OneDigital Investment Advisors LLC Invests $4.81 Million in Phillips 66 $PSX

OneDigital Investment Advisors LLC bought a new stake in shares of Phillips 66 (NYSE:PSX) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 28,469 shares of the oil and gas company’s stock, valued at approximately $4,813,000.

A number of other institutional investors have also recently bought and sold shares of PSX. Bank of New York Mellon Corp acquired a new stake in Phillips 66 during the 2nd quarter worth about $1,093,206,000. Norges Bank acquired a new position in shares of Phillips 66 in the fourth quarter worth about $640,206,000. M&T Bank Corp increased its position in shares of Phillips 66 by 462.9% in the fourth quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock worth $352,007,000 after acquiring an additional 2,243,268 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Phillips 66 by 424.7% in the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock worth $257,512,000 after acquiring an additional 1,532,389 shares in the last quarter. Finally, Amundi raised its holdings in shares of Phillips 66 by 62.0% during the first quarter. Amundi now owns 3,667,451 shares of the oil and gas company’s stock valued at $668,137,000 after acquiring an additional 1,403,493 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Analyst Upgrades and Downgrades

PSX has been the subject of a number of recent analyst reports. Jefferies Financial Group raised their price objective 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. UBS Group increased 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. Morgan Stanley raised their target price on Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a research report on Friday, June 12th. The Goldman Sachs Group lifted their price target on Phillips 66 from $207.00 to $235.00 and gave the company a “neutral” rating in a report on Wednesday, July 22nd. Finally, Scotiabank increased their price objective on Phillips 66 from $140.00 to $151.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, Phillips 66 presently has an average rating of “Moderate Buy” and a consensus price target of $206.56.

Phillips 66 Trading Up 2.9%

Phillips 66 stock opened at $240.50 on Tuesday. Phillips 66 has a 12 month low of $121.24 and a 12 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 stock has a market cap of $95.96 billion, a P/E ratio of 13.70, a P/E/G ratio of 0.17 and a beta of 0.68. The company’s fifty day simple moving average is $193.87 and its 200-day simple moving average is $176.91.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, topping the consensus estimate 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 last year, the company earned $2.38 earnings per share. As a group, sell-side analysts forecast that Phillips 66 will post 24.44 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be given 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 dividend payout ratio is presently 28.95%.

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

Insider Transactions 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 stock was sold at an average price of $223.76, for a total value of $11,657,896.00. Following the transaction, the executive vice president owned 39,094 shares in the company, valued at approximately $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Kevin J. Mitchell sold 11,021 shares of the firm’s stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $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 100,507 shares of company stock valued at $21,770,810 over the last 90 days. Company insiders own 0.40% of the company’s stock.

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.