Canada Pension Plan Investment Board Makes New Investment in Phillips 66 $PSX

Canada Pension Plan Investment Board purchased a new stake in shares of Phillips 66 (NYSE:PSX) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 760,293 shares of the oil and gas company’s stock, valued at approximately $128,528,000. Canada Pension Plan Investment Board owned approximately 0.19% of Phillips 66 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Phillips 66 during the second quarter worth approximately $5,766,779,000. State Street Corp lifted its stake in shares of Phillips 66 by 0.8% in the 4th quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company’s stock valued at $3,043,996,000 after purchasing an additional 175,616 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Phillips 66 by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock worth $1,338,596,000 after purchasing an additional 45,340 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Phillips 66 during the 2nd quarter valued at approximately $1,093,206,000. Finally, Norges Bank bought a new position in shares of Phillips 66 during the 4th quarter valued at approximately $640,206,000. Institutional investors own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

PSX has been the subject of a number of analyst reports. Guggenheim upgraded Phillips 66 to an “outperform” rating in a research report on Wednesday, May 27th. Argus increased their target price on shares of Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. TD Cowen increased their target price on shares of Phillips 66 from $240.00 to $255.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Raymond James Financial raised their target price on shares of Phillips 66 from $218.00 to $235.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Finally, Tudor Pickering raised shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. One 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, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $206.56.

Insider Transactions at Phillips 66

In related news, EVP Brian Mandell sold 30,000 shares of the company’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total value of $6,450,000.00. Following the completion of the sale, the executive vice president directly owned 61,595 shares of the company’s stock, valued at $13,242,925. This represents a 32.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total transaction of $743,529.15. Following the transaction, the executive vice president owned 27,537 shares in the company, valued at approximately $5,811,683.85. The trade was a 11.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 100,507 shares of company stock valued at $21,770,810. Insiders own 0.40% of the company’s stock.

Phillips 66 Stock Up 2.3%

Shares of NYSE PSX opened at $242.27 on Thursday. Phillips 66 has a 52-week low of $126.74 and a 52-week high of $246.95. The firm has a market capitalization of $96.67 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 0.18 and a beta of 0.68. The stock has a 50 day moving average price of $203.06 and a 200 day moving average price of $181.56. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, topping the consensus estimate of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.The company had revenue of $52.04 billion for the quarter, compared to the consensus estimate of $43.60 billion. During the same period last year, the business posted $2.38 EPS. Sell-side analysts expect that Phillips 66 will post 23.86 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently declared 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 of Directors has approved a share repurchase program on Friday, July 31st that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the oil and gas company to reacquire up to 11.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Phillips 66 Company 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.