German American Bancorp Inc. Purchases New Stake in Phillips 66 $PSX

German American Bancorp Inc. purchased a new stake in shares of Phillips 66 (NYSE:PSX) during the second quarter, HoldingsChannel reports. The institutional investor purchased 19,720 shares of the oil and gas company’s stock, valued at approximately $3,334,000.

Several other institutional investors also recently bought and sold shares of PSX. NFSG Corp increased its position in shares of Phillips 66 by 105.6% in the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after acquiring an additional 75 shares in the last quarter. Axiom Investment Management LLC acquired a new position in shares of Phillips 66 during the 1st quarter valued at $27,000. Kelleher Financial Advisors acquired a new position in shares of Phillips 66 during the 2nd quarter valued at $29,000. J.Safra Asset Management Corp acquired a new position in shares of Phillips 66 during the 2nd quarter valued at $30,000. Finally, SWAN Capital LLC boosted its position 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. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Raymond James Financial increased their price target on Phillips 66 from $218.00 to $235.00 and gave the company an “outperform” rating in a report on Monday, July 13th. TD Cowen boosted their price objective on Phillips 66 from $240.00 to $255.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Zacks Research downgraded Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. UBS Group increased their target price on Phillips 66 from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Finally, Mizuho upgraded Phillips 66 from a “neutral” rating to an “outperform” rating and raised their target price for the company from $170.00 to $212.00 in a report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Phillips 66 currently has a consensus rating of “Moderate Buy” and an average target price of $206.56.

Phillips 66 Price Performance

Shares of PSX stock opened at $240.50 on Tuesday. The firm has a fifty day simple moving average of $193.87 and a 200-day simple moving average of $176.91. The company has a market capitalization of $95.96 billion, a PE ratio of 13.70, a price-to-earnings-growth ratio of 0.17 and a beta of 0.68. Phillips 66 has a twelve month low of $121.24 and a twelve month high of $240.67. 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 (NYSE:PSX) last released its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The firm had revenue of $52.04 billion for the quarter, compared to the consensus estimate of $43.60 billion. During the same quarter in the previous year, the firm posted $2.38 EPS. Equities research analysts anticipate that Phillips 66 will post 24.44 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.1%. Phillips 66’s dividend payout ratio (DPR) is currently 28.95%.

Phillips 66 declared that its board has approved a stock buyback plan 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 repurchase up to 11.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Phillips 66 news, EVP Brian Mandell sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the completion of the sale, the executive vice president owned 61,595 shares in the company, valued at $13,242,925. This trade represents a 32.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Richard G. Harbison sold 52,100 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total value of $11,657,896.00. Following the sale, the executive vice president owned 39,094 shares of the company’s stock, valued at approximately $8,747,673.44. This trade represents a 57.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 100,507 shares of company stock valued at $21,770,810 in the last three months. 0.40% of the stock is owned by insiders.

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.