Breakwater Capital Group Makes New $272,000 Investment in Phillips 66 $PSX

Key Points

• Breakwater Capital Group acquired a new stake in Phillips 66 worth approximately $272,000 by purchasing 2,282 shares in the second quarter.
• Director Sigmund L. Cornelius increased their ownership by 2.38% after buying 500 shares valued at $61,775.
• Phillips 66 has declared a quarterly dividend of $1.20 per share, resulting in an annualized yield of 3.6%.

Breakwater Capital Group bought a new position in Phillips 66 (NYSE:PSX - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm bought 2,282 shares of the oil and gas company's stock, valued at approximately $272,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PSX. Elliott Investment Management L.P. grew its stake in shares of Phillips 66 by 1,929.0% in the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock valued at $1,941,723,000 after buying an additional 14,950,000 shares in the last quarter. Nuveen LLC acquired a new position in Phillips 66 in the 1st quarter valued at about $156,482,000. GAMMA Investing LLC grew its position in Phillips 66 by 14,119.5% in the 1st quarter. GAMMA Investing LLC now owns 1,189,606 shares of the oil and gas company's stock valued at $146,893,000 after acquiring an additional 1,181,240 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Phillips 66 by 11.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company's stock valued at $828,442,000 after purchasing an additional 682,459 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Phillips 66 by 15.9% in the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock valued at $588,489,000 after purchasing an additional 653,248 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. TD Cowen boosted their price target on shares of Phillips 66 from $130.00 to $134.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Mizuho boosted their price objective on Phillips 66 from $140.00 to $142.00 and gave the stock a "neutral" rating in a research report on Monday, September 15th. Argus raised Phillips 66 to a "strong-buy" rating in a research report on Thursday, July 31st. Scotiabank reiterated a "sector perform" rating and set a $133.00 price target on shares of Phillips 66 in a report on Friday, July 11th. Finally, Raymond James Financial boosted their target price on shares of Phillips 66 from $142.00 to $145.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, Phillips 66 presently has a consensus rating of "Moderate Buy" and a consensus price target of $138.94.

Phillips 66 Stock Performance

Shares of PSX stock traded down $1.96 during mid-day trading on Friday, hitting $129.39. The stock had a trading volume of 9,244,717 shares, compared to its average volume of 2,133,701. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $140.60. The firm has a market cap of $52.29 billion, a PE ratio of 31.10, a PEG ratio of 1.86 and a beta of 1.15. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. The company's 50-day simple moving average is $127.04 and its 200-day simple moving average is $119.78.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, beating analysts' consensus estimates of $1.79 by $0.59. The firm had revenue of $33.77 billion during the quarter, compared to the consensus estimate of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same quarter last year, the firm earned $2.31 earnings per share. Sell-side analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th were issued a $1.20 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a yield of 3.7%. Phillips 66's dividend payout ratio (DPR) is 115.38%.

Insiders Place Their Bets

In related news, Director Gregory Hayes purchased 8,350 shares of Phillips 66 stock in a transaction dated Thursday, August 14th. The stock was bought at an average cost of $119.90 per share, for a total transaction of $1,001,165.00. Following the transaction, the director owned 29,423 shares in the company, valued at approximately $3,527,817.70. The trade was a 39.62% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of Phillips 66 stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $135.00, for a total transaction of $593,055.00. Following the sale, the executive vice president owned 38,980 shares of the company's stock, valued at approximately $5,262,300. The trade was a 10.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders purchased a total of 9,850 shares of company stock worth $1,188,910 in the last ninety days. 0.22% of the stock is owned by insiders.

Phillips 66 Company Profile

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.