NFJ Investment Group LLC Invests $31.96 Million in Phillips 66 $PSX

NFJ Investment Group LLC acquired a new stake in Phillips 66 (NYSE:PSX) during the second quarter, according to its most recent 13F filing with the SEC. The fund acquired 189,084 shares of the oil and gas company’s stock, valued at approximately $31,965,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PSX. NFSG Corp raised its position in shares of 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 period. Axiom Investment Management LLC bought a new stake in Phillips 66 during the 1st quarter valued at $27,000. SWAN Capital LLC lifted its position in shares of Phillips 66 by 1,055.6% during the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock worth $27,000 after acquiring an additional 190 shares in the last quarter. Kelleher Financial Advisors bought a new position in shares of Phillips 66 in the second quarter worth $29,000. Finally, J.Safra Asset Management Corp purchased a new position in shares of Phillips 66 in the second quarter valued at $30,000. Institutional investors own 76.93% of the company’s stock.

Insider Buying and Selling at Phillips 66

In other news, EVP Vanessa Allen Sutherland sold 3,523 shares of the firm’s stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total transaction of $743,529.15. Following the transaction, the executive vice president directly owned 27,537 shares of the company’s stock, valued at approximately $5,811,683.85. This trade represents a 11.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brian Mandell sold 30,000 shares of the business’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total value of $6,450,000.00. Following the completion of the sale, the executive vice president directly owned 61,595 shares of the company’s stock, valued at approximately $13,242,925. This trade represents a 32.75% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 100,507 shares of company stock valued at $21,770,810. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Mizuho raised Phillips 66 from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $170.00 to $212.00 in a report on Wednesday, May 27th. Morgan Stanley boosted their price objective on shares of Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Wells Fargo & Company boosted their price target on shares of Phillips 66 from $201.00 to $239.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Citigroup reiterated a “neutral” rating on shares of Phillips 66 in a research report on Thursday, August 6th. Finally, Piper Sandler raised their price target on Phillips 66 from $208.00 to $209.00 and gave the company a “neutral” rating in a report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $206.56.

Phillips 66 Price Performance

PSX opened at $239.46 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $95.55 billion, a P/E ratio of 13.64, a PEG ratio of 0.18 and a beta of 0.68. The stock has a 50-day moving average price of $197.59 and a 200-day moving average price of $178.99. Phillips 66 has a 12-month low of $122.25 and a 12-month high of $246.95.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, topping analysts’ consensus estimates of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.The company had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. During the same quarter in the previous year, the company posted $2.38 EPS. Equities analysts predict that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 declared that its board has initiated a share repurchase plan 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 stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Phillips 66 Announces Dividend

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

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.