Mystic Asset Management Inc. Acquires New Stake in Phillips 66 $PSX

Mystic Asset Management Inc. bought a new position in Phillips 66 (NYSE:PSX) in the second quarter, Holdings Channel reports. The firm bought 8,573 shares of the oil and gas company’s stock, valued at approximately $1,449,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. NFSG Corp raised its stake 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 acquiring an additional 75 shares during the period. Axiom Investment Management LLC purchased a new stake in Phillips 66 during the first quarter valued at about $27,000. SWAN Capital LLC boosted its position in 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 purchasing an additional 190 shares during the period. Kelleher Financial Advisors bought a new position in Phillips 66 during the second quarter worth about $29,000. Finally, J.Safra Asset Management Corp purchased a new position in shares of Phillips 66 in the second quarter worth about $30,000. Institutional investors own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PSX. BMO Capital Markets boosted their price target on shares of Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. Raymond James Financial raised their price objective on shares of Phillips 66 from $218.00 to $235.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. The Goldman Sachs Group lifted their price objective on shares of Phillips 66 from $207.00 to $235.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. TD Cowen increased their target price on Phillips 66 from $240.00 to $255.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, JPMorgan Chase & Co. raised their price target on Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. One 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. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $206.56.

Phillips 66 Stock Performance

Phillips 66 stock opened at $239.46 on Friday. Phillips 66 has a 1-year low of $122.25 and a 1-year high of $246.95. 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 capitalization of $95.55 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. The firm’s 50 day simple moving average is $197.59 and its 200 day simple moving average is $178.99.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS 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 period last year, the firm earned $2.38 EPS. As a group, analysts expect that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

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

Phillips 66 declared that its Board of Directors has initiated a stock repurchase program on Friday, July 31st that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 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 sale, the chief financial officer directly owned 97,376 shares in the company, valued at $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brian Mandell sold 30,000 shares of the business’s stock in a transaction that occurred on 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 directly owned 61,595 shares of the company’s stock, valued at approximately $13,242,925. This represents a 32.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 100,507 shares of company stock valued at $21,770,810 in the last ninety days. 0.40% of the stock is currently owned by company insiders.

About Phillips 66

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.