Phillips 66 $PSX Shares Bought by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC increased its holdings in shares of Phillips 66 (NYSE:PSX) by 5.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 39,247 shares of the oil and gas company’s stock after acquiring an additional 2,065 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Phillips 66 were worth $6,635,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PSX. Proficio Capital Partners LLC acquired a new position in Phillips 66 in the second quarter valued at approximately $384,000. MUFG Securities EMEA plc boosted its holdings in Phillips 66 by 113.5% during 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 acquiring an additional 8,783 shares during the period. BlackRock Inc. acquired a new position in shares of Phillips 66 in the second quarter valued at approximately $5,766,779,000. Fifth Third Bancorp grew its stake in shares of Phillips 66 by 543.7% in the first quarter. Fifth Third Bancorp now owns 128,156 shares of the oil and gas company’s stock worth $23,348,000 after acquiring an additional 108,248 shares in the last quarter. Finally, Norges Bank acquired a new position in Phillips 66 during the 4th quarter worth $640,206,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Stock Up 0.4%

Shares of NYSE PSX opened at $259.66 on Friday. Phillips 66 has a 12-month low of $126.74 and a 12-month high of $265.43. 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 firm’s 50-day moving average is $222.85 and its two-hundred day moving average is $189.43. The company has a market capitalization of $103.61 billion, a PE ratio of 14.80, a price-to-earnings-growth ratio of 0.19 and a beta of 0.71.

Phillips 66 (NYSE:PSX) last announced its 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 firm had revenue of $52.04 billion for 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 quarter in the prior year, the firm earned $2.38 EPS. Equities analysts anticipate that Phillips 66 will post 24.47 EPS for the current fiscal year.

Phillips 66 announced that its board has initiated a stock repurchase 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 typically an indication that the company’s leadership believes its shares are undervalued.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th were given a dividend of $1.27 per share. The ex-dividend date was Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.0%. Phillips 66’s dividend payout ratio (DPR) is 28.95%.

Insiders Place Their Bets

In related news, 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 value of $2,094,320.63. Following the sale, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at approximately $18,504,361.28. This trade represents a 10.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of the business’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the sale, the executive vice president directly owned 39,094 shares of the company’s stock, valued at $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 100,507 shares of company stock worth $21,770,810 over the last ninety days. Company insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on PSX. The Goldman Sachs Group boosted their price target on shares of Phillips 66 from $207.00 to $235.00 and gave the stock a “neutral” rating in a report on Wednesday, July 22nd. Citigroup reaffirmed a “neutral” rating on shares of Phillips 66 in a research report on Thursday, August 6th. UBS Group upped their target price on shares of Phillips 66 from $235.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday. Mizuho upgraded Phillips 66 from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $170.00 to $212.00 in a research note on Wednesday, May 27th. Finally, Barclays raised their price objective on shares of Phillips 66 from $183.00 to $216.00 and gave the company an “equal weight” rating in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $222.76.

About Phillips 66

Phillips 66 (NYSE: PSX) is an energy company that operates across the midstream, chemicals, refining and marketing sectors. Headquartered in Houston, Texas, the company was established in 2012 when ConocoPhillips separated its downstream businesses into an independent company.

The company’s midstream operations include transportation, processing, storage and other infrastructure for crude oil, natural gas and natural gas liquids. Phillips 66 also owns and operates refineries that process crude oil into transportation fuels, lubricants, specialty products and other refined petroleum products.

Phillips 66 markets gasoline, diesel and other fuels under the Phillips 66, Conoco and 76 brands, primarily in the United States.