Jacobs Equity LLC Invests $707,000 in Phillips 66 $PSX

Jacobs Equity LLC bought a new position in shares of Phillips 66 (NYSE:PSX) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 4,180 shares of the oil and gas company’s stock, valued at approximately $707,000. Phillips 66 comprises about 0.5% of Jacobs Equity LLC’s holdings, making the stock its 27th largest position.

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

Insider Buying and Selling

In other Phillips 66 news, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the transaction, the executive vice president directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the company’s stock in a transaction 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 sale, the executive vice president owned 27,537 shares of the company’s stock, valued at approximately $5,811,683.85. The trade was a 11.34% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 100,507 shares of company stock valued at $21,770,810. 0.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PSX. BMO Capital Markets lifted their target price on Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. Piper Sandler boosted their price target on Phillips 66 from $208.00 to $209.00 and gave the company a “neutral” rating in a research note on Monday, August 10th. Barclays increased their price target on Phillips 66 from $183.00 to $216.00 and gave the stock an “equal weight” rating in a report on Thursday, August 6th. Zacks Research downgraded shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Finally, Wall Street Zen upgraded shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 26th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $206.56.

Phillips 66 Trading Down 0.7%

NYSE:PSX opened at $240.58 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. Phillips 66 has a one year low of $126.74 and a one year high of $246.95. The company has a market cap of $96.00 billion, a PE ratio of 13.71, a PEG ratio of 0.18 and a beta of 0.68. The firm has a 50-day moving average of $204.55 and a 200-day moving average of $182.15.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 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 firm had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. During the same period in the prior year, the business posted $2.38 earnings per share. As a group, equities research analysts expect that Phillips 66 will post 23.86 EPS for the current fiscal year.

Phillips 66 declared that its board has authorized a stock repurchase program on Friday, July 31st that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Phillips 66 Announces Dividend

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

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.