GAMMA Investing LLC Raises Stock Holdings in Phillips 66 $PSX

Key Points

• GAMMA Investing LLC increased its holdings in Phillips 66 by 30.1% during the second quarter, now owning 12,531 shares valued at approximately $1.495 million.
• Multiple hedge funds, including Strategic Planning Group LLC and Vanguard Capital Wealth Advisors, also expanded their stakes in Phillips 66, indicating a strong institutional interest in the company.
• Phillips 66 reported quarterly earnings of $2.38 per share, surpassing estimates, and announced a $1.20 dividend per share, reflecting a 3.7% dividend yield.

GAMMA Investing LLC increased its position in Phillips 66 (NYSE:PSX - Free Report) by 30.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,531 shares of the oil and gas company's stock after purchasing an additional 2,897 shares during the quarter. GAMMA Investing LLC's holdings in Phillips 66 were worth $1,495,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Strategic Planning Group LLC grew its stake in Phillips 66 by 10.6% in the second quarter. Strategic Planning Group LLC now owns 39,102 shares of the oil and gas company's stock worth $4,665,000 after purchasing an additional 3,754 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in Phillips 66 by 9.0% in the second quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 199,700 shares of the oil and gas company's stock worth $23,824,000 after purchasing an additional 16,514 shares in the last quarter. Whitener Capital Management Inc. grew its stake in Phillips 66 by 3.5% in the second quarter. Whitener Capital Management Inc. now owns 5,534 shares of the oil and gas company's stock worth $660,000 after purchasing an additional 186 shares in the last quarter. Vanguard Capital Wealth Advisors grew its stake in Phillips 66 by 127.7% in the second quarter. Vanguard Capital Wealth Advisors now owns 5,045 shares of the oil and gas company's stock worth $602,000 after purchasing an additional 2,829 shares in the last quarter. Finally, Mitchell & Pahl Private Wealth LLC grew its stake in Phillips 66 by 5.1% in the second quarter. Mitchell & Pahl Private Wealth LLC now owns 20,377 shares of the oil and gas company's stock worth $2,431,000 after purchasing an additional 985 shares in the last quarter. Institutional investors own 76.93% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PSX. Scotiabank reissued a "sector perform" rating and issued a $133.00 price objective on shares of Phillips 66 in a research note on Friday, July 11th. Wall Street Zen upgraded Phillips 66 from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Bank of America lowered Phillips 66 from a "buy" rating to a "neutral" rating and boosted their price target for the stock from $144.00 to $147.00 in a research report on Wednesday, September 3rd. JPMorgan Chase & Co. set a $115.00 price target on Phillips 66 in a research report on Wednesday, June 18th. Finally, Raymond James Financial boosted their price target on Phillips 66 from $142.00 to $145.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $139.38.

Insiders Place Their Bets

In other Phillips 66 news, Director Gregory Hayes bought 8,350 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were purchased at an average cost of $119.90 per share, for a total transaction of $1,001,165.00. Following the transaction, the director directly owned 29,423 shares of the company's stock, valued at approximately $3,527,817.70. The trade was a 39.62% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the firm's stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $135.00, for a total value of $593,055.00. Following the sale, the executive vice president owned 38,980 shares in the company, valued at $5,262,300. This trade represents a 10.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have bought 9,850 shares of company stock valued at $1,188,910 over the last quarter. Insiders own 0.22% of the company's stock.

Phillips 66 Price Performance

Shares of PSX opened at $129.86 on Tuesday. The business's 50-day moving average is $127.06 and its two-hundred day moving average is $119.78. The company has a market capitalization of $52.48 billion, a P/E ratio of 31.22, a P/E/G ratio of 1.86 and a beta of 1.15. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $140.60.

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

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders 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 dividend yield of 3.7%. Phillips 66's dividend payout ratio (DPR) 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.

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