Engineers Gate Manager LP Buys 31,628 Shares of Phillips 66 $PSX

Key Points

• Engineers Gate Manager LP increased its Phillips 66 stake by 194.9% in the second quarter, buying 31,628 shares to reach 47,859 shares valued at approximately $8.1 million. Institutional investors own 76.93% of the company.
• Phillips 66 reported quarterly EPS of $9.41, well above the $7.50 consensus estimate, and announced a $10 billion share-buyback authorization alongside a quarterly dividend of $1.27 per share.
• While analyst sentiment is generally positive—with a “Moderate Buy” consensus and average price target of $222.76—company insiders sold more than 100,000 shares worth $21.8 million over the past three months, and some analysts maintain Hold ratings.

Engineers Gate Manager LP boosted its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 194.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 47,859 shares of the oil and gas company's stock after acquiring an additional 31,628 shares during the period. Engineers Gate Manager LP's holdings in Phillips 66 were worth $8,091,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. NFSG Corp grew its position in shares of Phillips 66 by 105.6% during the first quarter. NFSG Corp now owns 146 shares of the oil and gas company's stock valued at $27,000 after purchasing an additional 75 shares in the last quarter. Axiom Investment Management LLC purchased a new stake in shares of Phillips 66 in the first quarter worth about $27,000. Compass Financial Management LLC purchased a new stake in shares of Phillips 66 in the second quarter worth about $28,000. Kelleher Financial Advisors bought a new position in Phillips 66 during the second quarter valued at approximately $29,000. Finally, J.Safra Asset Management Corp bought a new position in Phillips 66 during the second quarter valued at approximately $30,000. 76.93% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Brian Mandell sold 30,000 shares of the stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total value of $6,450,000.00. Following the sale, the executive vice president owned 61,595 shares of the company's stock, valued at approximately $13,242,925. This represents a 32.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Richard Harbison sold 52,100 shares of the firm's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the completion of the sale, the executive vice president owned 39,094 shares of the company's stock, valued at $8,747,673.44. This trade represents a 57.13% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 100,507 shares of company stock worth $21,770,810. 0.40% of the stock is currently owned by insiders.

Trending Headlines about Phillips 66

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Momentum and bullish coverage: Zacks highlighted Phillips 66 as a strong momentum candidate, while another commentary described the refiner as having “tech-stock swagger” backed by improving fundamentals. The stock’s move to a 52-week high reinforces its strong recent performance. Phillips 66 Is a Great Momentum Stock Bull of the Day: Phillips 66
• Positive Sentiment: Analyst sentiment is broadly constructive: Phillips 66’s average brokerage recommendation remains bullish, and Zacks Research recently upgraded the shares from Hold to Strong Buy. Such ratings can attract momentum and income-oriented investors, although they are not always reliable indicators of future returns. Wall Street Bulls Look Optimistic About Phillips 66 Zacks Upgrades Phillips 66
• Neutral Sentiment: Refining-cycle outlook remains the key debate: Recent analysis revisited the timing of Phillips 66’s expected performance while maintaining a broader view on the refining cycle. This suggests the long-term thesis remains intact, but the timing of additional upside is uncertain. Phillips 66: I Was Wrong on the Duration, Not on the Cycle
• Negative Sentiment: Hold ratings temper the bullish case: Bank of America Securities and Barclays both reiterated Hold ratings. These cautious views could pressure the shares after their substantial run and near the 52-week high. Bank of America Securities Keeps Hold Rating Barclays Gives Phillips 66 a Hold

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PSX. Jefferies Financial Group lifted their price objective on Phillips 66 from $191.00 to $207.00 and gave the stock a "hold" rating in a research note on Thursday, July 9th. Guggenheim upgraded Phillips 66 to an "outperform" rating in a research report on Wednesday, May 27th. Wall Street Zen raised shares of Phillips 66 from a "buy" rating to a "strong-buy" rating in a report on Sunday, July 26th. Mizuho upgraded shares of Phillips 66 from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $170.00 to $212.00 in a research report on Wednesday, May 27th. Finally, TD Cowen boosted their price target on shares of Phillips 66 from $240.00 to $255.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Phillips 66 presently has a consensus rating of "Moderate Buy" and an average price target of $222.76.

Phillips 66 Trading Down 0.8%

Shares of PSX stock opened at $258.59 on Friday. Phillips 66 has a 1 year low of $126.74 and a 1 year high of $263.76. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. The stock's 50 day simple moving average is $221.19 and its two-hundred day simple moving average is $188.94. The company has a market cap of $103.18 billion, a PE ratio of 14.73, a price-to-earnings-growth ratio of 0.19 and a beta of 0.71.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, topping analysts' consensus estimates of $7.50 by $1.91. The firm had revenue of $52.04 billion during the quarter, compared to analysts' expectations of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same quarter in the previous year, the business earned $2.38 EPS. Research analysts predict that Phillips 66 will post 24.45 earnings per share for the current year.

Phillips 66 declared that its Board of Directors has initiated a stock buyback plan on Friday, July 31st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th were paid a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Tuesday, August 18th. Phillips 66's payout ratio is presently 28.95%.

Phillips 66 Company Profile

Phillips 66 NYSE: PSX is an energy company that operates across the midstream, chemicals, refining and marketing sectors. Headquartered in Houston, Texas, the company was established in 2012 when ConocoPhillips separated its downstream businesses into an independent company.

The company's midstream operations include transportation, processing, storage and other infrastructure for crude oil, natural gas and natural gas liquids. Phillips 66 also owns and operates refineries that process crude oil into transportation fuels, lubricants, specialty products and other refined petroleum products.

Phillips 66 markets gasoline, diesel and other fuels under the Phillips 66, Conoco and 76 brands, primarily in the United States.

Want to see what other hedge funds are holding PSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Phillips 66 (NYSE:PSX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.