3,513 Shares in Phillips 66 $PSX Bought by Dearborn Partners LLC

Dearborn Partners LLC bought a new position in Phillips 66 (NYSE:PSX) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 3,513 shares of the oil and gas company’s stock, valued at approximately $594,000.

Several other large investors have also bought and sold shares of the company. MUFG Securities EMEA plc boosted its holdings in shares of Phillips 66 by 113.5% in the 4th quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock valued at $2,131,000 after purchasing an additional 8,783 shares during the last quarter. Horizon Investments LLC increased its holdings in shares of Phillips 66 by 478.4% during the 4th quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company’s stock worth $8,167,000 after buying an additional 52,348 shares during the last quarter. Truist Financial Corp raised its position in shares of Phillips 66 by 1.6% in the 4th quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company’s stock worth $87,113,000 after buying an additional 10,585 shares during the period. Fifth Third Bancorp raised its position in shares of Phillips 66 by 543.7% in the 1st quarter. Fifth Third Bancorp now owns 128,156 shares of the oil and gas company’s stock worth $23,348,000 after buying an additional 108,248 shares during the period. Finally, National Pension Service boosted its holdings in Phillips 66 by 2.0% in the fourth quarter. National Pension Service now owns 614,059 shares of the oil and gas company’s stock valued at $79,238,000 after acquiring an additional 11,960 shares during the last quarter. 76.93% of the stock is owned by institutional investors.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $244.50 on Friday. Phillips 66 has a 1-year low of $126.74 and a 1-year high of $246.95. The business has a 50-day moving average of $206.11 and a 200-day moving average of $182.58. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. The company has a market capitalization of $97.56 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 0.18 and a beta of 0.68.

Phillips 66 (NYSE:PSX) last posted its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (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 quarter last year, the firm earned $2.38 earnings per share. On average, equities analysts anticipate that Phillips 66 will post 23.86 EPS for the current fiscal year.

Phillips 66 declared that its board has approved a stock buyback program on Friday, July 31st that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

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 given 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 dividend payout ratio (DPR) is 28.95%.

Insider Activity

In related news, EVP Vanessa Allen Sutherland sold 3,523 shares of the firm’s stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the completion of the sale, the executive vice president directly owned 27,537 shares of the company’s stock, valued at approximately $5,811,683.85. This trade represents a 11.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 Phillips 66 stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the sale, the chief financial officer directly owned 97,376 shares in the company, valued at $18,504,361.28. This trade represents a 10.17% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 100,507 shares of company stock worth $21,770,810. Company insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

PSX has been the subject of several research analyst reports. Morgan Stanley upped their price target on Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Wells Fargo & Company boosted their target price on Phillips 66 from $201.00 to $239.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Raymond James Financial increased their target price on shares of Phillips 66 from $218.00 to $235.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. Mizuho upgraded shares of Phillips 66 from a “neutral” rating to an “outperform” rating and raised their price target for the company from $170.00 to $212.00 in a report on Wednesday, May 27th. Finally, UBS Group lifted their price target on shares of Phillips 66 from $212.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, July 27th. 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 stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $206.56.

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.