348,000 after buying an additional 108,248 shares in the last quarter. Finally, Norges Bank bought a new position in Phillips 66 in the 4th quarter worth $640,206,000. 76.93% of the stock is owned by institutional investors.

Phillips 66 Price Performance

Phillips 66 stock opened at $258.59 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. The stock has a market cap of $103.18 billion, a price-to-earnings ratio of 14.73, a price-to-earnings-growth ratio of 0.19 and a beta of 0.71. The firm has a 50-day moving average of $221.19 and a two-hundred day moving average of $188.94. Phillips 66 has a 1 year low of $126.74 and a 1 year high of $263.76.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating the consensus estimate of $7.50 by $1.91. The firm had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same quarter in the previous year, the firm posted $2.38 earnings per share. On average, research analysts forecast that Phillips 66 will post 24.45 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders 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 payout ratio is 28.95%.

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

Analysts Set New Price Targets

A number of brokerages have issued reports on PSX. Piper Sandler increased their price target on Phillips 66 from $209.00 to $264.00 and gave the stock a “neutral” rating in a research note on Thursday, September 3rd. Morgan Stanley upped their price objective 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 raised shares of Phillips 66 to an “outperform” rating in a report on Wednesday, May 27th. The Goldman Sachs Group lifted their target price on Phillips 66 from $207.00 to $235.00 and gave the stock a “neutral” rating in a report on Wednesday, July 22nd. Finally, Wall Street Zen raised Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 26th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, Phillips 66 presently has a consensus rating of “Moderate Buy” and an average target price of $222.76.

Key Headlines Impacting Phillips 66

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Momentum and bullish coverage: Zacks highlighted Phillips 66 as a strong momentum candidate, while another commentary described the refiner as having “tech-stock swagger” backed by improving fundamentals. The stock’s move to a 52-week high reinforces its strong recent performance. Phillips 66 Is a Great Momentum Stock Bull of the Day: Phillips 66
• Positive Sentiment: Analyst sentiment is broadly constructive: Phillips 66’s average brokerage recommendation remains bullish, and Zacks Research recently upgraded the shares from Hold to Strong Buy. Such ratings can attract momentum and income-oriented investors, although they are not always reliable indicators of future returns. Wall Street Bulls Look Optimistic About Phillips 66 Zacks Upgrades Phillips 66
• Neutral Sentiment: Refining-cycle outlook remains the key debate: Recent analysis revisited the timing of Phillips 66’s expected performance while maintaining a broader view on the refining cycle. This suggests the long-term thesis remains intact, but the timing of additional upside is uncertain. Phillips 66: I Was Wrong on the Duration, Not on the Cycle
• Negative Sentiment: Hold ratings temper the bullish case: Bank of America Securities and Barclays both reiterated Hold ratings. These cautious views could pressure the shares after their substantial run and near the 52-week high. Bank of America Securities Keeps Hold Rating Barclays Gives Phillips 66 a Hold

Insider Transactions at Phillips 66

In related news, EVP Vanessa Sutherland sold 3,523 shares of Phillips 66 stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the completion of the sale, the executive vice president directly 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 legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of the stock in a transaction dated Wednesday, August 12th. The stock was 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 approximately $8,747,673.44. The trade was a 57.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 100,507 shares of company stock valued at $21,770,810 over the last 90 days. 0.40% of the stock is owned by corporate insiders.

Phillips 66 Profile

Phillips 66 (NYSE: PSX) is an energy company that operates across the midstream, chemicals, refining and marketing sectors. Headquartered in Houston, Texas, the company was established in 2012 when ConocoPhillips separated its downstream businesses into an independent company.

The company’s midstream operations include transportation, processing, storage and other infrastructure for crude oil, natural gas and natural gas liquids. Phillips 66 also owns and operates refineries that process crude oil into transportation fuels, lubricants, specialty products and other refined petroleum products.

Phillips 66 markets gasoline, diesel and other fuels under the Phillips 66, Conoco and 76 brands, primarily in the United States.