Flavin Financial Services Inc. Takes Position in Phillips 66 $PSX

Flavin Financial Services Inc. bought a new position in shares of Phillips 66 (NYSE:PSX) in the second quarter, HoldingsChannel reports. The firm bought 12,996 shares of the oil and gas company’s stock, valued at approximately $2,197,000. Phillips 66 comprises about 1.3% of Flavin Financial Services Inc.’s investment portfolio, making the stock its 25th largest position.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Asset One Wealth Management LLC purchased a new stake in Phillips 66 in the 2nd quarter worth $241,000. Safeguard Investment Advisory Group LLC purchased a new position in shares of Phillips 66 during the second quarter valued at about $201,000. Infrastructure Capital Advisors LLC purchased a new position in shares of Phillips 66 during the second quarter valued at about $2,322,000. Cibc World Market Inc. purchased a new stake in shares of Phillips 66 in the second quarter worth about $37,241,000. Finally, OMERS ADMINISTRATION Corp bought a new position in Phillips 66 during the second quarter valued at approximately $5,651,000. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Trading Up 0.2%

Shares of PSX opened at $243.34 on Monday. Phillips 66 has a twelve month low of $124.88 and a twelve month high of $246.95. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. The company’s fifty day simple moving average is $198.87 and its 200-day simple moving average is $179.70. The company has a market cap of $97.10 billion, a P/E 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, topping analysts’ consensus estimates of $7.50 by $1.91. The company had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same period in the prior year, the company posted $2.38 EPS. As a group, analysts expect that Phillips 66 will post 23.86 EPS for the current year.

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

Phillips 66 Dividend Announcement

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

Insiders Place Their Bets

In related news, CFO Kevin J. Mitchell sold 11,021 shares of the firm’s stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $190.03, for a total value of $2,094,320.63. Following the transaction, the chief financial officer owned 97,376 shares of the company’s stock, valued at $18,504,361.28. This trade represents a 10.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of the company’s stock in a transaction dated 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 completion of the transaction, the executive vice president owned 39,094 shares in the company, valued at $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 100,507 shares of company stock valued at $21,770,810 in the last three months. 0.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Tudor Pickering raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Mizuho upgraded shares of Phillips 66 from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $170.00 to $212.00 in a research report on Wednesday, May 27th. Wall Street Zen upgraded shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 26th. TD Cowen increased their price objective on shares of Phillips 66 from $240.00 to $255.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Finally, Guggenheim raised shares of Phillips 66 to an “outperform” rating in a research note on Wednesday, May 27th. One investment 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. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $206.56.

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.