100,000 Shares in Phillips 66 $PSX Purchased by Pacific Heights Asset Management LLC

Pacific Heights Asset Management LLC bought a new stake in shares of Phillips 66 (NYSE:PSX) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 100,000 shares of the oil and gas company’s stock, valued at approximately $16,905,000.

Other hedge funds have also made changes to their positions in the company. NFSG Corp boosted its stake in Phillips 66 by 105.6% during the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock valued at $27,000 after acquiring an additional 75 shares during the last quarter. Axiom Investment Management LLC bought a new stake in shares of Phillips 66 in the 1st quarter worth about $27,000. SWAN Capital LLC raised its stake in shares of Phillips 66 by 1,055.6% in the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock valued at $27,000 after purchasing an additional 190 shares in the last quarter. Compass Financial Management LLC acquired a new stake in shares of Phillips 66 in the 2nd quarter valued at about $28,000. Finally, Kelleher Financial Advisors bought a new position in shares of Phillips 66 during the second quarter worth about $29,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insiders Place Their Bets

In other Phillips 66 news, EVP Richard G. Harbison sold 52,100 shares of the company’s 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 of the company’s stock, valued at $8,747,673.44. This represents a 57.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the completion of the transaction, the executive vice president owned 27,537 shares in the company, valued at $5,811,683.85. This represents a 11.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 100,507 shares of company stock worth $21,770,810 over the last quarter. Company insiders own 0.40% of the company’s stock.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $240.58 on Friday. The stock has a market cap of $96.00 billion, a P/E ratio of 13.71, a P/E/G ratio of 0.18 and a beta of 0.68. The firm’s 50-day simple moving average is $204.55 and its 200 day simple moving average is $182.15. Phillips 66 has a fifty-two week low of $126.74 and a fifty-two week high of $246.95. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results 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. The firm had revenue of $52.04 billion for the quarter, compared to analysts’ expectations of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same period in the previous year, the business earned $2.38 earnings per share. Equities analysts expect that Phillips 66 will post 23.86 EPS for the current year.

Phillips 66 declared that its board has authorized a share buyback program on Friday, July 31st that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the oil and gas company to buy up to 11.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Phillips 66 Dividend Announcement

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

Analysts Set New Price Targets

PSX has been the subject of several research reports. Wall Street Zen upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 26th. Guggenheim upgraded Phillips 66 to an “outperform” rating in a research note on Wednesday, May 27th. TD Cowen boosted 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. JPMorgan Chase & Co. increased their target price on shares of Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Finally, Citigroup restated a “neutral” rating on shares of Phillips 66 in a research report on Thursday, August 6th. 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 data from MarketBeat.com, Phillips 66 has an average rating of “Moderate Buy” and an average target price of $206.56.

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.