Jacobs Equity LLC Makes New Investment in Phillips 66 $PSX

Jacobs Equity LLC bought a new position in Phillips 66 (NYSE:PSX) during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 4,180 shares of the oil and gas company’s stock, valued at approximately $707,000. Phillips 66 comprises 0.5% of Jacobs Equity LLC’s holdings, making the stock its 27th largest holding.

Several other institutional investors also recently modified their holdings of PSX. Key Client Fiduciary Advisors LLC lifted its holdings in Phillips 66 by 3.5% during the second quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company’s stock worth $275,000 after acquiring an additional 55 shares during the period. Threadgill Financial LLC increased its position in shares of Phillips 66 by 3.5% during the 2nd quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company’s stock valued at $286,000 after purchasing an additional 58 shares during the last quarter. Calamos Wealth Management LLC raised its stake in shares of Phillips 66 by 2.0% during the 2nd quarter. Calamos Wealth Management LLC now owns 3,084 shares of the oil and gas company’s stock worth $521,000 after purchasing an additional 60 shares during the period. Somerset Trust Co raised its stake in shares of Phillips 66 by 0.3% during the 2nd quarter. Somerset Trust Co now owns 21,301 shares of the oil and gas company’s stock worth $3,601,000 after purchasing an additional 63 shares during the period. Finally, Clifford Group LLC boosted its holdings in shares of Phillips 66 by 2.0% in the 4th quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company’s stock worth $428,000 after buying an additional 64 shares during the last quarter. 76.93% of the stock is owned by institutional investors.

Phillips 66 Stock Performance

NYSE:PSX opened at $240.58 on Friday. The business’s fifty day moving average is $204.55 and its 200 day moving average is $182.15. The firm has a market cap of $96.00 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 0.18 and a beta of 0.68. 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 has a 52-week low of $126.74 and a 52-week high of $246.95.

Phillips 66 (NYSE:PSX) last issued its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, topping the consensus estimate of $7.50 by $1.91. The business had revenue of $52.04 billion during the quarter, compared to the consensus estimate 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 last year, the company earned $2.38 EPS. Research analysts predict that Phillips 66 will post 23.86 EPS for the current year.

Phillips 66 declared that its board has authorized a stock repurchase 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 buy up to 11.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Phillips 66 Dividend Announcement

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

Insider Activity

In other news, EVP Richard G. Harbison sold 52,100 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total value of $11,657,896.00. Following the completion of the transaction, the executive vice president directly owned 39,094 shares in the company, valued at approximately $8,747,673.44. This trade represents a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the transaction, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at approximately $18,504,361.28. This represents 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. In the last three months, insiders sold 100,507 shares of company stock valued at $21,770,810. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

PSX has been the subject of several research reports. Barclays increased their price target on shares of Phillips 66 from $183.00 to $216.00 and gave the company an “equal weight” rating in a research report on Thursday, August 6th. Wall Street Zen raised shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 26th. Piper Sandler boosted their target price on shares of Phillips 66 from $208.00 to $209.00 and gave the company a “neutral” rating in a research note on Monday, August 10th. Zacks Research downgraded shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Finally, Argus raised their price target on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $206.56.

About Phillips 66

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.