Dearborn Partners LLC Invests $594,000 in Phillips 66 $PSX

Dearborn Partners LLC acquired a new stake in Phillips 66 (NYSE:PSX) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 3,513 shares of the oil and gas company’s stock, valued at approximately $594,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Brooks Moore & Associates Inc. acquired a new stake in Phillips 66 during the second quarter worth approximately $352,000. Bank OZK bought a new position in Phillips 66 in the second quarter valued at about $3,437,000. Hamilton Capital LLC bought a new stake in shares of Phillips 66 during the 2nd quarter valued at approximately $576,000. Old North State Trust LLC bought a new stake in shares of Phillips 66 during the second quarter worth $1,089,000. Finally, Caitlin John LLC acquired a new position in Phillips 66 in the 2nd quarter worth about $216,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PSX shares. Wells Fargo & Company lifted their target price on shares of Phillips 66 from $201.00 to $239.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. BMO Capital Markets upped their target price on Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. Barclays raised their price target on shares of Phillips 66 from $183.00 to $216.00 and gave the stock an “equal weight” rating in a report on Thursday, August 6th. Morgan Stanley boosted their price objective on Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a report on Friday, June 12th. Finally, Jefferies Financial Group upped their target price on shares of Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a report on Thursday, July 9th. One equities research 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 company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $206.56.

Phillips 66 Stock Performance

NYSE:PSX opened at $244.50 on Friday. The business has a fifty day simple moving average of $206.11 and a two-hundred day simple moving average of $182.58. Phillips 66 has a 1 year low of $126.74 and a 1 year high of $246.95. The company has a market capitalization of $97.56 billion, a P/E ratio of 13.93, a P/E/G ratio of 0.18 and a beta of 0.68. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00.

Phillips 66 (NYSE:PSX) last posted its quarterly 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. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The company had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same quarter in the previous year, the firm posted $2.38 earnings per share. On average, analysts expect that Phillips 66 will post 23.86 earnings per share for the current year.

Phillips 66 Dividend Announcement

The firm also recently announced 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 is Tuesday, August 18th. Phillips 66’s payout ratio is presently 28.95%.

Phillips 66 announced that its Board of Directors has initiated a share repurchase program 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 buy up to 11.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, EVP Brian Mandell sold 30,000 shares of the stock in a transaction dated 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 transaction, the executive vice president directly owned 61,595 shares in the company, valued at approximately $13,242,925. This represents a 32.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kevin J. Mitchell sold 11,021 shares of the business’s stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the completion of the sale, the chief financial officer owned 97,376 shares of the company’s stock, valued at approximately $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Insiders own 0.40% of the company’s stock.

Phillips 66 Company 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.