Bank OZK Acquires New Position in Phillips 66 $PSX

Bank OZK bought a new position in shares of Phillips 66 (NYSE:PSX) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 20,334 shares of the oil and gas company’s stock, valued at approximately $3,437,000. Phillips 66 comprises 1.0% of Bank OZK’s holdings, making the stock its 29th largest holding.

Several other hedge funds also recently made changes to their positions in the company. Key Client Fiduciary Advisors LLC raised its position in shares of Phillips 66 by 3.5% during the 2nd quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company’s stock valued at $275,000 after acquiring an additional 55 shares in the last quarter. Threadgill Financial LLC boosted its holdings in Phillips 66 by 3.5% in the second quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company’s stock worth $286,000 after purchasing an additional 58 shares during the period. Calamos Wealth Management LLC boosted its holdings in 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 worth $521,000 after purchasing an additional 60 shares during the period. Somerset Trust Co increased its stake in Phillips 66 by 0.3% during 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 last quarter. Finally, Clifford Group LLC increased its stake 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 valued at $428,000 after purchasing an additional 64 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Stock Performance

Shares of PSX opened at $240.58 on Friday. Phillips 66 has a 1 year low of $126.74 and a 1 year high of $246.95. The company has a market cap of $96.00 billion, a price-to-earnings ratio of 13.71, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. 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 firm has a fifty day moving average of $204.55 and a 200-day moving average of $182.15.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, topping analysts’ consensus estimates of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The business had revenue of $52.04 billion for the quarter, compared to analysts’ expectations of $43.60 billion. During the same quarter last year, the company earned $2.38 EPS. As a group, equities analysts anticipate that Phillips 66 will post 23.86 earnings per share for the current year.

Phillips 66 declared that its Board of Directors has initiated a share buyback program on Friday, July 31st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the oil and gas company to buy up to 11.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.

Phillips 66 Announces Dividend

The company also recently announced 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. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.1%. Phillips 66’s dividend payout ratio is 28.95%.

Insider Activity

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 3,523 shares of the firm’s stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total value of $743,529.15. Following the sale, the executive vice president owned 27,537 shares in the company, valued at approximately $5,811,683.85. This trade represents a 11.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction that occurred on Wednesday, August 12th. The shares were 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 100,507 shares of company stock worth $21,770,810 over the last ninety days. 0.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Citigroup reissued a “neutral” rating on shares of Phillips 66 in a report on Thursday, August 6th. Barclays boosted their price objective on shares of Phillips 66 from $183.00 to $216.00 and gave the company an “equal weight” rating in a research report on Thursday, August 6th. Guggenheim raised shares of Phillips 66 to an “outperform” rating in a report on Wednesday, May 27th. Wall Street Zen upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 26th. Finally, Tudor Pickering upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target 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.