Headlands Technologies LLC Has $594,000 Stock Position in Phillips 66 $PSX

Headlands Technologies LLC lifted its position in Phillips 66 (NYSE:PSX) by 158.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,513 shares of the oil and gas company’s stock after buying an additional 2,155 shares during the period. Headlands Technologies LLC’s holdings in Phillips 66 were worth $594,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in shares of Phillips 66 in the second quarter worth about $5,766,779,000. Bank of New York Mellon Corp acquired a new stake in shares of Phillips 66 during the second quarter worth about $1,093,206,000. Norges Bank bought a new position in shares of Phillips 66 during the 4th quarter valued at about $640,206,000. Bank of America Corp DE bought a new position in shares of Phillips 66 during the 2nd quarter valued at about $469,970,000. Finally, Legal & General Group Plc acquired a new position in shares of Phillips 66 in the 2nd quarter valued at approximately $303,648,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 11,021 shares of the business’s stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the sale, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $18,504,361.28. The trade was a 10.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is available 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 the firm’s stock in a transaction dated 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 completion of 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 100,507 shares of company stock worth $21,770,810 in the last three months. 0.40% of the stock is currently owned by company insiders.

Phillips 66 Stock Up 1.6%

Shares of Phillips 66 stock opened at $256.02 on Thursday. The business’s 50 day simple moving average is $211.06 and its 200 day simple moving average is $184.73. Phillips 66 has a 52-week low of $126.74 and a 52-week high of $258.48. The firm has a market cap of $102.16 billion, a PE ratio of 14.59, a P/E/G ratio of 0.19 and a beta of 0.71. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, beating the consensus estimate of $7.50 by $1.91. The firm had revenue of $52.04 billion for 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 in the previous year, the business posted $2.38 EPS. On average, analysts predict that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th were issued a dividend of $1.27 per share. The ex-dividend date was Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.0%. Phillips 66’s dividend payout ratio is presently 28.95%.

Phillips 66 announced that its board has approved a stock repurchase plan on Friday, July 31st that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the oil and gas company to reacquire up to 11.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

PSX has been the topic of several research analyst reports. Citigroup restated a “neutral” rating on shares of Phillips 66 in a report on Thursday, August 6th. Guggenheim upgraded shares of Phillips 66 to an “outperform” rating in a report on Wednesday, May 27th. Morgan Stanley increased their price objective on shares of Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a research report on Friday, June 12th. UBS Group raised their price objective on shares of Phillips 66 from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Finally, TD Cowen boosted their price objective on shares of Phillips 66 from $240.00 to $255.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Phillips 66 has a consensus rating of “Moderate Buy” and a consensus price target of $215.71.

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.