1,796,203 Shares in Phillips 66 $PSX Bought by Legal & General Group Plc

Legal & General Group Plc bought a new stake in Phillips 66 (NYSE:PSX) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 1,796,203 shares of the oil and gas company’s stock, valued at approximately $303,648,000. Legal & General Group Plc owned about 0.45% of Phillips 66 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Phillips 66 during the 2nd quarter worth about $5,766,779,000. State Street Corp raised 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 valued at $3,043,996,000 after buying an additional 175,616 shares during the period. Geode Capital Management LLC raised 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 valued at $1,338,596,000 after buying an additional 45,340 shares during the period. Bank of New York Mellon Corp acquired a new position in Phillips 66 during the second quarter valued at approximately $1,093,206,000. Finally, Norges Bank acquired a new position in Phillips 66 during the fourth quarter valued at approximately $640,206,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Price Performance

Shares of PSX stock opened at $237.00 on Wednesday. The company has a market capitalization of $94.57 billion, a PE ratio of 13.50, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. The firm has a fifty day simple moving average of $201.55 and a 200-day simple moving average of $180.94. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. Phillips 66 has a twelve month low of $126.74 and a twelve month high of $246.95.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $43.60 billion. During the same quarter in the previous year, the firm posted $2.38 EPS. Equities research analysts anticipate that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

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 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66’s payout ratio is presently 28.95%.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group increased their price objective on shares of Phillips 66 from $207.00 to $235.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 22nd. Wall Street Zen upgraded shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 26th. Morgan Stanley increased their price target on Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a report on Friday, June 12th. Raymond James Financial raised their price objective on Phillips 66 from $218.00 to $235.00 and gave the company an “outperform” rating in a research report on Monday, July 13th. Finally, Tudor Pickering upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. One investment 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $206.56.

Insiders Place Their Bets

In other Phillips 66 news, 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 sale, the executive vice president owned 61,595 shares in the company, valued at $13,242,925. This trade represents a 32.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total value of $11,657,896.00. Following the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders 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 insiders.

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.