3,117 Shares in Phillips 66 $PSX Purchased by Clear Harbor Asset Management LLC

Clear Harbor Asset Management LLC purchased a new stake in shares of Phillips 66 (NYSE:PSX) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 3,117 shares of the oil and gas company’s stock, valued at approximately $527,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Key Client Fiduciary Advisors LLC boosted its position in shares of Phillips 66 by 3.5% during the second quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company’s stock valued at $275,000 after purchasing an additional 55 shares in the last quarter. Threadgill Financial LLC lifted its stake in shares of Phillips 66 by 3.5% in the second quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company’s stock worth $286,000 after buying an additional 58 shares in the last quarter. Calamos Wealth Management LLC raised its stake in shares of Phillips 66 by 2.0% in the second quarter. Calamos Wealth Management LLC now owns 3,084 shares of the oil and gas company’s stock worth $521,000 after purchasing an additional 60 shares during the last quarter. Somerset Trust Co lifted its holdings in shares of Phillips 66 by 0.3% during the second quarter. Somerset Trust Co now owns 21,301 shares of the oil and gas company’s stock valued at $3,601,000 after purchasing an additional 63 shares in the last quarter. Finally, Clifford Group LLC boosted its holdings in shares of Phillips 66 by 2.0% during the 4th quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company’s stock valued at $428,000 after acquiring an additional 64 shares during the last quarter. Institutional investors own 76.93% of the company’s stock.

Insider Activity

In other Phillips 66 news, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction that occurred 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 owned 39,094 shares of the company’s stock, valued at $8,747,673.44. The trade was a 57.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kevin J. Mitchell sold 11,021 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief financial officer owned 97,376 shares of the company’s stock, valued at approximately $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 100,507 shares of company stock worth $21,770,810 in the last quarter. 0.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

PSX has been the subject of a number of research reports. Tudor Pickering upgraded shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Jefferies Financial Group lifted their price objective on Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a report on Thursday, July 9th. Piper Sandler upped their price objective on Phillips 66 from $208.00 to $209.00 and gave the company a “neutral” rating in a research report on Monday, August 10th. Wall Street Zen raised Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 26th. Finally, Barclays raised their target price on Phillips 66 from $183.00 to $216.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 6th. 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $206.56.

Phillips 66 Stock Performance

NYSE:PSX opened at $243.34 on Monday. The stock has a 50-day simple moving average of $198.87 and a two-hundred day simple moving average of $179.70. Phillips 66 has a 52-week low of $124.88 and a 52-week high of $246.95. 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 market capitalization of $97.10 billion, a PE ratio of 13.87, a P/E/G ratio of 0.18 and a beta of 0.68.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $43.60 billion. During the same period in the previous year, the firm earned $2.38 EPS. Analysts forecast that Phillips 66 will post 23.86 EPS for the current year.

Phillips 66 announced that its board has approved a share buyback plan on Friday, July 31st that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to purchase up to 11.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.1%. Phillips 66’s dividend payout ratio (DPR) is presently 28.95%.

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.