Aberdeen Group plc Increases Holdings in Phillips 66 $PSX

Key Points

• Aberdeen Group plc increased its holdings in Phillips 66 by 4.5%, acquiring an additional 6,719 shares, bringing its total to 157,332 shares valued at approximately $18.89 million.
• Several institutional investors have significantly increased their stakes, with Elliott Investment Management raising its ownership by 1,929%, now holding 15.73 million shares worth nearly $1.94 billion.
• Phillips 66 reported better-than-expected earnings of $2.38 per share for the last quarter, exceeding analyst estimates of $1.79, while also declaring a quarterly dividend of $1.20 to be paid on December 1st.

Aberdeen Group plc lifted its position in Phillips 66 (NYSE:PSX - Free Report) by 4.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 157,332 shares of the oil and gas company's stock after purchasing an additional 6,719 shares during the quarter. Aberdeen Group plc's holdings in Phillips 66 were worth $18,885,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Elliott Investment Management L.P. grew its holdings in Phillips 66 by 1,929.0% during the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock worth $1,941,723,000 after acquiring an additional 14,950,000 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Phillips 66 by 11.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company's stock worth $828,442,000 after acquiring an additional 682,459 shares during the period. Invesco Ltd. grew its holdings in Phillips 66 by 15.9% during the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock worth $588,489,000 after acquiring an additional 653,248 shares during the period. Goldman Sachs Group Inc. grew its holdings in Phillips 66 by 11.1% during the first quarter. Goldman Sachs Group Inc. now owns 3,781,064 shares of the oil and gas company's stock worth $466,886,000 after acquiring an additional 377,132 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Phillips 66 by 3.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,103,316 shares of the oil and gas company's stock worth $383,197,000 after acquiring an additional 100,321 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PSX has been the topic of several analyst reports. Argus raised Phillips 66 to a "strong-buy" rating in a report on Thursday, July 31st. Mizuho raised their price objective on Phillips 66 from $140.00 to $142.00 and gave the company a "neutral" rating in a report on Monday, September 15th. Zacks Research raised Phillips 66 from a "hold" rating to a "strong-buy" rating in a report on Friday, September 26th. Wall Street Zen raised Phillips 66 from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Evercore ISI raised their price objective on Phillips 66 from $130.00 to $170.00 and gave the company an "outperform" rating in a report on Friday, September 19th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, Phillips 66 currently has an average rating of "Moderate Buy" and an average target price of $140.75.

Phillips 66 Stock Performance

Shares of NYSE:PSX opened at $130.92 on Wednesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. The business's 50 day moving average price is $129.85 and its 200-day moving average price is $120.68. The firm has a market capitalization of $52.91 billion, a PE ratio of 31.47, a P/E/G ratio of 1.90 and a beta of 1.11. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $142.35.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.79 by $0.59. The firm had revenue of $33.77 billion for the quarter, compared to analyst estimates of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.During the same period in the previous year, the company posted $2.31 earnings per share. As a group, equities research analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be paid a $1.20 dividend. The ex-dividend date of this dividend is Monday, November 17th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.7%. Phillips 66's payout ratio is currently 115.38%.

Insider Transactions at Phillips 66

In related news, Director Sigmund L. Cornelius acquired 500 shares of the stock in a transaction on Thursday, July 31st. The shares were bought at an average price of $123.55 per share, with a total value of $61,775.00. Following the completion of the purchase, the director owned 21,543 shares of the company's stock, valued at approximately $2,661,637.65. This represents a 2.38% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gregory Hayes acquired 8,350 shares of the stock in a transaction on Thursday, August 14th. The shares were bought at an average cost of $119.90 per share, for a total transaction of $1,001,165.00. Following the purchase, the director directly owned 29,423 shares of the company's stock, valued at $3,527,817.70. The trade was a 39.62% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders bought 9,850 shares of company stock valued at $1,188,910. Insiders own 0.22% of the company's stock.

Phillips 66 Company Profile

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.

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