Crossingbridge Advisors LLC Buys New Shares in Phillips 66 $PSX

Key Points

• Crossingbridge Advisors LLC has acquired a new stake of 10,000 shares in Phillips 66, valued at approximately $1.24 million, according to a recent SEC filing.
• Phillips 66 reported an EPS of $2.38 for the last quarter, exceeding expectations and generating $33.77 billion in revenue.
• The company will pay a quarterly dividend of $1.20 per share, effective September 2nd, which translates to an annualized dividend yield of 3.9%.

Crossingbridge Advisors LLC bought a new position in shares of Phillips 66 (NYSE:PSX - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 10,000 shares of the oil and gas company's stock, valued at approximately $1,235,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PSX. Cary Street Partners Financial LLC acquired a new stake in shares of Phillips 66 during the 4th quarter worth approximately $4,333,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of Phillips 66 by 20.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 158,934 shares of the oil and gas company's stock valued at $19,625,000 after purchasing an additional 26,825 shares in the last quarter. Alta Advisers Ltd bought a new position in Phillips 66 in the first quarter worth $253,000. Advisory Resource Group boosted its stake in Phillips 66 by 6.8% during the first quarter. Advisory Resource Group now owns 256,327 shares of the oil and gas company's stock worth $31,651,000 after buying an additional 16,300 shares in the last quarter. Finally, Sustainable Insight Capital Management LLC acquired a new stake in Phillips 66 during the first quarter worth $1,457,000. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Price Performance

Shares of Phillips 66 stock opened at $123.4410 on Thursday. The stock has a market capitalization of $49.88 billion, a price-to-earnings ratio of 29.67, a P/E/G ratio of 1.65 and a beta of 1.09. The firm's 50-day moving average price is $124.10 and its two-hundred day moving average price is $118.96. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $140.85.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, topping the consensus estimate of $1.79 by $0.59. The business had revenue of $33.77 billion for 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 business earned $2.31 EPS. On average, equities analysts predict that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th will be issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Tuesday, August 19th. Phillips 66's dividend payout ratio is presently 115.38%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PSX. Morgan Stanley increased their price objective on shares of Phillips 66 from $122.00 to $128.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Citigroup lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and increased their price target for the stock from $126.00 to $130.00 in a research report on Wednesday, July 16th. Piper Sandler restated a "neutral" rating and set a $145.00 price target (up previously from $144.00) on shares of Phillips 66 in a research note on Monday, August 4th. JPMorgan Chase & Co. set a $115.00 price objective on Phillips 66 in a report on Wednesday, June 18th. Finally, Wall Street Zen raised Phillips 66 from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, Phillips 66 has a consensus rating of "Moderate Buy" and a consensus target price of $136.20.

Insider Buying and Selling

In related news, Director Gregory Hayes acquired 8,350 shares of the stock in a transaction on Thursday, August 14th. The stock was purchased at an average price of $119.90 per share, for a total transaction of $1,001,165.00. Following the transaction, the director owned 29,423 shares of the company's stock, valued at $3,527,817.70. The trade was a 39.62% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Brian Mandell sold 9,800 shares of the business's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the completion of the transaction, the executive vice president directly owned 56,838 shares of the company's stock, valued at approximately $7,104,750. This represents a 14.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders acquired a total of 9,850 shares of company stock valued at $1,188,910 in the last 90 days. 0.22% of the stock is owned by corporate 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.

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