Coastal Bridge Advisors LLC Purchases Shares of 7,364 Phillips 66 $PSX

Coastal Bridge Advisors LLC acquired a new position in shares of Phillips 66 (NYSE:PSX) during the second quarter, HoldingsChannel reports. The institutional investor acquired 7,364 shares of the oil and gas company’s stock, valued at approximately $1,245,000.

Several other institutional investors have also modified their holdings of the stock. Key Client Fiduciary Advisors LLC grew its position in shares of Phillips 66 by 3.5% in the 2nd quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company’s stock valued at $275,000 after buying an additional 55 shares during the last quarter. Threadgill Financial LLC raised its stake in Phillips 66 by 3.5% during the 2nd quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company’s stock worth $286,000 after acquiring an additional 58 shares in the last quarter. Calamos Wealth Management LLC lifted its position in Phillips 66 by 2.0% in the second quarter. Calamos Wealth Management LLC now owns 3,084 shares of the oil and gas company’s stock valued at $521,000 after acquiring an additional 60 shares during the last quarter. Somerset Trust Co lifted its position in Phillips 66 by 0.3% in the second quarter. Somerset Trust Co now owns 21,301 shares of the oil and gas company’s stock valued at $3,601,000 after acquiring an additional 63 shares during the last quarter. Finally, Clifford Group LLC boosted its stake in Phillips 66 by 2.0% in the fourth quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company’s stock valued at $428,000 after acquiring an additional 64 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insider Activity

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 3,523 shares of the firm’s stock in a transaction on 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 owned 27,537 shares of the company’s stock, valued at approximately $5,811,683.85. This trade represents a 11.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 firm’s stock in a transaction dated 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 $8,747,673.44. This trade represents a 57.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 100,507 shares of company stock valued at $21,770,810. Company insiders own 0.40% of the company’s stock.

Phillips 66 Stock Down 0.7%

Shares of NYSE:PSX opened at $240.58 on Friday. Phillips 66 has a 1-year low of $126.74 and a 1-year high of $246.95. 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 $96.00 billion, a P/E ratio of 13.71, a P/E/G ratio of 0.18 and a beta of 0.68. The firm has a fifty day moving average price of $204.55 and a 200 day moving average price of $182.15.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, beating analysts’ consensus estimates of $7.50 by $1.91. The company had revenue of $52.04 billion for the quarter, compared to analyst estimates 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 in the previous year, the business posted $2.38 earnings per share. Sell-side analysts predict that Phillips 66 will post 23.86 EPS for the current year.

Phillips 66 declared that its board has initiated a stock repurchase 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 often a sign that the company’s leadership believes its stock is undervalued.

Phillips 66 Dividend Announcement

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

Analyst Ratings Changes

Several brokerages have issued reports on PSX. Mizuho raised Phillips 66 from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $170.00 to $212.00 in a report on Wednesday, May 27th. Citigroup reissued a “neutral” rating on shares of Phillips 66 in a report on Thursday, August 6th. Wells Fargo & Company upped their target price on Phillips 66 from $201.00 to $239.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Jefferies Financial Group raised their price target on Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a research note on Thursday, July 9th. Finally, Piper Sandler lifted their price target on Phillips 66 from $208.00 to $209.00 and gave the stock a “neutral” rating in a research report on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $206.56.

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.