OneAscent Financial Services LLC Takes $541,000 Position in Phillips 66 $PSX

OneAscent Financial Services LLC acquired a new position in shares of Phillips 66 (NYSE:PSX) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 3,202 shares of the oil and gas company’s stock, valued at approximately $541,000.

A number of other hedge funds have also bought and sold shares of the company. NFSG Corp lifted its holdings in Phillips 66 by 105.6% in the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 75 shares during the period. Axiom Investment Management LLC acquired a new stake in Phillips 66 during the 1st quarter worth about $27,000. SWAN Capital LLC grew its holdings in Phillips 66 by 1,055.6% during the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock worth $27,000 after acquiring an additional 190 shares during the period. Kelleher Financial Advisors bought a new position in shares of Phillips 66 in the 2nd quarter worth about $29,000. Finally, J.Safra Asset Management Corp bought a new position in shares of Phillips 66 in the 2nd quarter worth about $30,000. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $239.46 on Friday. The firm has a market capitalization of $95.55 billion, a P/E ratio of 13.64, a P/E/G ratio of 0.18 and a beta of 0.68. The firm’s 50-day moving average price is $197.59 and its 200-day moving average price is $178.99. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. Phillips 66 has a 1-year low of $122.25 and a 1-year high of $246.95.

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 the consensus estimate of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.The company had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. During the same period last year, the business posted $2.38 EPS. Equities research analysts anticipate that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 declared that its board has authorized a stock buyback program 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 programs are usually an indication that the company’s management believes its stock is undervalued.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be issued a $1.27 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.1%. Phillips 66’s dividend payout ratio is presently 28.95%.

Insider Transactions at Phillips 66

In other news, EVP Vanessa Allen Sutherland sold 3,523 shares of the company’s stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total transaction of $743,529.15. Following the transaction, the executive vice president directly owned 27,537 shares of the company’s stock, valued at $5,811,683.85. This represents a 11.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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 completion of the transaction, 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 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 a total of 100,507 shares of company stock worth $21,770,810 in the last three months. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PSX shares. Piper Sandler boosted their price objective on Phillips 66 from $208.00 to $209.00 and gave the company a “neutral” rating in a research note on Monday, August 10th. Tudor Pickering raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Morgan Stanley lifted their target price on Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. TD Cowen boosted their price target on Phillips 66 from $240.00 to $255.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, Raymond James Financial increased their price target on Phillips 66 from $218.00 to $235.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average 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.