Bank OZK Has $3.44 Million Stock Position in Phillips 66 $PSX

Bank OZK boosted its holdings in Phillips 66 (NYSE:PSX) by 11.6% in the second quarter, HoldingsChannel reports. The firm owned 20,334 shares of the oil and gas company’s stock after purchasing an additional 2,111 shares during the period. Phillips 66 makes up about 1.1% of Bank OZK’s investment portfolio, making the stock its 27th biggest holding. Bank OZK’s holdings in Phillips 66 were worth $3,437,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the business. California State Teachers Retirement System boosted its holdings in shares of Phillips 66 by 22,604.5% during the 2nd quarter. California State Teachers Retirement System now owns 106,125,026 shares of the oil and gas company’s stock worth $17,940,436,000 after buying an additional 105,657,607 shares in the last quarter. BlackRock Inc. bought a new stake in shares of Phillips 66 in the 2nd quarter valued at $5,766,779,000. State Street Corp lifted its position in shares of Phillips 66 by 0.8% during 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 acquiring an additional 175,616 shares during the period. Geode Capital Management LLC lifted its position in shares of Phillips 66 by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock valued at $1,338,596,000 after acquiring an additional 45,340 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in Phillips 66 during the second quarter worth $1,093,206,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Vanessa Sutherland sold 3,523 shares of the company’s stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total transaction of $743,529.15. Following the completion of the sale, the executive vice president owned 27,537 shares in the company, valued at approximately $5,811,683.85. This represents a 11.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brian Mandell sold 30,000 shares of the stock in a transaction on 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. The trade was a 32.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 100,507 shares of company stock worth $21,770,810 in the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on PSX shares. Jefferies Financial Group lifted their price target on shares of Phillips 66 from $191.00 to $207.00 and gave the company a “hold” rating in a research note on Thursday, July 9th. Wall Street Zen upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 26th. TD Cowen boosted their target price on Phillips 66 from $240.00 to $255.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. UBS Group upped their price target on Phillips 66 from $235.00 to $300.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, BMO Capital Markets increased their price target on Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $222.76.

Phillips 66 Stock Up 1.7%

Shares of PSX traded up $4.34 on Tuesday, reaching $259.43. The company’s stock had a trading volume of 2,509,475 shares, compared to its average volume of 2,822,933. 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 has a twelve month low of $126.74 and a twelve month high of $261.00. The stock has a market capitalization of $103.52 billion, a PE ratio of 14.78, a PEG ratio of 0.19 and a beta of 0.71. The firm has a fifty day moving average of $216.00 and a 200-day moving average of $186.75.

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 analysts’ consensus estimates of $7.50 by $1.91. The business had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same quarter in the previous year, the business earned $2.38 EPS. Equities analysts predict that Phillips 66 will post 24.07 EPS for the current year.

Phillips 66 declared that its board has authorized a share repurchase plan on Friday, July 31st that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to purchase up to 11.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th were issued a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Tuesday, August 18th. Phillips 66’s dividend payout ratio (DPR) is currently 28.95%.

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.