Northcape Wealth Management LLC Makes New Investment in Phillips 66 $PSX

Northcape Wealth Management LLC bought a new position in shares of Phillips 66 (NYSE:PSX) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 2,696 shares of the oil and gas company’s stock, valued at approximately $456,000.

Other institutional investors have also made changes to their positions in the company. NFSG Corp grew its holdings in shares of Phillips 66 by 105.6% during the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after purchasing an additional 75 shares in the last quarter. Axiom Investment Management LLC bought a new position in shares of Phillips 66 in the first quarter worth $27,000. Kelleher Financial Advisors acquired a new position in Phillips 66 in the second quarter valued at about $29,000. J.Safra Asset Management Corp acquired a new position in Phillips 66 in the second quarter valued at about $30,000. Finally, SWAN Capital LLC lifted its position in Phillips 66 by 1,055.6% during the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock worth $27,000 after purchasing an additional 190 shares during the period. 76.93% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, EVP Brian Mandell sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total value of $6,450,000.00. Following the completion of the transaction, the executive vice president directly owned 61,595 shares in the company, valued at approximately $13,242,925. This represents a 32.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 transaction, the executive vice president directly owned 27,537 shares of the company’s stock, valued at approximately $5,811,683.85. This represents a 11.34% decrease in their ownership of the stock. 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 have sold 100,507 shares of company stock valued at $21,770,810 in the last quarter. 0.40% of the stock is currently owned by corporate insiders.

Phillips 66 Trading Down 0.4%

PSX opened at $242.53 on Thursday. The company’s 50 day moving average is $196.37 and its 200-day moving average is $178.31. Phillips 66 has a 1-year low of $122.13 and a 1-year high of $244.73. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. The company has a market cap of $96.77 billion, a P/E ratio of 13.82, a PEG ratio of 0.18 and a beta of 0.68.

Phillips 66 (NYSE:PSX) last announced its quarterly 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 company 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 period in the prior year, the company earned $2.38 EPS. Equities research analysts predict that Phillips 66 will post 24.44 earnings per share for the current fiscal year.

Phillips 66 announced that its Board of Directors has authorized a share buyback program on Friday, July 31st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Phillips 66 Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. TD Cowen increased their price objective on shares of Phillips 66 from $240.00 to $255.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Citigroup restated a “neutral” rating on shares of Phillips 66 in a research report on Thursday, August 6th. UBS Group upped their price target on shares of Phillips 66 from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Jefferies Financial Group increased their price target on shares of Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a research report on Thursday, July 9th. Finally, Weiss Ratings raised shares of Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $206.56.

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.