65,580 Shares in Phillips 66 $PSX Bought by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. bought a new stake in Phillips 66 (NYSE:PSX) during the second quarter, Holdings Channel.com reports. The firm bought 65,580 shares of the oil and gas company’s stock, valued at approximately $11,414,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Glenview Trust Co bought a new position in shares of Phillips 66 during the second quarter worth about $1,317,000. North Star Asset Management Inc. acquired a new stake in shares of Phillips 66 in the 2nd quarter worth about $357,000. Empowered Funds LLC bought a new stake in Phillips 66 in the 2nd quarter valued at about $30,364,000. United Capital Financial Advisors LLC bought a new stake in Phillips 66 in the 2nd quarter valued at about $5,970,000. Finally, Dearborn Partners LLC acquired a new position in Phillips 66 during the 2nd quarter valued at about $594,000. 76.93% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on PSX shares. Morgan Stanley upped their target price on shares of Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a research report on Friday, June 12th. Wells Fargo & Company lifted their price target on Phillips 66 from $201.00 to $239.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Weiss Ratings upgraded Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. UBS Group increased their price objective on Phillips 66 from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Finally, Zacks Research cut Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. 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 data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $206.56.

Phillips 66 Stock Up 2.0%

PSX opened at $244.50 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32. The company has a market capitalization of $97.56 billion, a PE ratio of 13.93, a P/E/G ratio of 0.18 and a beta of 0.68. The stock’s fifty day moving average is $206.11 and its 200-day moving average is $182.58. Phillips 66 has a one year low of $126.74 and a one year high of $246.95.

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

Phillips 66 Announces Dividend

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

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

Insider Buying and Selling at Phillips 66

In related news, EVP Richard G. Harbison sold 52,100 shares of the 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 directly owned 39,094 shares of the company’s stock, valued at $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the company’s stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total value of $743,529.15. Following the completion of the transaction, the executive vice president directly owned 27,537 shares in the company, valued at $5,811,683.85. This represents a 11.34% 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. In the last quarter, insiders have sold 100,507 shares of company stock worth $21,770,810. Company insiders own 0.40% of the company’s stock.

Phillips 66 Profile

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.