The Manufacturers Life Insurance Company Sells 12,727 Shares of Phillips 66 $PSX

The Manufacturers Life Insurance Company decreased its holdings in Phillips 66 (NYSE:PSX) by 4.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 262,251 shares of the oil and gas company’s stock after selling 12,727 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.07% of Phillips 66 worth $44,334,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in PSX. Brighton Jones LLC raised its stake in Phillips 66 by 238.5% in the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock worth $1,166,000 after buying an additional 7,214 shares in the last quarter. Woodline Partners LP boosted its position in Phillips 66 by 40.7% during the 1st quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock valued at $4,308,000 after acquiring an additional 10,089 shares in the last quarter. Sei Investments Co. grew its holdings in shares of Phillips 66 by 28.3% during the 2nd quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company’s stock worth $18,788,000 after acquiring an additional 34,698 shares during the period. Glenview Trust co grew its holdings in shares of Phillips 66 by 2.6% during the 2nd quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company’s stock worth $1,068,000 after acquiring an additional 229 shares during the period. Finally, Treasurer of the State of North Carolina raised its position in shares of Phillips 66 by 0.8% in the 2nd quarter. Treasurer of the State of North Carolina now owns 190,433 shares of the oil and gas company’s stock worth $22,719,000 after acquiring an additional 1,499 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Stock Up 0.4%

Shares of Phillips 66 stock opened at $259.66 on Friday. The company has a 50-day simple moving average of $222.85 and a two-hundred day simple moving average of $189.43. The stock has a market capitalization of $103.61 billion, a PE ratio of 14.80, a price-to-earnings-growth ratio of 0.19 and a beta of 0.71. Phillips 66 has a 52-week low of $126.74 and a 52-week high of $265.43. 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 announced its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating the consensus estimate of $7.50 by $1.91. The company had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same quarter last year, the firm earned $2.38 earnings per share. On average, analysts anticipate that Phillips 66 will post 24.47 EPS for the current fiscal year.

Phillips 66 announced that its Board of Directors has approved a share repurchase program 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 repurchase up to 11.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Phillips 66 Announces Dividend

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

Insiders Place Their Bets

In other news, EVP Richard Harbison sold 52,100 shares of the business’s 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 completion of the transaction, the executive vice president owned 39,094 shares in the company, valued at $8,747,673.44. The trade was a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Vanessa Sutherland sold 3,523 shares of the stock in a transaction 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 directly owned 27,537 shares in the company, valued at $5,811,683.85. This trade represents a 11.34% decrease in their ownership of the stock. 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 have sold 100,507 shares of company stock worth $21,770,810 over the last three months. Company insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Raymond James Financial upped their price target on Phillips 66 from $218.00 to $235.00 and gave the stock an “outperform” rating in a research note on Monday, July 13th. UBS Group upped their target price on shares of Phillips 66 from $235.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday. Piper Sandler lifted their price target on shares of Phillips 66 from $209.00 to $264.00 and gave the company a “neutral” rating in a research report on Thursday, September 3rd. TD Cowen upped their price objective on shares of Phillips 66 from $240.00 to $255.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Finally, Morgan Stanley raised their target price on shares of Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued 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 $222.76.

Phillips 66 Company Profile

Phillips 66 (NYSE: PSX) is an energy company that operates across the midstream, chemicals, refining and marketing sectors. Headquartered in Houston, Texas, the company was established in 2012 when ConocoPhillips separated its downstream businesses into an independent company.

The company’s midstream operations include transportation, processing, storage and other infrastructure for crude oil, natural gas and natural gas liquids. Phillips 66 also owns and operates refineries that process crude oil into transportation fuels, lubricants, specialty products and other refined petroleum products.

Phillips 66 markets gasoline, diesel and other fuels under the Phillips 66, Conoco and 76 brands, primarily in the United States.