CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Has $32.81 Million Holdings in Phillips 66 $PSX

Key Points

• Cushing Asset Management trimmed its Phillips 66 stake by 5.7% in the first quarter, selling 10,800 shares. It still owned 180,100 shares worth about $32.81 million at quarter-end.
• Wall Street sentiment on Phillips 66 remains fairly positive, with analysts assigning a Moderate Buy consensus and an average price target of $192.72. Recent firms including Wolfe Research, Wells Fargo, UBS, and Guggenheim either raised targets or reiterated bullish ratings.
• Phillips 66 reported better-than-expected earnings for the latest quarter, posting $0.49 EPS versus a expected loss, though revenue came in below forecasts. The company also paid a quarterly dividend of $1.27 per share, yielding about 2.9%.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT decreased its position in Phillips 66 (NYSE:PSX - Free Report) by 5.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 180,100 shares of the oil and gas company's stock after selling 10,800 shares during the period. Phillips 66 makes up 1.6% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings, making the stock its 17th biggest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings in Phillips 66 were worth $32,811,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of PSX. Board of the Pension Protection Fund bought a new position in shares of Phillips 66 in the 4th quarter worth about $26,000. Accordant Advisory Group Inc lifted its stake in shares of Phillips 66 by 900.0% in the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company's stock valued at $26,000 after purchasing an additional 180 shares during the period. Eagle Bay Advisors LLC bought a new stake in shares of Phillips 66 during the 4th quarter valued at about $27,000. SWAN Capital LLC grew its stake in Phillips 66 by 1,055.6% during the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock worth $27,000 after purchasing an additional 190 shares during the period. Finally, Stephens Consulting LLC grew its stake in Phillips 66 by 67.7% during the fourth quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company's stock worth $29,000 after purchasing an additional 90 shares during the period. Institutional investors own 76.93% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on PSX shares. Wolfe Research boosted their price target on Phillips 66 from $187.00 to $193.00 and gave the company an "outperform" rating in a research note on Monday, April 6th. Wells Fargo & Company raised their price objective on shares of Phillips 66 from $163.00 to $201.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 31st. Jefferies Financial Group lifted their price objective on shares of Phillips 66 from $173.00 to $191.00 and gave the company a "hold" rating in a research note on Tuesday, May 26th. UBS Group reissued a "buy" rating and set a $212.00 target price on shares of Phillips 66 in a research note on Monday, June 15th. Finally, Guggenheim upgraded shares of Phillips 66 to an "outperform" rating in a report on Wednesday, May 27th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $192.72.

Phillips 66 Trading Down 0.0%

NYSE PSX opened at $176.40 on Monday. The company has a market cap of $70.72 billion, a price-to-earnings ratio of 17.38, a P/E/G ratio of 0.24 and a beta of 0.69. Phillips 66 has a 52 week low of $118.07 and a 52 week high of $190.61. The business has a 50 day moving average price of $174.43 and a 200-day moving average price of $161.29. 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 (NYSE:PSX - Get Free Report) last issued its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The company had revenue of $32.54 billion for the quarter, compared to analysts' expectations of $35.86 billion. Phillips 66's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the business earned ($0.90) EPS. As a group, equities analysts expect that Phillips 66 will post 19.27 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, May 18th. Phillips 66's dividend payout ratio (DPR) is 50.05%.

Insider Transactions at Phillips 66

In other Phillips 66 news, Director Kevin Omar Meyers bought 175 shares of the stock in a transaction that occurred on Wednesday, May 6th. The shares were bought at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the acquisition, the director directly owned 16,799 shares of the company's stock, valued at approximately $2,908,242.88. The trade was a 1.05% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kevin J. Mitchell sold 29,400 shares of Phillips 66 stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $170.00, for a total value of $4,998,000.00. Following the transaction, the chief financial officer owned 97,376 shares of the company's stock, valued at $16,553,920. This trade represents a 23.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.40% of the stock is owned by company insiders.

Phillips 66 Company 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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