Global Retirement Partners LLC Makes New $2.03 Million Investment in Phillips 66 $PSX

Global Retirement Partners LLC purchased a new position in Phillips 66 (NYSE:PSX) in the second quarter, HoldingsChannel reports. The firm purchased 12,029 shares of the oil and gas company’s stock, valued at approximately $2,034,000.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Phillips 66 by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company’s stock worth $6,701,052,000 after purchasing an additional 205,480 shares during the last quarter. State Street Corp boosted its holdings in Phillips 66 by 0.8% during the 4th quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company’s stock valued at $3,043,996,000 after acquiring an additional 175,616 shares during the period. Geode Capital Management LLC grew its position in Phillips 66 by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock valued at $1,338,596,000 after acquiring an additional 45,340 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Phillips 66 in the 2nd quarter valued at $1,093,206,000. Finally, Norges Bank purchased a new stake in Phillips 66 in the fourth quarter worth $640,206,000. Institutional investors own 76.93% of the company’s stock.

Insider Buying and Selling

In other news, EVP Richard G. Harbison sold 52,100 shares of the stock in a transaction on 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 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of Phillips 66 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 of the company’s stock, valued at $5,811,683.85. The trade was a 11.34% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 100,507 shares of company stock worth $21,770,810 over the last ninety days. Insiders own 0.40% of the company’s stock.

Phillips 66 Price Performance

NYSE:PSX opened at $240.50 on Tuesday. The stock has a 50 day moving average price of $193.87 and a 200 day moving average price of $176.91. 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 $95.96 billion, a PE ratio of 13.70, a P/E/G ratio of 0.17 and a beta of 0.68. Phillips 66 has a one year low of $121.24 and a one year high of $240.67.

Phillips 66 (NYSE:PSX) last posted its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) 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 analysts’ expectations of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same quarter last year, the firm earned $2.38 earnings per share. Equities research analysts expect that Phillips 66 will post 24.44 EPS for the current fiscal year.

Phillips 66 announced that its Board of Directors has authorized a stock repurchase program on Friday, July 31st that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the oil and gas company to buy up to 11.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be given a $1.27 dividend. 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 dividend payout ratio (DPR) is currently 28.95%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Mizuho upgraded shares of Phillips 66 from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $170.00 to $212.00 in a research note on Wednesday, May 27th. JPMorgan Chase & Co. upped their target price on Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Wall Street Zen upgraded shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 26th. UBS Group upped their price objective on shares of Phillips 66 from $212.00 to $235.00 and gave the company a “buy” rating in a report on Monday, July 27th. Finally, Argus increased their price objective on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $206.56.

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.