VIRGINIA RETIREMENT SYSTEMS ET Al Invests $2.06 Million in Phillips 66 $PSX

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Phillips 66 (NYSE:PSX) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 12,200 shares of the oil and gas company’s stock, valued at approximately $2,062,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. NFSG Corp grew its stake in Phillips 66 by 105.6% during the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock valued at $27,000 after acquiring an additional 75 shares in the last quarter. Axiom Investment Management LLC acquired a new stake in shares of Phillips 66 in the first quarter worth about $27,000. SWAN Capital LLC boosted its position in Phillips 66 by 1,055.6% during the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock worth $27,000 after purchasing an additional 190 shares during the period. Compass Financial Management LLC acquired a new position in Phillips 66 in the 2nd quarter valued at $28,000. Finally, Kelleher Financial Advisors acquired a new stake in Phillips 66 in the 2nd quarter valued at approximately $29,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Stock Up 0.4%

Shares of NYSE:PSX opened at $259.66 on Friday. The company has a market capitalization of $103.61 billion, a PE ratio of 14.80, a PEG ratio of 0.19 and a beta of 0.71. Phillips 66 has a 52 week low of $126.74 and a 52 week high of $265.43. 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 company has a 50 day moving average price of $222.85 and a two-hundred day moving average price of $189.43.

Phillips 66 (NYSE:PSX) last posted 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 return on equity of 19.93% and a net margin of 4.54%.The firm had revenue of $52.04 billion during the quarter, compared to analysts’ expectations of $43.60 billion. During the same period in the previous year, the firm earned $2.38 earnings per share. Analysts forecast that Phillips 66 will post 24.47 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th were given a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Tuesday, August 18th. Phillips 66’s payout ratio is currently 28.95%.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PSX shares. Weiss Ratings raised Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. TD Cowen lifted their price target on shares of Phillips 66 from $240.00 to $255.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Barclays boosted their price objective on Phillips 66 from $183.00 to $216.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 6th. Zacks Research upgraded shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 7th. Finally, Mizuho upgraded Phillips 66 from a “neutral” rating to an “outperform” rating and raised their price target for the company from $170.00 to $212.00 in a report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Phillips 66 has an average rating of “Moderate Buy” and a consensus price target of $222.76.

Insider Transactions at Phillips 66

In other news, CFO Kevin Mitchell sold 11,021 shares of the company’s stock in a transaction dated 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 directly owned 97,376 shares of the company’s stock, valued at $18,504,361.28. This represents a 10.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Vanessa Sutherland sold 3,523 shares of the firm’s stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total transaction of $743,529.15. Following the transaction, the executive vice president directly owned 27,537 shares of the company’s stock, valued at $5,811,683.85. This represents a 11.34% 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. In the last ninety days, insiders have sold 100,507 shares of company stock valued at $21,770,810. 0.40% of the stock is currently owned by company insiders.

Phillips 66 Company Profile

Phillips 66 (NYSE: PSX) is an energy company that operates across the midstream, chemicals, refining and marketing sectors. Headquartered in Houston, Texas, the company was established in 2012 when ConocoPhillips separated its downstream businesses into an independent company.

The company’s midstream operations include transportation, processing, storage and other infrastructure for crude oil, natural gas and natural gas liquids. Phillips 66 also owns and operates refineries that process crude oil into transportation fuels, lubricants, specialty products and other refined petroleum products.

Phillips 66 markets gasoline, diesel and other fuels under the Phillips 66, Conoco and 76 brands, primarily in the United States.