NewEdge Wealth LLC Purchases Shares of 7,376 Phillips 66 $PSX

NewEdge Wealth LLC purchased a new stake in Phillips 66 (NYSE:PSX) in the 2nd quarter, HoldingsChannel reports. The fund purchased 7,376 shares of the oil and gas company’s stock, valued at approximately $1,247,000.

Other hedge funds also recently made changes to their positions in the company. NFSG Corp increased its position in shares of Phillips 66 by 105.6% during the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after buying an additional 75 shares during the period. Axiom Investment Management LLC acquired a new position in Phillips 66 during the 1st quarter worth approximately $27,000. SWAN Capital LLC lifted its holdings in shares of Phillips 66 by 1,055.6% in the 4th 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 in the last quarter. Kelleher Financial Advisors bought a new position in shares of Phillips 66 in the second quarter valued at $29,000. Finally, J.Safra Asset Management Corp bought a new position in Phillips 66 in the 2nd quarter valued at about $30,000. 76.93% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Mizuho raised shares of Phillips 66 from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $170.00 to $212.00 in a report on Wednesday, May 27th. Guggenheim upgraded Phillips 66 to an “outperform” rating in a research note on Wednesday, May 27th. Wells Fargo & Company raised their price objective on shares of Phillips 66 from $201.00 to $239.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Barclays increased their price objective on Phillips 66 from $183.00 to $216.00 and gave the stock an “equal weight” rating in a report on Thursday, August 6th. Finally, Argus increased their target price on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. One investment 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’s stock. According to MarketBeat.com, Phillips 66 has an average rating of “Moderate Buy” and an average target price of $206.56.

Phillips 66 Trading Up 1.4%

Shares of PSX opened at $243.34 on Friday. 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 firm has a fifty day simple moving average of $198.87 and a two-hundred day simple moving average of $179.44. The stock has a market capitalization of $97.10 billion, a P/E ratio of 13.87, a PEG ratio of 0.18 and a beta of 0.68. Phillips 66 has a twelve month low of $124.88 and a twelve month high of $246.95.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating the consensus estimate of $7.50 by $1.91. The business had revenue of $52.04 billion for the quarter, compared to analysts’ expectations 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 in the previous year, the business posted $2.38 earnings per share. On average, research analysts anticipate that Phillips 66 will post 23.86 EPS for the current 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 issued a $1.27 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.1%. Phillips 66’s payout ratio is 28.95%.

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

Insiders Place Their Bets

In related news, EVP Richard G. Harbison sold 52,100 shares of the company’s 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 directly owned 39,094 shares of the company’s stock, valued at approximately $8,747,673.44. This represents a 57.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Brian Mandell sold 30,000 shares of the stock in a transaction 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 sale, the executive vice president directly owned 61,595 shares in the company, valued at $13,242,925. This trade represents a 32.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 100,507 shares of company stock valued at $21,770,810. Insiders own 0.40% of the company’s stock.

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.