Phillips 66 $PSX Shares Purchased by Americana Partners LLC

Americana Partners LLC grew its stake in shares of Phillips 66 (NYSE:PSX) by 8.0% during the third quarter, Holdings Channel.com reports. The institutional investor owned 26,946 shares of the oil and gas company’s stock after acquiring an additional 1,985 shares during the quarter. Americana Partners LLC’s holdings in Phillips 66 were worth $6,880,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PSX. BlackRock Inc. bought a new position in Phillips 66 during the 2nd quarter worth approximately $5,766,779,000. Bank of New York Mellon Corp bought a new stake in Phillips 66 in the second quarter valued at approximately $1,093,206,000. Bank of America Corp DE acquired a new stake in Phillips 66 in the second quarter worth $469,970,000. Legal & General Group Plc acquired a new stake in Phillips 66 in the second quarter worth $303,648,000. Finally, Deutsche Bank AG acquired a new stake in Phillips 66 in the second quarter worth $271,128,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Stock Performance

Shares of PSX opened at $283.18 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.00 and a current ratio of 1.34. Phillips 66 has a twelve month low of $127.16 and a twelve month high of $299.39. The firm’s 50 day moving average price is $266.19 and its two-hundred day moving average price is $198.51. The firm has a market cap of $112.99 billion, a P/E ratio of 9.04, a PEG ratio of 0.16 and a beta of 0.71.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $11.73 by $2.35. Phillips 66 had a net margin of 7.27% and a return on equity of 33.12%. The company had revenue of $50.54 billion during the quarter, compared to the consensus estimate of $44.91 billion. During the same quarter in the prior year, the firm earned $2.52 earnings per share. On average, analysts forecast that Phillips 66 will post 31.39 EPS for the current fiscal year.

Phillips 66 declared that its Board of Directors has authorized a stock repurchase program on Friday, July 31st that allows the company to repurchase $10 billion in shares. This buyback authorization allows the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Share buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Phillips 66 Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 17th will be paid a $1.33 dividend. This represents a $5.32 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Tuesday, November 17th. This is a boost from Phillips 66’s previous quarterly dividend of $1.27. Phillips 66’s dividend payout ratio (DPR) is currently 16.99%.

Insider Transactions at Phillips 66

In other Phillips 66 news, EVP Brian Mandell sold 30,000 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the completion of the transaction, the executive vice president owned 61,595 shares in the company, valued at approximately $13,242,925. This represents a 32.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Richard Harbison sold 52,100 shares of Phillips 66 stock in a transaction dated 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 completion of the sale, the executive vice president directly owned 39,094 shares in the company, valued at $8,747,673.44. This represents a 57.13% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 108,800 shares of company stock valued at $25,016,566. Corporate insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on PSX. UBS Group boosted their price target on shares of Phillips 66 from $235.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, September 8th. Wall Street Zen raised Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 26th. Morgan Stanley lifted their target price on Phillips 66 from $196.00 to $284.00 and gave the stock an “overweight” rating in a report on Monday, September 14th. Zacks Research upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a report on Monday, September 7th. Finally, Wells Fargo & Company boosted their target price on Phillips 66 from $345.00 to $346.00 and gave the company an “overweight” rating in a research note on Thursday. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $270.19.

Trending Headlines about Phillips 66

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

• Positive Sentiment: Phillips 66 reported adjusted earnings per share of $14.08, well above the $11.73 analyst consensus and up sharply year over year. Revenue also exceeded expectations, while record refining margins, 98% refinery utilization and a 41% distillate yield drove the profit surge. Phillips 66 Posts Strong Earnings But the Stock Doesn’t Care
• Positive Sentiment: Management highlighted continued strength in refining and midstream, progress on debt reduction and shareholder returns, and investment in long-term projects such as the Western Gateway Pipeline system. These initiatives could improve cash flow durability and reduce leverage. PSX Q3 Earnings Call Highlights Refining Strength and Growth Plans
• Positive Sentiment: The company raised its quarterly dividend to $1.33 per share and continued substantial share repurchases, reinforcing the income and capital-return case for investors. Learn Why The Bull Case For Phillips 66 Stock Could Change Following Earnings Beat
• Positive Sentiment: Some coverage argues that PSX may still be undervalued despite its significant multiyear advance, citing record profitability, robust midstream volumes, deleveraging and a relatively low reported valuation multiple. Phillips 66 Stock Could Be Undervalued

Phillips 66 Company Profile

Phillips 66 (NYSE: PSX) is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips’ downstream and midstream businesses.

Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.

The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.