MidFirst Bank Makes New Investment in Phillips 66 $PSX

MidFirst Bank bought a new position in shares of Phillips 66 (NYSE:PSX) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 38,373 shares of the oil and gas company’s stock, valued at approximately $4,952,000.

A number of other large investors have also recently made changes to their positions in the company. Board of the Pension Protection Fund acquired a new position in shares of Phillips 66 in the 4th quarter valued at $26,000. Accordant Advisory Group Inc raised its position in Phillips 66 by 900.0% in the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 180 shares during the last quarter. SWAN Capital LLC boosted its stake 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 purchasing an additional 190 shares during the period. Eagle Bay Advisors LLC acquired a new stake in Phillips 66 during the 4th quarter worth $27,000. Finally, Stephens Consulting LLC grew its holdings in shares of Phillips 66 by 67.7% during the fourth quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company’s stock worth $29,000 after buying an additional 90 shares during the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Trading Down 0.6%

Shares of PSX opened at $166.13 on Friday. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The firm’s 50-day moving average is $171.98 and its two-hundred day moving average is $158.88. Phillips 66 has a twelve month low of $118.00 and a twelve month high of $190.61. The firm has a market capitalization of $66.61 billion, a P/E ratio of 16.37, a PEG ratio of 0.24 and a beta of 0.68.

Phillips 66 (NYSE:PSX) last issued its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company had revenue of $32.54 billion during the quarter, compared to analysts’ expectations of $35.86 billion. During the same period last year, the company posted ($0.90) earnings per share. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, research analysts predict that Phillips 66 will post 18.22 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were issued a dividend of $1.27 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $5.08 annualized dividend and a yield of 3.1%. Phillips 66’s payout ratio is currently 50.05%.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, Director Kevin Omar Meyers acquired 175 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The shares were acquired at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the transaction, the director directly owned 16,799 shares of the company’s stock, valued at approximately $2,908,242.88. This represents a 1.05% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Kevin J. Mitchell sold 29,400 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the completion of the sale, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $16,553,920. The trade was a 23.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 45,629 shares of company stock valued at $8,071,540. 0.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PSX has been the subject of a number of analyst reports. Citigroup upped their price objective on shares of Phillips 66 from $159.00 to $183.00 and gave the stock a “neutral” rating in a research report on Thursday, April 9th. The Goldman Sachs Group boosted their price target on shares of Phillips 66 from $192.00 to $207.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 19th. Barclays raised their price objective on shares of Phillips 66 from $158.00 to $177.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 8th. Scotiabank lifted their price objective on Phillips 66 from $140.00 to $151.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Finally, Weiss Ratings downgraded Phillips 66 from a “buy (b-)” rating to a “hold (c)” rating in a research note on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and a consensus price target of $192.33.

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.