L2 Asset Management LLC Makes New Investment in Phillips 66 $PSX

L2 Asset Management LLC purchased a new stake in Phillips 66 (NYSE:PSX) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 2,288 shares of the oil and gas company’s stock, valued at approximately $387,000.

Other large investors also recently made changes to their positions in the company. NFSG Corp lifted its holdings in shares of Phillips 66 by 105.6% during the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Axiom Investment Management LLC purchased a new position in Phillips 66 in the 1st quarter worth about $27,000. Compass Financial Management LLC purchased a new position in Phillips 66 in the 2nd quarter worth about $28,000. Kelleher Financial Advisors acquired a new stake in Phillips 66 during the 2nd quarter worth about $29,000. Finally, J.Safra Asset Management Corp acquired a new stake in Phillips 66 during the 2nd quarter worth about $30,000. Institutional investors own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on PSX. TD Cowen lifted their price objective on shares of Phillips 66 from $240.00 to $255.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Zacks Research cut Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Raymond James Financial lifted their price target on Phillips 66 from $218.00 to $235.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Barclays upped their price target on Phillips 66 from $183.00 to $216.00 and gave the company an “equal weight” rating in a research report on Thursday, August 6th. Finally, JPMorgan Chase & Co. raised their price objective on Phillips 66 from $188.00 to $202.00 in a research report on Thursday, April 30th. One research 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $206.56.

Phillips 66 Price Performance

Shares of Phillips 66 stock opened at $237.00 on Wednesday. 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 fifty day simple moving average of $201.55 and a 200-day simple moving average of $180.94. The stock has a market capitalization of $94.57 billion, a price-to-earnings ratio of 13.50, a PEG ratio of 0.18 and a beta of 0.68. Phillips 66 has a 1-year low of $126.74 and a 1-year high of $246.95.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.50 by $1.91. The company had revenue of $52.04 billion for the quarter, compared to the consensus estimate of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same period last year, the business posted $2.38 earnings per share. On average, sell-side analysts expect that Phillips 66 will post 23.86 earnings per share for the current year.

Phillips 66 Announces Dividend

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

Phillips 66 announced that its board has authorized a stock buyback program on Friday, July 31st that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the oil and gas company to reacquire up to 11.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Phillips 66

In other Phillips 66 news, EVP Richard G. Harbison sold 52,100 shares of the business’s stock in a transaction on 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 sale, the executive vice president owned 39,094 shares of the company’s stock, valued at $8,747,673.44. The trade was a 57.13% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Kevin J. Mitchell sold 11,021 shares of the stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $18,504,361.28. This trade represents a 10.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 100,507 shares of company stock valued at $21,770,810 in the last ninety days. 0.40% of the stock is 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.