Northwestern Mutual Wealth Management Co. Invests $6.05 Million in Phillips 66 $PSX

Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Phillips 66 (NYSE:PSX) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 35,789 shares of the oil and gas company’s stock, valued at approximately $6,050,000.

A number of other hedge funds also recently bought and sold shares of PSX. CFO4Life Group LLC purchased a new position in shares of Phillips 66 during the second quarter worth approximately $398,000. Quantbot Technologies LP purchased a new stake in shares of Phillips 66 in the 2nd quarter valued at $4,411,000. Evolve Private Wealth LLC purchased a new stake in shares of Phillips 66 in the 2nd quarter valued at $1,351,000. WealthShield Partners LLC bought a new position in shares of Phillips 66 during the 2nd quarter valued at $226,000. Finally, Farringdon Capital Ltd. bought a new position in shares of Phillips 66 during the 2nd quarter valued at $348,000. Institutional investors own 76.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Wells Fargo & Company lifted their target price on shares of Phillips 66 from $201.00 to $239.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Guggenheim upgraded shares of Phillips 66 to an “outperform” rating in a research report on Wednesday, May 27th. Jefferies Financial Group raised their price objective on Phillips 66 from $191.00 to $207.00 and gave the company a “hold” rating in a research note on Thursday, July 9th. Zacks Research downgraded Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Finally, Tudor Pickering raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. One 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 MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $206.56.

Phillips 66 Stock Up 0.2%

Shares of NYSE PSX opened at $243.34 on Monday. The company has a market cap of $97.10 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 0.18 and a beta of 0.68. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. The firm’s fifty day moving average is $198.87 and its 200 day moving average is $179.70. Phillips 66 has a 52 week low of $124.88 and a 52 week high of $246.95.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, topping 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 business had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same quarter last year, the firm earned $2.38 EPS. On average, equities research analysts expect that Phillips 66 will post 23.86 earnings per share for the current year.

Phillips 66 Announces Dividend

The business 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 $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66’s dividend payout ratio (DPR) is currently 28.95%.

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 outstanding 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 generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Phillips 66

In related news, EVP Brian Mandell sold 30,000 shares of Phillips 66 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 sale, the executive vice president directly owned 61,595 shares in the company, valued at $13,242,925. The trade was a 32.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the company’s stock in a transaction on Tuesday, July 21st. The stock was 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 in the company, valued at approximately $5,811,683.85. The trade was a 11.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 100,507 shares of company stock worth $21,770,810. 0.40% of the stock is currently owned by company insiders.

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.