Saudi Central Bank Increases Holdings in Phillips 66 $PSX

Saudi Central Bank boosted its stake in Phillips 66 (NYSE:PSX) by 88.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 28,069 shares of the oil and gas company’s stock after acquiring an additional 13,197 shares during the period. Saudi Central Bank’s holdings in Phillips 66 were worth $4,745,000 as of its most recent filing with the SEC.

Other hedge funds have 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% in the second quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company’s stock valued at $275,000 after purchasing an additional 55 shares during the period. Threadgill Financial LLC raised its stake 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 valued at $286,000 after purchasing an additional 58 shares in the last quarter. Calamos Wealth Management LLC lifted its holdings in shares of Phillips 66 by 2.0% during the 2nd quarter. Calamos Wealth Management LLC now owns 3,084 shares of the oil and gas company’s stock worth $521,000 after acquiring an additional 60 shares during the last quarter. Somerset Trust Co lifted 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 worth $3,601,000 after purchasing an additional 63 shares during the last quarter. Finally, Clifford Group LLC lifted its position in Phillips 66 by 2.0% in the 4th quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company’s stock worth $428,000 after buying an additional 64 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on PSX shares. Argus upped their price target on shares of Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. UBS Group lifted their price target 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. Morgan Stanley lifted their price objective on Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. Barclays boosted their target price on shares of Phillips 66 from $183.00 to $216.00 and gave the company an “equal weight” rating in a report on Thursday, August 6th. Finally, TD Cowen upped their price target on Phillips 66 from $240.00 to $255.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $218.94.

Phillips 66 Price Performance

Shares of PSX opened at $255.13 on Monday. The firm has a market cap of $101.80 billion, a PE ratio of 14.54, a P/E/G ratio of 0.19 and a beta of 0.71. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. Phillips 66 has a 1-year low of $126.74 and a 1-year high of $260.68. The firm has a fifty day simple moving average of $214.38 and a two-hundred day simple moving average of $186.07.

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, topping the consensus estimate of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.The business had revenue of $52.04 billion for the quarter, compared to analysts’ expectations of $43.60 billion. During the same period last year, the firm posted $2.38 earnings per share. On average, equities analysts anticipate that Phillips 66 will post 24.07 EPS for the current year.

Phillips 66 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th were issued a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Tuesday, August 18th. Phillips 66’s dividend payout ratio (DPR) is currently 28.95%.

Phillips 66 declared that its board has authorized a stock repurchase plan on Friday, July 31st that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the oil and gas company to buy up to 11.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction on 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 transaction, the chief financial officer owned 97,376 shares in the company, valued at approximately $18,504,361.28. The trade was a 10.17% decrease in their position. The transaction was disclosed in a filing 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 Vanessa Sutherland sold 3,523 shares of the company’s stock in a transaction dated Tuesday, July 21st. The stock was 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 directly owned 27,537 shares of the company’s stock, valued at approximately $5,811,683.85. This trade represents a 11.34% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 100,507 shares of company stock worth $21,770,810 over the last ninety days. 0.40% of the stock is owned by corporate insiders.

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.