Alberta Investment Management Corp Invests $7.53 Million in Phillips 66 $PSX

Key Points

• Alberta Investment Management Corp bought a new stake in Phillips 66 in the fourth quarter, acquiring 58,375 shares valued at about $7.53 million.
• Analysts have been raising their price targets on PSX, with firms like BMO Capital Markets and Morgan Stanley issuing higher targets; the stock’s consensus rating is now “Moderate Buy” with an average target price of $192.33.
• Phillips 66 recently reported better-than-expected earnings of $0.49 per share and also paid a quarterly dividend of $1.27, equal to an annualized yield of about 3.0%.

Alberta Investment Management Corp acquired a new stake in shares of Phillips 66 (NYSE:PSX - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 58,375 shares of the oil and gas company's stock, valued at approximately $7,533,000.

Several other institutional investors have also added to or reduced their stakes in the business. Board of the Pension Protection Fund bought a new stake in shares of Phillips 66 during the fourth quarter valued at approximately $26,000. Accordant Advisory Group Inc grew 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 worth $26,000 after buying an additional 180 shares in the last quarter. SWAN Capital LLC increased its holdings 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 worth $27,000 after buying an additional 190 shares during the last quarter. Eagle Bay Advisors LLC purchased a new stake in shares of Phillips 66 during the 4th quarter valued at about $27,000. Finally, Stephens Consulting LLC lifted its stake in Phillips 66 by 67.7% in the fourth quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company's stock worth $29,000 after purchasing an additional 90 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Kevin Omar Meyers bought 175 shares of the stock in a transaction dated Wednesday, May 6th. The shares were acquired at an average cost of $173.12 per share, with a total value of $30,296.00. Following the purchase, the director directly owned 16,799 shares in the company, valued at $2,908,242.88. The trade was a 1.05% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Kevin J. Mitchell sold 600 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer owned 97,376 shares in the company, valued at $16,705,826.56. This represents a 0.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 45,629 shares of company stock worth $8,071,540. Corporate insiders own 0.40% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PSX shares. Scotiabank increased their price target on Phillips 66 from $140.00 to $151.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 22nd. BMO Capital Markets lifted their target price on Phillips 66 from $195.00 to $215.00 and gave the company an "outperform" rating in a research note on Wednesday, May 13th. Jefferies Financial Group increased their price target on shares of Phillips 66 from $173.00 to $191.00 and gave the company a "hold" rating in a research report on Tuesday, May 26th. UBS Group restated a "buy" rating and issued a $212.00 target price on shares of Phillips 66 in a research note on Monday. Finally, Morgan Stanley boosted their target price on Phillips 66 from $180.00 to $196.00 and gave the stock an "overweight" rating in a research note on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $192.33.

Phillips 66 Stock Performance

Shares of NYSE PSX opened at $172.07 on Wednesday. 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 has a 12 month low of $118.00 and a 12 month high of $190.61. The company has a 50 day simple moving average of $172.34 and a two-hundred day simple moving average of $158.45. The stock has a market cap of $68.99 billion, a price-to-earnings ratio of 16.95, a PEG ratio of 0.25 and a beta of 0.68.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its 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 net margin of 2.99% and a return on equity of 10.98%. The company had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. During the same period in the previous year, the firm posted ($0.90) earnings per share. The firm's quarterly revenue was up 6.9% on a year-over-year basis. As a group, analysts predict that Phillips 66 will post 18.25 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were given 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 3.0%. Phillips 66's dividend payout ratio is 50.05%.

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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