CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Has $22.62 Million Position in Phillips 66 (NYSE:PSX)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in Phillips 66 (NYSE:PSX - Free Report) by 8.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 183,186 shares of the oil and gas company's stock after acquiring an additional 14,880 shares during the quarter. Phillips 66 accounts for 1.4% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's portfolio, making the stock its 18th largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings in Phillips 66 were worth $22,620,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its stake in Phillips 66 by 283.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company's stock valued at $686,618,000 after purchasing an additional 4,455,220 shares in the last quarter. Norges Bank bought a new position in Phillips 66 during the 4th quarter valued at $497,648,000. Raymond James Financial Inc. bought a new position in Phillips 66 during the 4th quarter valued at $168,790,000. Capitolis Liquid Global Markets LLC bought a new position in Phillips 66 during the 4th quarter valued at $142,185,000. Finally, GAMMA Investing LLC boosted its stake in Phillips 66 by 14,119.5% during 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 purchasing an additional 1,181,240 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Phillips 66 news, EVP Brian Mandell sold 9,800 shares of the firm'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 transaction, the executive vice president now directly owns 56,838 shares in the company, valued at $7,104,750. This trade represents a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert W. Pease bought 439 shares of the business's stock in a transaction on Thursday, May 22nd. The shares were bought at an average price of $113.85 per share, for a total transaction of $49,980.15. Following the completion of the acquisition, the director now owns 4,091 shares of the company's stock, valued at approximately $465,760.35. This represents a 12.02% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.22% of the stock is owned by corporate insiders.

Phillips 66 Stock Down 0.6%

Shares of PSX traded down $0.74 during mid-day trading on Friday, reaching $119.43. The company's stock had a trading volume of 10,132,521 shares, compared to its average volume of 3,104,816. The business has a fifty day moving average of $114.67 and a 200 day moving average of $116.87. The company has a market cap of $48.66 billion, a price-to-earnings ratio of 27.21, a price-to-earnings-growth ratio of 1.86 and a beta of 1.02. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $150.12. The company has a quick ratio of 0.88, a current ratio of 1.23 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.97). Phillips 66 had a return on equity of 4.83% and a net margin of 1.32%. The firm had revenue of $31.92 billion for the quarter, compared to analysts' expectations of $31.93 billion. During the same quarter in the prior year, the business posted $1.90 earnings per share. As a group, analysts forecast that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 4.02%. This is a positive change from Phillips 66's previous quarterly dividend of $1.15. The ex-dividend date was Monday, May 19th. Phillips 66's dividend payout ratio (DPR) is currently 109.34%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Tudor Pickering lowered Phillips 66 from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 22nd. Evercore ISI assumed coverage on Phillips 66 in a research note on Wednesday, June 18th. They set an "outperform" rating and a $130.00 price target for the company. The Goldman Sachs Group lowered Phillips 66 from a "buy" rating to a "neutral" rating and set a $132.00 price objective for the company. in a research note on Thursday, March 27th. JPMorgan Chase & Co. set a $115.00 price objective on Phillips 66 in a research note on Wednesday, June 18th. Finally, Cantor Fitzgerald assumed coverage on Phillips 66 in a research note on Wednesday, June 18th. They set a "neutral" rating for the company. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Phillips 66 presently has an average rating of "Moderate Buy" and an average price target of $133.93.

About Phillips 66

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.