Adage Capital Partners GP L.L.C. Purchases 6,000 Shares of Phillips 66 $PSX

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in Phillips 66 by 1.5%, acquiring an additional 6,000 shares, thereby owning a total of 401,901 shares valued at approximately $49.6 million.
• Phillips 66 reported $2.38 EPS for the last quarter, surpassing analysts' expectations of $1.79, with a revenue of $33.77 billion compared to estimates of $32.11 billion.
• The company declared a quarterly dividend of $1.20 per share, reflecting an annual yield of 3.7%, with a payout ratio of 115.38%.

Adage Capital Partners GP L.L.C. increased its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 1.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 401,901 shares of the oil and gas company's stock after buying an additional 6,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.10% of Phillips 66 worth $49,627,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Elliott Investment Management L.P. raised its stake in Phillips 66 by 1,929.0% during the 1st 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 buying an additional 14,950,000 shares during the period. Price T Rowe Associates Inc. MD grew its position in Phillips 66 by 11.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company's stock valued at $828,442,000 after purchasing an additional 682,459 shares during the period. Invesco Ltd. grew its position in Phillips 66 by 15.9% in the 1st quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock valued at $588,489,000 after purchasing an additional 653,248 shares during the period. Goldman Sachs Group Inc. grew its position in Phillips 66 by 11.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,781,064 shares of the oil and gas company's stock valued at $466,886,000 after purchasing an additional 377,132 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Phillips 66 by 3.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,103,316 shares of the oil and gas company's stock valued at $383,197,000 after purchasing an additional 100,321 shares during the period. 76.93% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Phillips 66 news, Director Gregory Hayes bought 8,350 shares of the firm's stock in a transaction dated Thursday, August 14th. The stock was purchased at an average cost of $119.90 per share, with a total value of $1,001,165.00. Following the transaction, the director directly owned 29,423 shares in the company, valued at $3,527,817.70. This trade represents a 39.62% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the company's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $130.00, for a total value of $571,090.00. Following the transaction, the executive vice president directly owned 43,373 shares in the company, valued at $5,638,490. This represents a 9.20% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders bought 9,850 shares of company stock worth $1,188,910. 0.22% of the stock is owned by insiders.

Analysts Set New Price Targets

PSX has been the subject of several research reports. Wall Street Zen raised shares of Phillips 66 from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Wells Fargo & Company decreased their price objective on Phillips 66 from $149.00 to $147.00 and set an "overweight" rating for the company in a report on Wednesday, June 11th. Morgan Stanley boosted their price objective on Phillips 66 from $122.00 to $128.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. Barclays boosted their price objective on Phillips 66 from $115.00 to $127.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 9th. Finally, Evercore ISI initiated coverage on Phillips 66 in a research note on Wednesday, June 18th. They set an "outperform" rating and a $130.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $135.60.

Phillips 66 Stock Down 0.1%

PSX traded down $0.14 during mid-day trading on Friday, reaching $131.44. 1,828,526 shares of the stock were exchanged, compared to its average volume of 1,927,008. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $140.60. The stock has a market capitalization of $53.12 billion, a PE ratio of 31.60, a price-to-earnings-growth ratio of 2.05 and a beta of 1.15. The company has a 50 day moving average price of $126.26 and a two-hundred day moving average price of $119.50. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07.

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

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were given a dividend of $1.20 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $4.80 annualized dividend and a dividend yield of 3.7%. Phillips 66's dividend payout ratio (DPR) is currently 115.38%.

Phillips 66 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.