Corient Private Wealth LP Purchases New Position in Phillips 66 $PSX

Corient Private Wealth LP purchased a new stake in Phillips 66 (NYSE:PSX) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 761,252 shares of the oil and gas company’s stock, valued at approximately $122,808,000. Corient Private Wealth LP owned about 0.19% of Phillips 66 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its stake in Phillips 66 by 238.5% during the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock worth $1,166,000 after acquiring an additional 7,214 shares in the last quarter. Woodline Partners LP lifted its position in Phillips 66 by 40.7% in the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock valued at $4,308,000 after acquiring an additional 10,089 shares during the last quarter. Sei Investments Co. boosted its stake in Phillips 66 by 28.3% in the second quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company’s stock valued at $18,788,000 after acquiring an additional 34,698 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Phillips 66 by 9.1% in the second quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company’s stock valued at $41,359,000 after acquiring an additional 28,988 shares in the last quarter. Finally, Glenview Trust co grew its holdings in shares of Phillips 66 by 2.6% during the second quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company’s stock worth $1,068,000 after purchasing an additional 229 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on PSX shares. Barclays boosted their target price on Phillips 66 from $183.00 to $216.00 and gave the company an “equal weight” rating in a report on Thursday, August 6th. BMO Capital Markets raised their price target on Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. Wall Street Zen raised Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 26th. Zacks Research cut Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Finally, Morgan Stanley increased their price objective on Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a report on Friday, June 12th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $206.56.

Insider Buying and Selling

In other news, CFO Kevin J. Mitchell sold 11,021 shares of the business’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 transaction, the chief financial officer owned 97,376 shares of the company’s stock, valued at approximately $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of the company’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 sale, the executive vice president owned 39,094 shares of the company’s stock, valued at $8,747,673.44. This trade represents a 57.13% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 100,507 shares of company stock valued at $21,770,810. Company insiders own 0.40% of the company’s stock.

Phillips 66 Price Performance

Shares of PSX opened at $242.27 on Thursday. Phillips 66 has a fifty-two week low of $126.74 and a fifty-two week high of $246.95. The company has a market capitalization of $96.67 billion, a price-to-earnings ratio of 13.80, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. The firm has a 50-day simple moving average of $203.06 and a 200-day simple moving average of $181.56. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.50 by $1.91. The firm had revenue of $52.04 billion for the quarter, compared to analysts’ expectations of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same quarter in the previous year, the firm posted $2.38 EPS. On average, equities research analysts anticipate 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. Shareholders 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 28.95%.

Phillips 66 declared that its Board of Directors has initiated a share repurchase program on Friday, July 31st that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership 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.