Redwood Investment Management LLC Invests $768,000 in Phillips 66 $PSX

Redwood Investment Management LLC bought a new stake in shares of Phillips 66 (NYSE:PSX) in the 2nd quarter, HoldingsChannel reports. The firm bought 4,543 shares of the oil and gas company’s stock, valued at approximately $768,000.

A number of other large investors have also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Phillips 66 in the second quarter worth approximately $5,766,779,000. Bank of New York Mellon Corp bought a new position in shares of Phillips 66 in the second quarter valued at $1,093,206,000. Norges Bank acquired a new stake in shares of Phillips 66 during the 4th quarter valued at $640,206,000. Bank of America Corp DE bought a new stake in shares of Phillips 66 during the 2nd quarter worth $469,970,000. Finally, Legal & General Group Plc bought a new stake in shares of Phillips 66 during the 2nd quarter worth $303,648,000. 76.93% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Phillips 66 news, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction dated 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 transaction, the executive vice president owned 39,094 shares of the company’s stock, valued at $8,747,673.44. The trade was a 57.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the company’s stock in a transaction dated Tuesday, July 21st. The shares were 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 sold a total of 100,507 shares of company stock valued at $21,770,810 over the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

PSX has been the topic of a number of recent research reports. The Goldman Sachs Group lifted their target price on Phillips 66 from $207.00 to $235.00 and gave the stock a “neutral” rating in a report on Wednesday, July 22nd. Citigroup reaffirmed a “neutral” rating on shares of Phillips 66 in a report on Thursday, August 6th. Weiss Ratings upgraded Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. Wall Street Zen raised Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 26th. Finally, Barclays boosted their price objective on Phillips 66 from $183.00 to $216.00 and gave the stock an “equal weight” rating in a report 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 given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $206.56.

Phillips 66 Trading Down 0.7%

NYSE PSX opened at $240.58 on Friday. Phillips 66 has a twelve month low of $126.74 and a twelve month 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 stock has a market cap of $96.00 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 0.18 and a beta of 0.68. The firm’s 50 day moving average price is $204.55 and its two-hundred day moving average price is $182.15.

Phillips 66 (NYSE:PSX) last announced its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.50 by $1.91. The company 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 period in the previous year, the business earned $2.38 EPS. Equities analysts anticipate that Phillips 66 will post 23.86 EPS for the current year.

Phillips 66 declared that its Board of Directors has approved a share 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 repurchase up to 11.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is 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%.

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.