Brooks Moore & Associates Inc. Makes New Investment in Phillips 66 $PSX

Brooks Moore & Associates Inc. bought a new stake in Phillips 66 (NYSE:PSX) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,085 shares of the oil and gas company’s stock, valued at approximately $352,000.

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

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Piper Sandler lifted their target price on shares of Phillips 66 from $208.00 to $209.00 and gave the stock a “neutral” rating in a research report on Monday, August 10th. Mizuho upgraded shares of Phillips 66 from a “neutral” rating to an “outperform” rating and increased their price target for the company from $170.00 to $212.00 in a research report on Wednesday, May 27th. Argus raised their price objective on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Weiss Ratings upgraded Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. Finally, Wells Fargo & Company upped their target price on Phillips 66 from $201.00 to $239.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Phillips 66 has a consensus rating of “Moderate Buy” and an average target price of $206.56.

Insider Activity

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 3,523 shares of Phillips 66 stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total value of $743,529.15. Following the completion of the sale, the executive vice president directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brian Mandell sold 30,000 shares of the business’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 completion of the transaction, the executive vice president owned 61,595 shares of the company’s stock, valued at $13,242,925. This trade represents a 32.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 100,507 shares of company stock worth $21,770,810. 0.40% of the stock is currently owned by corporate insiders.

Phillips 66 Trading Down 0.7%

Phillips 66 stock opened at $240.58 on Friday. The stock has a 50-day moving average price of $204.55 and a 200 day moving average price of $182.15. 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 $96.00 billion, a PE ratio of 13.71, a P/E/G ratio of 0.18 and a beta of 0.68. 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 (NYSE:PSX) last released its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, beating 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 company had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same period in the prior year, the firm earned $2.38 EPS. Equities research analysts predict that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently disclosed 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 of this dividend is Tuesday, August 18th. Phillips 66’s payout ratio is currently 28.95%.

Phillips 66 announced that its Board of Directors has approved a share buyback plan 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 buy up to 11.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership 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.