Dearborn Partners LLC Makes New $696,000 Investment in Phillips 66 $PSX

Dearborn Partners LLC purchased a new stake in shares of Phillips 66 (NYSE:PSX) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 3,819 shares of the oil and gas company’s stock, valued at approximately $696,000.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Phillips 66 during the 2nd quarter valued at $5,766,779,000. Bank of New York Mellon Corp purchased a new stake in Phillips 66 in the 2nd quarter worth $1,093,206,000. Norges Bank bought a new stake in Phillips 66 during the fourth quarter valued at about $640,206,000. Deutsche Bank AG bought a new stake in Phillips 66 during the second quarter valued at about $271,128,000. Finally, AQR Capital Management LLC lifted its position in shares of Phillips 66 by 424.7% in the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock valued at $257,512,000 after acquiring an additional 1,532,389 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on PSX shares. BMO Capital Markets lifted their target price on Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. Argus upped their price target on Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Citigroup reiterated a “neutral” rating on shares of Phillips 66 in a report on Thursday, August 6th. Mizuho upgraded shares of Phillips 66 from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $170.00 to $212.00 in a research note on Wednesday, May 27th. Finally, Zacks Research downgraded shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. One equities research 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $206.56.

Phillips 66 Stock Down 0.4%

Shares of PSX opened at $241.88 on Tuesday. 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 capitalization of $96.51 billion, a price-to-earnings ratio of 13.78, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. Phillips 66 has a 1 year low of $126.74 and a 1 year high of $246.95. The business’s 50 day simple moving average is $200.25 and its 200-day simple moving average is $180.36.

Phillips 66 (NYSE:PSX) last posted its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating 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 firm had revenue of $52.04 billion during the quarter, compared to analyst estimates of $43.60 billion. During the same period last year, the firm posted $2.38 earnings per share. As a group, equities analysts expect that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be issued a $1.27 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.1%. Phillips 66’s dividend payout ratio (DPR) is presently 28.95%.

Phillips 66 declared that its board has approved a stock repurchase program on Friday, July 31st that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other Phillips 66 news, EVP Richard G. Harbison sold 52,100 shares of the business’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 transaction of $11,657,896.00. Following the sale, the executive vice president directly owned 39,094 shares of the company’s stock, valued at $8,747,673.44. The trade was a 57.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the company’s stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total value of $743,529.15. Following the sale, the executive vice president owned 27,537 shares in the company, valued at approximately $5,811,683.85. This trade represents a 11.34% decrease in their ownership of the stock. 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. In the last three months, insiders have sold 100,507 shares of company stock worth $21,770,810. Insiders own 0.40% of the company’s stock.

Phillips 66 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.