Allstate Corp Has $4 Million Position in Phillips 66 $PSX

Key Points

• Allstate Corp more than doubled its stake in Phillips 66 in the fourth quarter, raising its holdings by 115.5% to 30,993 shares valued at about $4.0 million.
• Institutional ownership in Phillips 66 remains heavy, with 76.93% of the stock held by institutions and hedge funds. Several other funds also increased positions during the period.
• Phillips 66 reported better-than-expected quarterly EPS of $0.49, and the company also announced a $1.27 quarterly dividend payable June 1, implying a 2.9% annualized yield.

Allstate Corp raised its holdings in Phillips 66 (NYSE:PSX - Free Report) by 115.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 30,993 shares of the oil and gas company's stock after buying an additional 16,612 shares during the period. Allstate Corp's holdings in Phillips 66 were worth $3,999,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. CYBER HORNET ETFs LLC grew its stake in Phillips 66 by 5.7% in the 4th quarter. CYBER HORNET ETFs LLC now owns 1,228 shares of the oil and gas company's stock valued at $158,000 after buying an additional 66 shares during the last quarter. GHP Investment Advisors Inc. boosted its holdings in Phillips 66 by 2.3% in the 4th quarter. GHP Investment Advisors Inc. now owns 3,210 shares of the oil and gas company's stock valued at $414,000 after purchasing an additional 72 shares during the period. L2 Asset Management LLC boosted its holdings in Phillips 66 by 4.0% in the 3rd quarter. L2 Asset Management LLC now owns 1,893 shares of the oil and gas company's stock valued at $257,000 after purchasing an additional 72 shares during the period. Mesirow Financial Investment Management Inc. boosted its holdings in Phillips 66 by 0.5% in the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 15,658 shares of the oil and gas company's stock valued at $2,130,000 after purchasing an additional 73 shares during the period. Finally, KCM Investment Advisors LLC lifted its holdings in shares of Phillips 66 by 1.6% during the 3rd quarter. KCM Investment Advisors LLC now owns 4,636 shares of the oil and gas company's stock worth $631,000 after acquiring an additional 74 shares during the period. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Kevin Omar Meyers purchased 175 shares of Phillips 66 stock in a transaction on Wednesday, May 6th. The stock was acquired at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the acquisition, the director owned 16,799 shares of the company's stock, valued at $2,908,242.88. This trade represents a 1.05% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 transaction 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. The trade was a 0.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 114,029 shares of company stock valued at $19,641,455. 0.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PSX has been the subject of a number of recent analyst reports. Raymond James Financial upped their price target on shares of Phillips 66 from $205.00 to $215.00 in a report on Thursday, April 30th. Citigroup upped their price target on shares of Phillips 66 from $159.00 to $183.00 and gave the stock a "neutral" rating in a report on Thursday, April 9th. Wolfe Research upped their price target on shares of Phillips 66 from $187.00 to $193.00 and gave the stock an "outperform" rating in a report on Monday, April 6th. Guggenheim raised shares of Phillips 66 to an "outperform" rating in a report on Wednesday. Finally, Mizuho set a $212.00 price target on shares of Phillips 66 and gave the stock an "outperform" rating in a report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, Phillips 66 has an average rating of "Moderate Buy" and an average price target of $191.28.

Phillips 66 Trading Up 0.4%

Shares of NYSE PSX opened at $174.60 on Thursday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. Phillips 66 has a 52-week low of $111.19 and a 52-week high of $190.61. The firm has a 50 day moving average price of $172.24 and a two-hundred day moving average price of $154.23. The stock has a market cap of $70.00 billion, a P/E ratio of 17.20, a price-to-earnings-growth ratio of 0.26 and a beta of 0.70.

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 the consensus estimate of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The firm had revenue of $32.54 billion during the quarter, compared to analysts' expectations of $35.86 billion. During the same period in the prior year, the company posted ($0.90) EPS. The company's revenue was up 6.9% on a year-over-year basis. As a group, equities analysts forecast that Phillips 66 will post 17.64 EPS for the current year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Monday, May 18th will be given a dividend of $1.27 per share. The ex-dividend date is Monday, May 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.9%. Phillips 66's dividend payout ratio is 50.05%.

Phillips 66 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.

Want to see what other hedge funds are holding PSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Phillips 66 (NYSE:PSX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.