Phillips 66 $PSX Position Raised by Chickasaw Capital Management LLC

Key Points

• Chickasaw Capital Management LLC increased its stake in Phillips 66 by 2.4% during the second quarter, owning 152,444 shares valued at approximately $18.2 million.
• Director Gregory Hayes purchased 8,350 shares at a price of $119.90 per share, representing a significant increase in his ownership.
• Phillips 66 announced a quarterly dividend of $1.20 per share, yielding 3.6%, with a payout ratio currently at 115.38%.

Chickasaw Capital Management LLC raised its stake in Phillips 66 (NYSE:PSX - Free Report) by 2.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 152,444 shares of the oil and gas company's stock after purchasing an additional 3,635 shares during the quarter. Phillips 66 comprises about 0.7% of Chickasaw Capital Management LLC's investment portfolio, making the stock its 17th biggest position. Chickasaw Capital Management LLC's holdings in Phillips 66 were worth $18,187,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Elliott Investment Management L.P. increased its position in shares of Phillips 66 by 1,929.0% during the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock worth $1,941,723,000 after acquiring an additional 14,950,000 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Phillips 66 by 20.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 158,934 shares of the oil and gas company's stock worth $19,625,000 after acquiring an additional 26,825 shares during the last quarter. Alta Advisers Ltd purchased a new stake in shares of Phillips 66 during the first quarter worth about $253,000. Sustainable Insight Capital Management LLC purchased a new stake in shares of Phillips 66 during the first quarter worth about $1,457,000. Finally, Evergreen Wealth Solutions LLC purchased a new stake in shares of Phillips 66 during the first quarter worth about $292,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Phillips 66 news, Director Michael A. Heim acquired 1,000 shares of Phillips 66 stock in a transaction dated Wednesday, July 30th. The stock was acquired at an average cost of $125.97 per share, for a total transaction of $125,970.00. Following the completion of the transaction, the director owned 12,043 shares in the company, valued at approximately $1,517,056.71. This represents a 9.06% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the business's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $135.00, for a total value of $593,055.00. Following the sale, the executive vice president directly owned 38,980 shares in the company, valued at approximately $5,262,300. The trade was a 10.13% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 9,850 shares of company stock valued at $1,188,910. Corporate insiders own 0.22% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Morgan Stanley boosted their price objective on Phillips 66 from $122.00 to $128.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Jefferies Financial Group boosted their price objective on Phillips 66 from $130.00 to $133.00 and gave the company a "hold" rating in a report on Monday. Mizuho boosted their price objective on Phillips 66 from $140.00 to $142.00 and gave the company a "neutral" rating in a report on Monday. Evercore ISI assumed coverage on Phillips 66 in a report on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 price objective for the company. Finally, Citigroup lowered Phillips 66 from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $126.00 to $130.00 in a report on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $136.44.

Phillips 66 Stock Performance

Shares of NYSE PSX traded down $1.72 during midday trading on Thursday, hitting $131.42. 3,180,325 shares of the company's stock were exchanged, compared to its average volume of 2,083,416. 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 stock's 50 day moving average price is $127.09 and its 200-day moving average price is $119.73. The firm has a market cap of $53.11 billion, a P/E ratio of 31.59, a PEG ratio of 1.91 and a beta of 1.15. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $140.60.

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

Phillips 66 Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were given a dividend of $1.20 per share. The ex-dividend date was Tuesday, August 19th. This represents a $4.80 annualized dividend and a dividend yield of 3.7%. Phillips 66's payout ratio is currently 115.38%.

Phillips 66 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.