Ceredex Value Advisors LLC Makes New Investment in Phillips 66 $PSX

Ceredex Value Advisors LLC bought a new position in shares of Phillips 66 (NYSE:PSX) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 107,700 shares of the oil and gas company’s stock, valued at approximately $18,207,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Key Client Fiduciary Advisors LLC raised its position in Phillips 66 by 3.5% in the 2nd quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company’s stock valued at $275,000 after buying an additional 55 shares during the last quarter. Threadgill Financial LLC lifted its stake in Phillips 66 by 3.5% in the 2nd quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company’s stock valued at $286,000 after purchasing an additional 58 shares during the last quarter. Calamos Wealth Management LLC lifted its position in shares of Phillips 66 by 2.0% in the second quarter. Calamos Wealth Management LLC now owns 3,084 shares of the oil and gas company’s stock valued at $521,000 after buying an additional 60 shares during the last quarter. Somerset Trust Co lifted its holdings in Phillips 66 by 0.3% during the 2nd quarter. Somerset Trust Co now owns 21,301 shares of the oil and gas company’s stock valued at $3,601,000 after purchasing an additional 63 shares during the last quarter. Finally, Clifford Group LLC lifted its stake in shares of Phillips 66 by 2.0% during the 4th quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company’s stock worth $428,000 after buying an additional 64 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insider Activity

In related news, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the sale, the executive vice president directly owned 39,094 shares in the company, valued at approximately $8,747,673.44. This trade represents a 57.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total value of $2,094,320.63. Following the sale, the chief financial officer owned 97,376 shares in the company, valued at $18,504,361.28. The trade was a 10.17% 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. In the last 90 days, insiders have sold 100,507 shares of company stock worth $21,770,810. 0.40% of the stock is owned by insiders.

Phillips 66 Stock Down 1.2%

Shares of NYSE:PSX opened at $239.46 on Friday. The business’s 50 day simple moving average is $197.59 and its two-hundred day simple moving average is $178.99. Phillips 66 has a 52-week low of $122.25 and a 52-week high of $246.95. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32. The firm has a market cap of $95.55 billion, a P/E ratio of 13.64, a PEG ratio of 0.18 and a beta of 0.68.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share 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 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 in the prior year, the company posted $2.38 earnings per share. As a group, research analysts forecast that Phillips 66 will post 23.86 EPS for the current fiscal year.

Phillips 66 declared that its Board of Directors has approved 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 reacquire up to 11.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.

Phillips 66 Dividend Announcement

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

Analyst Ratings Changes

Several analysts recently issued reports on the company. Raymond James Financial boosted their price target on Phillips 66 from $218.00 to $235.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Argus increased their price target on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a research report on Thursday, May 14th. Mizuho upgraded Phillips 66 from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $170.00 to $212.00 in a research report on Wednesday, May 27th. JPMorgan Chase & Co. upped their price target on shares of Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Finally, Citigroup reaffirmed a “neutral” rating on shares of Phillips 66 in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Phillips 66 currently has an average rating of “Moderate Buy” and an average price target 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.