Agman Capital LLC Purchases New Position in Phillips 66 $PSX

Key Points

• Agman Capital LLC opened a new position in Phillips 66, buying 23,402 shares valued at about $3.0 million. The stock now makes up roughly 2.6% of the firm’s holdings.
• Phillips 66 reported Q1 earnings of $0.49 per share, beating expectations, though revenue came in below estimates at $32.54 billion. Sales still rose 6.9% from a year earlier.
• The company recently paid a quarterly dividend of $1.27 per share, equal to an annualized yield of about 2.8%. Analysts currently rate the stock a Moderate Buy with a consensus target price of $192.33.

Agman Capital LLC purchased a new stake in shares of Phillips 66 (NYSE:PSX - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 23,402 shares of the oil and gas company's stock, valued at approximately $3,020,000. Phillips 66 comprises approximately 2.6% of Agman Capital LLC's holdings, making the stock its 15th largest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Board of the Pension Protection Fund bought a new stake in shares of Phillips 66 in the 4th quarter valued at approximately $26,000. Accordant Advisory Group Inc lifted its stake in shares of Phillips 66 by 900.0% in the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company's stock valued at $26,000 after purchasing an additional 180 shares during the last quarter. Eagle Bay Advisors LLC bought a new stake in shares of Phillips 66 in the 4th quarter valued at approximately $27,000. SWAN Capital LLC lifted its stake in shares of Phillips 66 by 1,055.6% in the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock valued at $27,000 after purchasing an additional 190 shares during the last quarter. Finally, Stephens Consulting LLC lifted its stake in shares of Phillips 66 by 67.7% in the 4th quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company's stock valued at $29,000 after purchasing an additional 90 shares during the last quarter. 76.93% of the stock is owned by institutional investors.

Phillips 66 Trading Up 0.7%

Shares of NYSE:PSX opened at $179.27 on Friday. Phillips 66 has a 12-month low of $118.00 and a 12-month high of $190.61. The business's fifty day simple moving average is $172.49 and its 200-day simple moving average is $157.75. The company has a market capitalization of $71.87 billion, a PE ratio of 17.66, a P/E/G ratio of 0.26 and a beta of 0.68. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The business had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. During the same period last year, the business posted ($0.90) EPS. The business's revenue was up 6.9% compared to the same quarter last year. As a group, equities research analysts predict that Phillips 66 will post 17.95 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were issued a $1.27 dividend. The ex-dividend date was Monday, May 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.8%. Phillips 66's dividend payout ratio (DPR) is currently 50.05%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on PSX shares. Weiss Ratings downgraded Phillips 66 from a "buy (b-)" rating to a "hold (c)" rating in a report on Friday, May 1st. Wolfe Research increased their price target on Phillips 66 from $187.00 to $193.00 and gave the stock an "outperform" rating in a report on Monday, April 6th. Piper Sandler increased their price target on Phillips 66 from $168.00 to $177.00 and gave the stock a "neutral" rating in a report on Wednesday, April 8th. Zacks Research upgraded Phillips 66 from a "hold" rating to a "strong-buy" rating in a report on Monday, April 27th. Finally, BMO Capital Markets raised their price objective on Phillips 66 from $195.00 to $215.00 and gave the stock an "outperform" rating in a report on Wednesday, May 13th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, Phillips 66 currently has a consensus rating of "Moderate Buy" and a consensus target price of $192.33.

Insiders Place Their Bets

In other news, CFO Kevin J. Mitchell sold 600 shares of the firm's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $171.56, for a total value of $102,936.00. Following the completion of the sale, the chief financial officer owned 97,376 shares of the company's stock, valued at $16,705,826.56. This trade represents a 0.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kevin Omar Meyers acquired 175 shares of the stock in a transaction dated Wednesday, May 6th. The stock was acquired at an average cost of $173.12 per share, with a total value of $30,296.00. Following the transaction, the director directly owned 16,799 shares in the company, valued at approximately $2,908,242.88. This represents a 1.05% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 45,629 shares of company stock valued at $8,071,540 in the last three months. Insiders own 0.40% of the company's stock.

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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