California State Teachers Retirement System Grows Holdings in Phillips 66 $PSX

California State Teachers Retirement System raised its position in Phillips 66 (NYSE:PSX) by 22,604.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 106,125,026 shares of the oil and gas company’s stock after buying an additional 105,657,607 shares during the period. California State Teachers Retirement System owned approximately 0.27% of Phillips 66 worth $17,940,436,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of PSX. NFSG Corp boosted its holdings in Phillips 66 by 105.6% in the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Axiom Investment Management LLC purchased a new stake in Phillips 66 during the 1st quarter worth approximately $27,000. Compass Financial Management LLC purchased a new stake in Phillips 66 during the 2nd quarter worth approximately $28,000. Kelleher Financial Advisors acquired a new position in shares of Phillips 66 in the 2nd quarter valued at approximately $29,000. Finally, J.Safra Asset Management Corp acquired a new position in shares of Phillips 66 in the 2nd quarter valued at approximately $30,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Stock Up 0.0%

PSX opened at $255.13 on Tuesday. The stock’s 50 day moving average price is $216.00 and its 200 day moving average price is $186.75. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. The stock has a market cap of $101.80 billion, a P/E ratio of 14.54, a P/E/G ratio of 0.19 and a beta of 0.71. Phillips 66 has a 12 month low of $126.74 and a 12 month high of $260.68.

Phillips 66 (NYSE:PSX) last released 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. The company had revenue of $52.04 billion during 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 prior year, the business posted $2.38 earnings per share. As a group, research analysts predict that Phillips 66 will post 24.07 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 issued a $1.27 dividend. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.0%. Phillips 66’s dividend payout ratio is presently 28.95%.

Phillips 66 announced that its board has approved a share buyback program 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 reacquire up to 11.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PSX. Weiss Ratings raised shares of Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, August 12th. Piper Sandler upped their target price on shares of Phillips 66 from $209.00 to $264.00 and gave the company a “neutral” rating in a research note on Thursday. Wells Fargo & Company increased their price target on shares of Phillips 66 from $239.00 to $335.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 1st. The Goldman Sachs Group lifted their price target on Phillips 66 from $207.00 to $235.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 22nd. Finally, UBS Group boosted their price objective on Phillips 66 from $212.00 to $235.00 and gave the company a “buy” rating in a report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and an average target price of $218.94.

Insider Activity at Phillips 66

In related news, EVP Brian Mandell sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the transaction, the executive vice president owned 61,595 shares in the company, valued at $13,242,925. This trade represents a 32.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 sale, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $18,504,361.28. The trade was a 10.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 100,507 shares of company stock worth $21,770,810. 0.40% of the stock is currently owned by corporate 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.