Dearborn Partners LLC Makes New $696,000 Investment in Phillips 66 $PSX

Dearborn Partners LLC acquired a new stake in shares of Phillips 66 (NYSE:PSX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,819 shares of the oil and gas company’s stock, valued at approximately $696,000.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Phillips 66 by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company’s stock worth $6,701,052,000 after buying an additional 205,480 shares during the last quarter. BlackRock Inc. purchased a new position in Phillips 66 during the second quarter valued at $5,766,779,000. State Street Corp boosted its holdings in Phillips 66 by 0.8% in the fourth quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company’s stock worth $3,043,996,000 after acquiring an additional 175,616 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Phillips 66 by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock worth $1,338,596,000 after acquiring an additional 45,340 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Phillips 66 in the second quarter worth $1,093,206,000. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Price Performance

PSX opened at $241.88 on Tuesday. The company’s 50-day simple moving average is $200.25 and its two-hundred day simple moving average is $180.36. 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 stock has a market capitalization of $96.51 billion, a P/E ratio of 13.78, a P/E/G ratio of 0.18 and a beta of 0.68. Phillips 66 has a 52-week low of $126.74 and a 52-week high of $246.95.

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, beating the consensus estimate of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The firm had revenue of $52.04 billion during the quarter, compared to analysts’ expectations of $43.60 billion. During the same period in the previous year, the company earned $2.38 earnings per share. As a group, analysts predict that Phillips 66 will post 23.86 EPS for the current 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 buy up to 11.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be issued a $1.27 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.1%. Phillips 66’s payout ratio is presently 28.95%.

Insider Transactions 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 stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the completion of the sale, the chief financial officer directly owned 97,376 shares in the company, valued at $18,504,361.28. The trade was a 10.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brian Mandell sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the completion of the transaction, the executive vice president directly owned 61,595 shares in the company, valued at approximately $13,242,925. The trade was a 32.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders have 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 owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on PSX shares. Mizuho upgraded Phillips 66 from a “neutral” rating to an “outperform” rating and raised their price target for the company from $170.00 to $212.00 in a report on Wednesday, May 27th. JPMorgan Chase & Co. upped their price target on shares of Phillips 66 from $188.00 to $202.00 in a research note on Thursday, April 30th. Tudor Pickering raised shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. BMO Capital Markets raised their price objective on shares of Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. Finally, Raymond James Financial lifted their target price on shares of Phillips 66 from $218.00 to $235.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and an average target price 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.