True Freedom Investing LLC Acquires New Shares in Phillips 66 $PSX

True Freedom Investing LLC acquired a new position in Phillips 66 (NYSE:PSX) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 40,371 shares of the oil and gas company’s stock, valued at approximately $7,355,000. Phillips 66 makes up approximately 0.6% of True Freedom Investing LLC’s investment portfolio, making the stock its 12th largest position.

Other hedge funds have also recently bought and sold shares of the company. NFSG Corp lifted its position in shares of Phillips 66 by 105.6% in the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after buying an additional 75 shares during the last quarter. Axiom Investment Management LLC bought a new stake in shares of Phillips 66 during the 1st quarter worth about $27,000. SWAN Capital LLC increased its holdings in shares of Phillips 66 by 1,055.6% during the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock valued at $27,000 after acquiring an additional 190 shares during the last quarter. Compass Financial Management LLC acquired a new position in shares of Phillips 66 during the 2nd quarter valued at about $28,000. Finally, Kelleher Financial Advisors acquired a new position in shares of Phillips 66 during the 2nd quarter valued at about $29,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PSX has been the subject of several analyst reports. BMO Capital Markets boosted their target price on Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. Argus increased their price target on Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a report on Thursday, May 14th. Tudor Pickering raised shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. The Goldman Sachs Group lifted their price target on shares of Phillips 66 from $207.00 to $235.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Finally, Citigroup restated a “neutral” rating on shares of Phillips 66 in a research note 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $206.56.

Insider Transactions at Phillips 66

In other Phillips 66 news, 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 value 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 $18,504,361.28. This represents a 10.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of the firm’s 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 completion of the sale, the executive vice president owned 39,094 shares of the company’s stock, valued at $8,747,673.44. This represents a 57.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 100,507 shares of company stock valued at $21,770,810 in the last ninety days. 0.40% of the stock is owned by corporate insiders.

Phillips 66 Price Performance

NYSE:PSX opened at $243.34 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. Phillips 66 has a one year low of $124.88 and a one year high of $246.95. The company has a fifty day moving average price of $198.87 and a 200 day moving average price of $179.44. The stock has a market cap of $97.10 billion, a P/E ratio of 13.87, a PEG ratio of 0.18 and a beta of 0.68.

Phillips 66 (NYSE:PSX) last posted 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 company had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same period last year, the business posted $2.38 EPS. Analysts anticipate that Phillips 66 will post 23.86 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be paid a $1.27 dividend. 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 presently 28.95%.

Phillips 66 declared that its Board of Directors has approved a share repurchase plan on Friday, July 31st that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

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.