Top Buys by Directors: Hayes's $1M Bet on PSX

By Energy Stock Channel Staff, Monday, February 6, 3:13 PM ET

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Top Insider Buys By Company Directors »

The directors of a company tend to have a unique inside view into the business, so when directors make major buys, investors are wise to take notice. Presumably the only reason a director of a company would choose to take their hard-earned cash and use it to buy stock in the open market, is that they expect to make money — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by company directors over the trailing six month period, one of which was a total of $1M by Gregory Hayes, Director at Phillips 66 (NYSE:PSX).

Hayes bets big on PSX:

Purchased	Insider	Title	Shares	Price/Share	Value
02/02/2023	Gregory Hayes	Director	10,250	$97.75	$1,001,937.50

Hayes's average cost works out to $97.75/share. In trading on Monday, bargain hunters could buy shares of Phillips 66 (NYSE:PSX) and achieve a cost basis lower than Hayes, with shares changing hands as low as $96.15 per share. Shares of Phillips 66 were changing hands at $97.87 at last check, trading down about 1% on Monday. The chart below shows the one year performance of PSX shares, versus its 200 day moving average:

Phillips 66 Chart

Looking at the chart above, PSX's low point in its 52 week range is $73.85 per share, with $113.53 as the 52 week high point — that compares with a last trade of $97.87.

The current annualized dividend paid by Phillips 66 is $3.88/share, currently paid in quarterly installments, and its most recent dividend ex-date was on 11/16/2022. Below is a long-term dividend history chart for PSX, which can be of good help in judging whether the most recent dividend with approx. 3.9% annualized yield is likely to continue.

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Top Buys by Directors: Hayes's $1M Bet on PSX

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