Tocqueville Asset Management L.P. Purchases Shares of 21,777 Phillips 66 $PSX

Tocqueville Asset Management L.P. acquired a new stake in Phillips 66 (NYSE:PSX) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 21,777 shares of the oil and gas company’s stock, valued at approximately $3,681,000.

Other institutional investors have also recently modified their holdings of the company. NFSG Corp lifted its holdings in shares of Phillips 66 by 105.6% during the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after purchasing an additional 75 shares during the period. Axiom Investment Management LLC acquired a new position in Phillips 66 in the 1st quarter worth approximately $27,000. SWAN Capital LLC increased its holdings in Phillips 66 by 1,055.6% in the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock worth $27,000 after buying an additional 190 shares during the period. Kelleher Financial Advisors purchased a new position in Phillips 66 during the 2nd quarter worth approximately $29,000. Finally, J.Safra Asset Management Corp purchased a new position in Phillips 66 during the 2nd quarter worth approximately $30,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on PSX. UBS Group lifted their price objective on shares of Phillips 66 from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Guggenheim upgraded shares of Phillips 66 to an “outperform” rating in a research note on Wednesday, May 27th. Wells Fargo & Company raised their target price on shares of Phillips 66 from $201.00 to $239.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Piper Sandler boosted their target price on shares of Phillips 66 from $208.00 to $209.00 and gave the company a “neutral” rating in a research report on Monday, August 10th. Finally, BMO Capital Markets upped their price target on shares of Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $206.56.

Phillips 66 Price Performance

NYSE:PSX opened at $239.46 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. Phillips 66 has a 52 week low of $122.25 and a 52 week high of $246.95. The stock’s 50-day moving average price is $197.59 and its 200-day moving average price is $178.99. The stock has a market capitalization of $95.55 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results 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. 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 in the prior year, the firm posted $2.38 EPS. As a group, equities analysts expect that Phillips 66 will post 23.86 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.1%. Phillips 66’s payout ratio is 28.95%.

Phillips 66 announced that its board has approved a share 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 reacquire up to 11.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, EVP Vanessa Allen Sutherland sold 3,523 shares of the company’s stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total transaction 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 $5,811,683.85. This represents a 11.34% 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 Brian Mandell sold 30,000 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total value of $6,450,000.00. Following the transaction, the executive vice president owned 61,595 shares in the company, valued at $13,242,925. This trade represents a 32.75% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 100,507 shares of company stock valued at $21,770,810. Corporate insiders own 0.40% of the company’s stock.

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.