Elevation Point Wealth Partners LLC Acquires Shares of 15,699 Phillips 66 $PSX

Elevation Point Wealth Partners LLC acquired a new position in shares of Phillips 66 (NYSE:PSX) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 15,699 shares of the oil and gas company’s stock, valued at approximately $2,654,000.

Several other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Phillips 66 during the second quarter valued at about $5,766,779,000. Bank of New York Mellon Corp purchased a new stake in Phillips 66 in the 2nd quarter valued at about $1,093,206,000. Norges Bank bought a new position in shares of Phillips 66 during the 4th quarter worth approximately $640,206,000. Deutsche Bank AG purchased a new position in shares of Phillips 66 in the 2nd quarter worth approximately $271,128,000. Finally, AQR Capital Management LLC grew its holdings in shares of Phillips 66 by 424.7% in the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock valued at $257,512,000 after acquiring an additional 1,532,389 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.

Insider Buying and Selling at Phillips 66

In related news, EVP Brian Mandell sold 30,000 shares of the business’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the sale, the executive vice president directly owned 61,595 shares in the company, valued at approximately $13,242,925. The trade was a 32.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Richard G. Harbison sold 52,100 shares of the 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 sale, the executive vice president directly owned 39,094 shares in the company, valued at $8,747,673.44. This trade represents a 57.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 100,507 shares of company stock valued at $21,770,810 over the last 90 days. 0.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PSX. Raymond James Financial lifted their price target on Phillips 66 from $218.00 to $235.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Wall Street Zen raised Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 26th. Weiss Ratings upgraded Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday, August 12th. Guggenheim raised shares of Phillips 66 to an “outperform” rating in a report on Wednesday, May 27th. Finally, Citigroup restated a “neutral” rating on shares of Phillips 66 in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $206.56.

Phillips 66 Price Performance

NYSE PSX opened at $243.34 on Monday. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. The company has a market cap of $97.10 billion, a PE ratio of 13.87, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. Phillips 66 has a 52 week low of $124.88 and a 52 week high of $246.95. The firm’s 50-day simple moving average is $198.87 and its two-hundred day simple moving average is $179.70.

Phillips 66 (NYSE:PSX) last posted 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. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The firm had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. During the same quarter last year, the company earned $2.38 earnings per share. Research analysts predict that Phillips 66 will post 23.86 earnings per share for the current year.

Phillips 66 announced that its Board of Directors has authorized a stock buyback plan on Friday, July 31st that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Phillips 66 Dividend Announcement

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