Legacy Financial Advisors Inc. Decreases Stock Holdings in Phillips 66 $PSX

Legacy Financial Advisors Inc. reduced its holdings in shares of Phillips 66 (NYSE:PSX) by 57.0% during the second quarter, HoldingsChannel.com reports. The fund owned 3,678 shares of the oil and gas company’s stock after selling 4,867 shares during the quarter. Legacy Financial Advisors Inc.’s holdings in Phillips 66 were worth $622,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Phillips 66 during the 2nd quarter valued at $5,766,779,000. State Street Corp raised its stake in shares of Phillips 66 by 0.8% during the 4th quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company’s stock worth $3,043,996,000 after purchasing an additional 175,616 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Phillips 66 by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock worth $1,338,596,000 after buying an additional 45,340 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Phillips 66 during the second quarter valued at about $1,093,206,000. Finally, Norges Bank bought a new position in Phillips 66 during the fourth quarter valued at about $640,206,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. 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. Piper Sandler boosted their target price on shares of Phillips 66 from $208.00 to $209.00 and gave the company a “neutral” rating in a research note on Monday, August 10th. Wells Fargo & Company increased their target price on shares of Phillips 66 from $239.00 to $335.00 and gave the company an “overweight” rating in a research report on Tuesday. Jefferies Financial Group raised their price target on shares of Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a research note on Thursday, July 9th. Finally, Zacks Research downgraded Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $211.89.

Phillips 66 Trading Up 2.1%

Shares of Phillips 66 stock opened at $251.77 on Wednesday. Phillips 66 has a 52-week low of $126.74 and a 52-week high of $252.05. The stock’s 50-day simple moving average is $209.30 and its 200 day simple moving average is $184.03. The stock has a market capitalization of $100.46 billion, a P/E ratio of 14.35, a P/E/G ratio of 0.18 and a beta of 0.71. 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 issued its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, topping analysts’ consensus estimates of $7.50 by $1.91. The firm had revenue of $52.04 billion during 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 quarter last year, the business earned $2.38 earnings per share. As a group, research analysts anticipate that Phillips 66 will post 23.86 EPS for the current year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th were paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Tuesday, August 18th. Phillips 66’s dividend payout ratio is presently 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 buy up to 11.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, EVP Brian Mandell sold 30,000 shares of the business’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the sale, the executive vice president owned 61,595 shares of the company’s stock, valued at $13,242,925. The trade was a 32.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Kevin J. Mitchell sold 11,021 shares of the stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total value of $2,094,320.63. Following the sale, the chief financial officer owned 97,376 shares in the company, valued at approximately $18,504,361.28. This 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. Over the last 90 days, insiders have sold 100,507 shares of company stock valued at $21,770,810. 0.40% of the stock is owned by corporate insiders.

Phillips 66 Company 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.