51,744 Shares in Phillips 66 $PSX Acquired by Commerce Bank

Commerce Bank acquired a new position in shares of Phillips 66 (NYSE:PSX) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 51,744 shares of the oil and gas company’s stock, valued at approximately $8,747,000.

Several other large investors also recently added to or reduced their stakes in PSX. Key Client Fiduciary Advisors LLC increased its stake in shares of 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 worth $275,000 after acquiring an additional 55 shares during the last quarter. Threadgill Financial LLC boosted its position in shares of Phillips 66 by 3.5% during the 2nd quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company’s stock valued at $286,000 after acquiring an additional 58 shares during the last quarter. Calamos Wealth Management LLC grew its holdings 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 purchasing an additional 60 shares during the period. Somerset Trust Co grew its holdings in shares of Phillips 66 by 0.3% in the second 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 period. Finally, Clifford Group LLC increased its position in Phillips 66 by 2.0% during the fourth quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company’s stock worth $428,000 after purchasing an additional 64 shares during the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Phillips 66

In other Phillips 66 news, EVP Brian Mandell sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total value of $6,450,000.00. Following the sale, the executive vice president 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Kevin J. Mitchell sold 11,021 shares of the company’s 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 transaction, the chief financial officer owned 97,376 shares in the company, valued at $18,504,361.28. This trade represents a 10.17% decrease in their ownership of the stock. 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. In the last quarter, insiders have sold 100,507 shares of company stock valued at $21,770,810. 0.40% of the stock is owned by insiders.

Phillips 66 Stock Up 0.2%

Shares of PSX opened at $243.34 on Monday. The firm has a market cap of $97.10 billion, a P/E ratio of 13.87, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. Phillips 66 has a 12-month low of $124.88 and a 12-month high of $246.95. The company’s 50-day moving average price is $198.87 and its 200 day moving average price is $179.70. 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 (NYSE:PSX) last announced its earnings results 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 company had revenue of $52.04 billion during the quarter, compared to analyst estimates 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 posted $2.38 earnings per share. On average, sell-side analysts forecast that Phillips 66 will post 23.86 earnings per share for the current year.

Phillips 66 announced that its board has initiated a stock buyback plan on Friday, July 31st that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Phillips 66 Dividend Announcement

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

Analyst Ratings Changes

PSX has been the topic of a number of analyst reports. Barclays lifted their target price on shares of Phillips 66 from $183.00 to $216.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 6th. Raymond James Financial increased their price target on shares of Phillips 66 from $218.00 to $235.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Guggenheim upgraded shares of Phillips 66 to an “outperform” rating in a report on Wednesday, May 27th. Piper Sandler lifted their price target on shares of Phillips 66 from $208.00 to $209.00 and gave the company a “neutral” rating in a research report on Monday, August 10th. Finally, The Goldman Sachs Group upped their price objective on Phillips 66 from $207.00 to $235.00 and gave the company a “neutral” rating in a report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $206.56.

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.