Advisors Capital Management LLC Acquires 6,164 Shares of Phillips 66 $PSX

Key Points

• Advisors Capital Management LLC increased its stake in Phillips 66 by 9.1%, buying 6,164 shares to hold 73,851 shares worth about $9.53 million after the quarter.
• Phillips 66 declared a quarterly dividend of $1.27 per share (annualized $5.08), with an ex-dividend date of May 18 and a payment date of June 1, implying a yield of about 3.1%.
• Analysts have raised several price targets, but the stock's consensus rating remains Hold with a consensus price target of $181.33 (11 Buys, 12 Holds).

Advisors Capital Management LLC raised its holdings in Phillips 66 (NYSE:PSX - Free Report) by 9.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 73,851 shares of the oil and gas company's stock after buying an additional 6,164 shares during the period. Advisors Capital Management LLC's holdings in Phillips 66 were worth $9,530,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Phillips 66 by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company's stock valued at $6,701,052,000 after buying an additional 205,480 shares during the last quarter. M&T Bank Corp raised its position in Phillips 66 by 462.9% during the fourth quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company's stock worth $352,007,000 after acquiring an additional 2,243,268 shares in the last quarter. Amundi raised its position in Phillips 66 by 2.8% during the third quarter. Amundi now owns 2,400,180 shares of the oil and gas company's stock worth $319,123,000 after acquiring an additional 65,568 shares in the last quarter. Legal & General Group Plc lifted its stake in Phillips 66 by 1.5% in the third quarter. Legal & General Group Plc now owns 2,276,036 shares of the oil and gas company's stock valued at $309,586,000 after acquiring an additional 33,397 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in Phillips 66 by 424.7% in the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company's stock valued at $257,512,000 after acquiring an additional 1,532,389 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group boosted their price objective on shares of Phillips 66 from $186.00 to $192.00 and gave the stock a "neutral" rating in a research note on Friday, April 10th. Morgan Stanley raised their target price on shares of Phillips 66 from $140.00 to $147.00 and gave the company an "equal weight" rating in a research note on Thursday, February 5th. Argus lifted their price target on Phillips 66 from $152.00 to $185.00 and gave the stock a "buy" rating in a report on Tuesday, February 10th. Weiss Ratings raised Phillips 66 from a "hold (c)" rating to a "buy (b-)" rating in a research report on Monday, February 23rd. Finally, Wolfe Research upped their price objective on Phillips 66 from $187.00 to $193.00 and gave the company an "outperform" rating in a research note on Monday, April 6th. Eleven equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $181.33.

Insider Activity

In other news, Director Kevin Omar Meyers bought 175 shares of the firm's stock in a transaction on Tuesday, March 17th. The shares were purchased at an average cost of $173.20 per share, with a total value of $30,310.00. Following the acquisition, the director directly owned 16,624 shares in the company, valued at $2,879,276.80. This represents a 1.06% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Brian Mandell sold 42,800 shares of the business's stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $169.53, for a total transaction of $7,255,884.00. Following the completion of the transaction, the executive vice president owned 61,595 shares of the company's stock, valued at $10,442,200.35. The trade was a 41.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 95,923 shares of company stock valued at $16,399,619. Company insiders own 0.40% of the company's stock.

Phillips 66 Trading Down 0.0%

Shares of NYSE:PSX opened at $162.83 on Monday. The business's 50 day simple moving average is $166.67 and its 200 day simple moving average is $148.12. Phillips 66 has a 1 year low of $101.54 and a 1 year high of $190.61. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.30 and a quick ratio of 0.91. The company has a market capitalization of $65.25 billion, a P/E ratio of 15.05, a P/E/G ratio of 0.30 and a beta of 0.76.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.32. Phillips 66 had a return on equity of 9.13% and a net margin of 3.22%.The firm had revenue of $32.16 billion during the quarter, compared to analysts' expectations of $33.81 billion. During the same period in the previous year, the firm earned ($0.15) EPS. On average, research analysts anticipate that Phillips 66 will post 14.12 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Monday, May 18th will be paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Monday, May 18th. Phillips 66's dividend payout ratio is presently 46.95%.

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.

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