Patron Partners LLC Takes Position in Phillips 66 $PSX

Patron Partners LLC acquired a new position in shares of Phillips 66 (NYSE:PSX) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 3,781 shares of the oil and gas company’s stock, valued at approximately $639,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of PSX. OneAscent Financial Services LLC acquired a new position in Phillips 66 during the second quarter worth approximately $541,000. Allworth Financial LP acquired a new position in shares of Phillips 66 during the 2nd quarter worth approximately $3,893,000. B. Metzler seel. Sohn & Co. AG acquired a new position in shares of Phillips 66 during the 2nd quarter worth approximately $12,703,000. NFJ Investment Group LLC bought a new stake in Phillips 66 in the 2nd quarter valued at $31,965,000. Finally, Silvant Capital Management LLC bought a new position in Phillips 66 during the second quarter worth $31,000. Institutional investors own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

PSX has been the topic of several research reports. Weiss Ratings upgraded shares of Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, August 12th. Argus lifted their target price on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Mizuho upgraded shares of Phillips 66 from a “neutral” rating to an “outperform” rating and upped their price target for the company from $170.00 to $212.00 in a research note on Wednesday, May 27th. Citigroup reissued a “neutral” rating on shares of Phillips 66 in a report on Thursday, August 6th. Finally, BMO Capital Markets raised their price objective on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $206.56.

Phillips 66 Stock Up 1.4%

PSX opened at $243.34 on Friday. The stock has a fifty day moving average of $198.87 and a 200-day moving average of $179.44. The company has a market capitalization of $97.10 billion, a P/E ratio of 13.87, a P/E/G ratio of 0.18 and a beta of 0.68. Phillips 66 has a fifty-two week low of $124.88 and a fifty-two week high of $246.95. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32.

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, beating the consensus estimate of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The business had revenue of $52.04 billion for the quarter, compared to the consensus estimate of $43.60 billion. During the same period in the prior year, the company posted $2.38 earnings per share. On average, equities analysts expect that Phillips 66 will post 23.86 EPS for the current year.

Phillips 66 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be issued a $1.27 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.1%. Phillips 66’s payout ratio is currently 28.95%.

Phillips 66 announced that its board 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 often an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Phillips 66

In other news, CFO Kevin J. Mitchell sold 11,021 shares of the firm’s 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 transaction, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at approximately $18,504,361.28. This trade represents a 10.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the completion of the sale, the executive vice president owned 39,094 shares of the company’s stock, valued at approximately $8,747,673.44. The trade was a 57.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 100,507 shares of company stock worth $21,770,810. 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.