Wellington Management Group LLP Has $199.30 Million Holdings in Phillips 66 $PSX

Wellington Management Group LLP grew its position in Phillips 66 (NYSE:PSX) by 30.3% in the second quarter, according to its most recent filing with the SEC. The fund owned 1,178,961 shares of the oil and gas company’s stock after acquiring an additional 274,147 shares during the period. Wellington Management Group LLP owned 0.30% of Phillips 66 worth $199,303,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Phillips 66 in the second quarter valued at approximately $5,766,779,000. Bank of New York Mellon Corp acquired a new stake in Phillips 66 during the 2nd quarter worth approximately $1,093,206,000. Norges Bank acquired a new stake in Phillips 66 during the 4th quarter worth approximately $640,206,000. Bank of America Corp DE bought a new stake in Phillips 66 during the 2nd quarter worth approximately $469,970,000. Finally, Legal & General Group Plc bought a new stake in Phillips 66 during the 2nd quarter worth approximately $303,648,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insider Activity

In other Phillips 66 news, EVP Brian Mandell sold 30,000 shares of the company’s stock in a transaction 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 sale, the executive vice president owned 61,595 shares of the company’s stock, valued at approximately $13,242,925. This represents a 32.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Richard G. Harbison sold 52,100 shares of the stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total value of $11,657,896.00. Following the sale, the executive vice president owned 39,094 shares of the company’s stock, valued at approximately $8,747,673.44. The trade was a 57.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 100,507 shares of company stock worth $21,770,810 in the last three months. Corporate insiders own 0.40% of the company’s stock.

Phillips 66 Stock Up 1.2%

Phillips 66 stock opened at $246.86 on Tuesday. 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 $250.66. The firm has a 50 day moving average price of $207.69 and a two-hundred day moving average price of $183.39. The firm has a market cap of $98.50 billion, a price-to-earnings ratio of 14.07, a PEG ratio of 0.18 and a beta of 0.68.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 EPS 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 company had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same period in the prior year, the firm posted $2.38 EPS. Equities analysts predict that Phillips 66 will post 23.86 EPS for the current year.

Phillips 66 announced that its Board of Directors has authorized a share buyback program on Friday, July 31st that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the oil and gas company to repurchase up to 11.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Phillips 66 Dividend Announcement

The company also recently announced 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 is Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.1%. Phillips 66’s payout ratio is presently 28.95%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on PSX shares. Guggenheim raised shares of Phillips 66 to an “outperform” rating in a research note on Wednesday, May 27th. Morgan Stanley boosted their price objective on shares of Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Mizuho upgraded Phillips 66 from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $170.00 to $212.00 in a report on Wednesday, May 27th. TD Cowen raised their target price on Phillips 66 from $240.00 to $255.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, UBS Group lifted their target price on Phillips 66 from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, July 27th. One equities research 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. Based on data from MarketBeat, Phillips 66 presently has a consensus rating of “Moderate Buy” and a consensus price target of $206.56.

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.