Private Management Group Inc. Has $2.16 Million Stock Holdings in Phillips 66 $PSX

Private Management Group Inc. lowered its stake in Phillips 66 (NYSE:PSX) by 18.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 12,791 shares of the oil and gas company’s stock after selling 2,968 shares during the quarter. Private Management Group Inc.’s holdings in Phillips 66 were worth $2,162,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of PSX. MUFG Securities EMEA plc raised its stake in Phillips 66 by 113.5% in the 4th quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock valued at $2,131,000 after acquiring an additional 8,783 shares during the period. Horizon Investments LLC boosted its position in Phillips 66 by 478.4% during the fourth quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company’s stock worth $8,167,000 after purchasing an additional 52,348 shares during the period. Truist Financial Corp increased its holdings in shares of Phillips 66 by 1.6% in the fourth quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company’s stock valued at $87,113,000 after purchasing an additional 10,585 shares during the last quarter. Fifth Third Bancorp increased its holdings in shares of Phillips 66 by 543.7% in the first quarter. Fifth Third Bancorp now owns 128,156 shares of the oil and gas company’s stock valued at $23,348,000 after purchasing an additional 108,248 shares during the last quarter. Finally, National Pension Service raised its position in shares of Phillips 66 by 2.0% in the fourth quarter. National Pension Service now owns 614,059 shares of the oil and gas company’s stock valued at $79,238,000 after purchasing an additional 11,960 shares during the period. Institutional investors own 76.93% of the company’s stock.

Analysts Set New Price Targets

PSX has been the subject of several research analyst reports. 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. Piper Sandler increased their price target on shares of Phillips 66 from $208.00 to $209.00 and gave the company a “neutral” rating in a report on Monday, August 10th. TD Cowen raised their price objective on shares of Phillips 66 from $240.00 to $255.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. The Goldman Sachs Group boosted their price objective on Phillips 66 from $207.00 to $235.00 and gave the stock a “neutral” rating in a report on Wednesday, July 22nd. Finally, Mizuho raised Phillips 66 from a “neutral” rating to an “outperform” rating and upped their target price for the company from $170.00 to $212.00 in a research report on Wednesday, May 27th. One 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $206.56.

Insider Buying and Selling

In other Phillips 66 news, EVP Richard G. Harbison sold 52,100 shares of the firm’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the transaction, the executive vice president owned 39,094 shares in the company, valued at $8,747,673.44. This trade represents a 57.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Brian Mandell sold 30,000 shares of the company’s stock in a transaction 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 sale, the executive vice president owned 61,595 shares of the company’s stock, valued at approximately $13,242,925. The trade was a 32.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 100,507 shares of company stock worth $21,770,810. 0.40% of the stock is owned by corporate insiders.

Phillips 66 Trading Up 2.0%

Shares of Phillips 66 stock opened at $244.50 on Friday. 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 firm has a 50-day moving average of $206.11 and a 200-day moving average of $182.58. Phillips 66 has a 52-week low of $126.74 and a 52-week high of $246.95. The stock has a market cap of $97.56 billion, a PE ratio of 13.93, a PEG 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 EPS for the quarter, topping analysts’ consensus estimates of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The business had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same period last year, the firm earned $2.38 earnings per share. As a group, sell-side analysts forecast that Phillips 66 will post 23.86 EPS for the current year.

Phillips 66 Announces Dividend

The firm also recently declared 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. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Tuesday, August 18th. Phillips 66’s payout ratio is presently 28.95%.

Phillips 66 announced that its board has authorized a stock repurchase program on Friday, July 31st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the oil and gas company to repurchase up to 11.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

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.