CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Grows Stock Holdings in Phillips 66 $PSX

Key Points

• CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in Phillips 66 by 9.0% by acquiring an additional 16,514 shares, bringing its total holdings to 199,700 shares, valued at approximately $23.8 million.
• Recent analyst upgrades have set a range of price targets for Phillips 66, with Evercore ISI notably raising their target from $130.00 to $170.00 and giving an "outperform" rating.
• Phillips 66 announced a quarterly dividend of $1.20 per share, contributing to an annualized yield of 3.7%, despite a relatively high dividend payout ratio of 115.38%.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 9.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 199,700 shares of the oil and gas company's stock after purchasing an additional 16,514 shares during the quarter. Phillips 66 accounts for approximately 1.4% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's investment portfolio, making the stock its 20th largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings in Phillips 66 were worth $23,824,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Elliott Investment Management L.P. increased its holdings in Phillips 66 by 1,929.0% in the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock valued at $1,941,723,000 after buying an additional 14,950,000 shares in the last quarter. Nuveen LLC acquired a new stake in Phillips 66 in the 1st quarter worth about $156,482,000. GAMMA Investing LLC boosted its stake in shares of Phillips 66 by 14,119.5% in the first quarter. GAMMA Investing LLC now owns 1,189,606 shares of the oil and gas company's stock worth $146,893,000 after acquiring an additional 1,181,240 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Phillips 66 by 11.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company's stock worth $828,442,000 after purchasing an additional 682,459 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Phillips 66 by 15.9% during the 1st quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock worth $588,489,000 after purchasing an additional 653,248 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Phillips 66

In related news, Director Sigmund L. Cornelius bought 500 shares of the stock in a transaction dated Thursday, July 31st. The shares were purchased at an average price of $123.55 per share, for a total transaction of $61,775.00. Following the completion of the purchase, the director directly owned 21,543 shares of the company's stock, valued at $2,661,637.65. This represents a 2.38% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of Phillips 66 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 completion of the sale, the executive vice president directly owned 38,980 shares in the company, valued at $5,262,300. This represents a 10.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 9,850 shares of company stock worth $1,188,910. Corporate insiders own 0.22% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on PSX shares. Argus raised Phillips 66 to a "strong-buy" rating in a research note on Thursday, July 31st. Morgan Stanley boosted their price objective on Phillips 66 from $122.00 to $128.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Wall Street Zen raised Phillips 66 from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. UBS Group increased their price objective on Phillips 66 from $143.00 to $150.00 and gave the company a "buy" rating in a report on Monday. Finally, TD Cowen upped their price target on shares of Phillips 66 from $130.00 to $134.00 and gave the company a "buy" rating in a research report on Monday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $139.38.

Phillips 66 Trading Up 0.1%

NYSE:PSX traded up $0.14 during trading hours on Monday, reaching $129.86. The company's stock had a trading volume of 3,361,899 shares, compared to its average volume of 2,462,234. The firm has a market capitalization of $52.48 billion, a price-to-earnings ratio of 31.22, a PEG ratio of 1.86 and a beta of 1.15. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $140.60. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. The firm has a 50-day simple moving average of $127.06 and a 200-day simple moving average of $119.78.

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 EPS for the quarter, topping the consensus estimate of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The business had revenue of $33.77 billion during the quarter, compared to analyst estimates of $32.11 billion. During the same period in the prior year, the business earned $2.31 EPS. Research analysts expect that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders 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 dividend on an annualized basis and a yield of 3.7%. Phillips 66's dividend payout ratio is 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.