Private Management Group Inc. Has $2.16 Million Holdings in Phillips 66 $PSX

Private Management Group Inc. decreased its holdings in shares of Phillips 66 (NYSE:PSX) by 18.8% in the 2nd quarter, Holdings Channel reports. The fund owned 12,791 shares of the oil and gas company’s stock after selling 2,968 shares during the period. Private Management Group Inc.’s holdings in Phillips 66 were worth $2,162,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in PSX. NFSG Corp boosted its position 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 buying an additional 75 shares in the last quarter. Axiom Investment Management LLC bought a new position in shares of Phillips 66 in the 1st quarter valued at $27,000. SWAN Capital LLC boosted its holdings in shares of Phillips 66 by 1,055.6% during the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock valued at $27,000 after acquiring an additional 190 shares in the last quarter. Compass Financial Management LLC bought a new stake in Phillips 66 during the 2nd quarter worth $28,000. Finally, Kelleher Financial Advisors acquired a new position in Phillips 66 in the 2nd quarter worth about $29,000. 76.93% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PSX. Guggenheim upgraded Phillips 66 to an “outperform” rating in a report on Wednesday, May 27th. TD Cowen upped their price target on shares of Phillips 66 from $240.00 to $255.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Mizuho upgraded shares of Phillips 66 from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $170.00 to $212.00 in a report on Wednesday, May 27th. Citigroup reissued a “neutral” rating on shares of Phillips 66 in a research note on Thursday, August 6th. Finally, UBS Group lifted their price objective on Phillips 66 from $212.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $206.56.

Insider Activity at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the sale, the chief financial officer directly 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 Brian Mandell sold 30,000 shares of the company’s stock in a transaction dated 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 represents a 32.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, 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 Stock Up 2.0%

Shares of NYSE:PSX opened at $244.50 on Friday. Phillips 66 has a 1 year low of $126.74 and a 1 year high of $246.95. 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 business’s 50-day moving average is $206.11 and its 200-day moving average is $182.58. The company has a market capitalization of $97.56 billion, a price-to-earnings ratio of 13.93, a P/E/G ratio of 0.18 and a beta of 0.68.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 period in the prior year, the business earned $2.38 EPS. Equities research analysts predict 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. Investors of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.1%. Phillips 66’s dividend payout ratio is currently 28.95%.

Phillips 66 announced that its Board of Directors has approved a share buyback plan on Friday, July 31st that permits the company to repurchase $10.00 billion in 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 plans are typically a sign that the company’s board believes its stock is undervalued.

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.