OneAscent Financial Services LLC Buys Shares of 3,202 Phillips 66 $PSX

OneAscent Financial Services LLC bought a new position in shares of Phillips 66 (NYSE:PSX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 3,202 shares of the oil and gas company’s stock, valued at approximately $541,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of Phillips 66 during the 2nd quarter valued at approximately $5,766,779,000. Bank of New York Mellon Corp acquired a new position in Phillips 66 during the 2nd quarter worth approximately $1,093,206,000. Norges Bank bought a new position in Phillips 66 in the 4th quarter valued at approximately $640,206,000. Deutsche Bank AG bought a new position in Phillips 66 in the 2nd quarter valued at approximately $271,128,000. Finally, AQR Capital Management LLC boosted its position in Phillips 66 by 424.7% in the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock valued at $257,512,000 after buying an additional 1,532,389 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on PSX. Piper Sandler boosted their target price on shares of Phillips 66 from $208.00 to $209.00 and gave the stock a “neutral” rating in a research note on Monday, August 10th. BMO Capital Markets increased their price target on Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. TD Cowen raised their price objective on Phillips 66 from $240.00 to $255.00 and gave the company a “buy” rating in a report on Thursday, August 6th. JPMorgan Chase & Co. boosted their price objective on Phillips 66 from $188.00 to $202.00 in a research report on Thursday, April 30th. Finally, Weiss Ratings raised Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $206.56.

Phillips 66 Trading Down 1.2%

PSX opened at $239.46 on Friday. Phillips 66 has a fifty-two week low of $122.25 and a fifty-two week high of $246.95. 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 has a market capitalization of $95.55 billion, a price-to-earnings ratio of 13.64, a PEG ratio of 0.18 and a beta of 0.68. The company’s 50 day moving average price is $197.59 and its two-hundred day moving average price is $178.99.

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, beating the consensus estimate of $7.50 by $1.91. The firm had revenue of $52.04 billion during the quarter, compared to the consensus estimate 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 last year, the firm earned $2.38 earnings per share. As a group, research analysts predict that Phillips 66 will post 23.86 earnings per share for the current year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be issued a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Tuesday, August 18th. Phillips 66’s dividend payout ratio is presently 28.95%.

Phillips 66 announced that its Board of Directors has approved a stock buyback plan on Friday, July 31st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, CFO Kevin J. Mitchell sold 11,021 shares of the firm’s 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 completion of the transaction, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $18,504,361.28. This trade represents a 10.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction dated 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 in the company, valued at $8,747,673.44. The trade was a 57.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 100,507 shares of company stock valued at $21,770,810. Company insiders own 0.40% of the company’s stock.

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.