Cercano Management LLC Purchases Shares of 10,522 Phillips 66 $PSX

Key Points

• Cercano Management LLC opened a new position in Phillips 66, buying 10,522 shares worth about $1.36 million in the fourth quarter.
• Phillips 66 reported better-than-expected earnings for the quarter, posting $0.49 EPS versus an expected loss, though revenue came in below analyst estimates at $32.54 billion.
• The company continues to reward shareholders with a quarterly dividend of $1.27 per share, equating to an annualized yield of about 2.8%.

Cercano Management LLC purchased a new stake in Phillips 66 (NYSE:PSX - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 10,522 shares of the oil and gas company's stock, valued at approximately $1,358,000.

A number of other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Phillips 66 by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company's stock worth $6,701,052,000 after buying an additional 205,480 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Phillips 66 by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company's stock worth $1,338,596,000 after buying an additional 45,340 shares during the last quarter. Norges Bank acquired a new stake in shares of Phillips 66 during the 4th quarter worth about $640,206,000. M&T Bank Corp lifted its stake in shares of Phillips 66 by 462.9% during the 4th quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company's stock worth $352,007,000 after buying an additional 2,243,268 shares during the last quarter. Finally, Amundi lifted its stake in shares of Phillips 66 by 2.8% during the 3rd quarter. Amundi now owns 2,400,180 shares of the oil and gas company's stock worth $319,123,000 after buying an additional 65,568 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company's stock.

Phillips 66 Price Performance

PSX stock opened at $180.06 on Tuesday. 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 12 month low of $111.19 and a 12 month high of $190.61. The firm has a market cap of $72.19 billion, a P/E ratio of 17.74, a P/E/G ratio of 0.26 and a beta of 0.68. The company's 50-day moving average price is $172.41 and its two-hundred day moving average price is $155.05.

Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 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 for the quarter, compared to analyst estimates of $35.86 billion. During the same period last year, the firm earned ($0.90) EPS. The business's quarterly revenue was up 6.9% compared to the same quarter last year. On average, analysts anticipate that Phillips 66 will post 17.64 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

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

Analyst Ratings Changes

A number of analysts have recently issued reports on PSX shares. Scotiabank raised their target price on shares of Phillips 66 from $140.00 to $151.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 22nd. Morgan Stanley reiterated an "overweight" rating and issued a $180.00 price objective on shares of Phillips 66 in a research note on Thursday, April 30th. TD Cowen lifted their price objective on shares of Phillips 66 from $155.00 to $213.00 and gave the stock a "buy" rating in a research note on Wednesday, April 1st. Argus lifted their price objective on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a "buy" rating in a research note on Thursday, May 14th. Finally, Citigroup lifted their price objective on shares of Phillips 66 from $159.00 to $183.00 and gave the stock a "neutral" rating in a research note on Thursday, April 9th. 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 company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $191.28.

Insider Activity at Phillips 66

In related news, EVP Brian Mandell sold 42,800 shares of Phillips 66 stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $169.53, for a total transaction of $7,255,884.00. Following the sale, the executive vice president directly owned 61,595 shares of the company's stock, valued at approximately $10,442,200.35. The trade was a 41.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kevin Omar Meyers purchased 175 shares of the firm's stock in a transaction that occurred on Wednesday, May 6th. The shares were bought 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 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 disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders sold 114,029 shares of company stock valued at $19,641,455. Company 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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