Simplicity Wealth LLC Makes New $1.12 Million Investment in Phillips 66 $PSX

Simplicity Wealth LLC acquired a new stake in shares of Phillips 66 (NYSE:PSX) during the second quarter, HoldingsChannel.com reports. The fund acquired 6,639 shares of the oil and gas company’s stock, valued at approximately $1,122,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Phillips 66 by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company’s stock valued at $6,701,052,000 after purchasing an additional 205,480 shares during the period. State Street Corp boosted its holdings 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 buying an additional 175,616 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Phillips 66 by 0.4% during 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 period. Bank of New York Mellon Corp acquired a new position in Phillips 66 in the 2nd quarter valued at $1,093,206,000. Finally, Norges Bank acquired a new position in Phillips 66 in the 4th quarter valued at $640,206,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Stock Up 2.9%

PSX stock opened at $240.50 on Tuesday. Phillips 66 has a twelve month low of $121.24 and a twelve month high of $240.67. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. The company has a market cap of $95.96 billion, a PE ratio of 13.70, a price-to-earnings-growth ratio of 0.17 and a beta of 0.68. The business’s 50-day simple moving average is $193.87 and its 200 day simple moving average is $176.91.

Phillips 66 (NYSE:PSX) last issued its earnings results 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 business had revenue of $52.04 billion during the quarter, compared to analyst estimates 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 in the prior year, the company posted $2.38 earnings per share. On average, research analysts anticipate that Phillips 66 will post 24.44 earnings per share for the current year.

Phillips 66 Announces Dividend

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 dividend of $1.27 per share. 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 dividend payout ratio is currently 28.95%.

Phillips 66 announced that its board has authorized a stock repurchase plan on Friday, July 31st that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

PSX has been the subject of a number of research analyst reports. TD Cowen boosted their target price 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. BMO Capital Markets raised their price target on Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. Tudor Pickering raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Scotiabank increased their target price on Phillips 66 from $140.00 to $151.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Finally, UBS Group raised their target price on Phillips 66 from $212.00 to $235.00 and gave the company a “buy” rating in a report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $206.56.

Insider Activity

In related news, EVP Brian Mandell sold 30,000 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the completion of the sale, the executive vice president directly owned 61,595 shares of the company’s stock, valued at $13,242,925. This trade represents a 32.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 $18,504,361.28. The trade was a 10.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 100,507 shares of company stock valued at $21,770,810 over the last three months. 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.