Arrowstreet Capital Limited Partnership Takes $145.11 Million Position in Phillips 66 $PSX

Key Points

• Arrowstreet Capital opened a new position in Phillips 66 during the first quarter, buying 796,505 shares worth about $145.1 million. The stake represented roughly 0.20% of the company.
• Phillips 66 reported Q1 earnings of $0.49 per share, easily beating analyst expectations, though revenue of $32.54 billion came in below forecasts. The company also said revenue rose 6.9% from a year earlier.
• The company declared a quarterly dividend of $1.27 per share, payable September 1, implying an annualized yield of about 2.5%. Meanwhile, analysts remain constructive overall, with a consensus rating of Moderate Buy and a target price of $200.44.

Arrowstreet Capital Limited Partnership acquired a new position in Phillips 66 (NYSE:PSX - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 796,505 shares of the oil and gas company's stock, valued at approximately $145,107,000. Arrowstreet Capital Limited Partnership owned about 0.20% of Phillips 66 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PSX. State of Wyoming raised its position in shares of Phillips 66 by 182.6% in the first quarter. State of Wyoming now owns 4,833 shares of the oil and gas company's stock worth $880,000 after buying an additional 3,123 shares in the last quarter. Cetera Investment Advisers boosted its position in shares of Phillips 66 by 8.5% during the 1st quarter. Cetera Investment Advisers now owns 258,194 shares of the oil and gas company's stock valued at $47,038,000 after acquiring an additional 20,322 shares during the last quarter. Prestige Wealth Management Group LLC grew its holdings in shares of Phillips 66 by 76.8% during the first quarter. Prestige Wealth Management Group LLC now owns 633 shares of the oil and gas company's stock worth $115,000 after purchasing an additional 275 shares in the last quarter. Clearwater Capital Advisors LLC bought a new position in shares of Phillips 66 in the first quarter worth approximately $214,000. Finally, First Trust Advisors LP increased its position in shares of Phillips 66 by 40.1% in the first quarter. First Trust Advisors LP now owns 277,463 shares of the oil and gas company's stock worth $50,548,000 after purchasing an additional 79,349 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Trading Down 0.0%

NYSE:PSX opened at $206.94 on Friday. The firm has a market capitalization of $82.97 billion, a P/E ratio of 20.39, a P/E/G ratio of 0.17 and a beta of 0.69. The company has a fifty day moving average of $182.54 and a 200 day moving average of $168.28. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63. Phillips 66 has a 52 week low of $118.07 and a 52 week high of $216.08.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. During the same period in the previous year, the firm earned ($0.90) EPS. The company's quarterly revenue was up 6.9% compared to the same quarter last year. On average, research analysts predict that Phillips 66 will post 22.43 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be paid a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66's dividend payout ratio is presently 50.05%.

Analyst Upgrades and Downgrades

PSX has been the subject of several research analyst reports. Tudor Pickering upgraded shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 30th. TD Cowen increased their price target on shares of Phillips 66 from $220.00 to $240.00 and gave the stock a "buy" rating in a report on Tuesday. Weiss Ratings cut shares of Phillips 66 from a "buy (b-)" rating to a "hold (c)" rating in a research report on Friday, May 1st. JPMorgan Chase & Co. lifted their price objective on shares of Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $208.00 target price on shares of Phillips 66 in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $200.44.

Insider Buying and Selling at Phillips 66

In related news, CFO Kevin J. Mitchell sold 29,400 shares of Phillips 66 stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares of the company's stock, valued at $16,553,920. This trade represents a 23.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Kevin Omar Meyers acquired 175 shares of the business's stock in a transaction on Wednesday, May 6th. The stock was acquired at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the acquisition, the director owned 16,799 shares of the company's stock, valued at approximately $2,908,242.88. This trade represents a 1.05% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 41,021 shares of company stock valued at $7,195,257 in the last three months. Insiders own 0.40% of the company's stock.

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.

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