Geode Capital Management LLC Purchases 45,340 Shares of Phillips 66 $PSX

Key Points

• Geode Capital Management increased its Phillips 66 stake by 45,340 shares in the fourth quarter, bringing its holdings to 10.4 million shares worth about $1.34 billion.
• Phillips 66 reported better-than-expected earnings for the latest quarter, posting $0.49 EPS versus estimates for a loss, while revenue rose 6.9% year over year.
• The company declared a quarterly dividend of $1.27 per share, and analysts currently rate the stock a Moderate Buy with a consensus price target of $191.28.

Geode Capital Management LLC boosted its position in Phillips 66 (NYSE:PSX - Free Report) by 0.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 10,413,824 shares of the oil and gas company's stock after acquiring an additional 45,340 shares during the period. Geode Capital Management LLC owned 2.58% of Phillips 66 worth $1,338,596,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Board of the Pension Protection Fund bought a new position in shares of Phillips 66 in the fourth quarter valued at approximately $26,000. Accordant Advisory Group Inc lifted its holdings in shares of Phillips 66 by 900.0% in the fourth 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 in the last quarter. Eagle Bay Advisors LLC bought a new position in shares of Phillips 66 in the fourth quarter valued at approximately $27,000. Stephens Consulting LLC lifted its holdings in shares of Phillips 66 by 67.7% in the fourth quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company's stock valued at $29,000 after purchasing an additional 90 shares in the last quarter. Finally, Dorato Capital Management bought a new position in shares of Phillips 66 in the fourth quarter valued at approximately $35,000. Institutional investors own 76.93% of the company's stock.

Phillips 66 Stock Performance

Shares of PSX opened at $176.88 on Friday. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $70.92 billion, a price-to-earnings ratio of 17.43, a PEG ratio of 0.26 and a beta of 0.70. The stock has a 50 day moving average of $172.32 and a 200 day moving average of $154.51. Phillips 66 has a 12 month low of $111.19 and a 12 month high of $190.61.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, beating analysts' consensus estimates of ($0.54) by $1.03. The company had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.Phillips 66's revenue was up 6.9% on a year-over-year basis. During the same period last year, the business posted ($0.90) earnings per share. As a group, sell-side analysts forecast that Phillips 66 will post 17.64 earnings per share for the current year.

Phillips 66 Dividend Announcement

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

Insiders Place Their Bets

In other Phillips 66 news, Director Kevin Omar Meyers purchased 175 shares of the firm's stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average cost of $173.12 per share, with a total value of $30,296.00. Following the completion of the transaction, the director owned 16,799 shares of the company's stock, valued at $2,908,242.88. The trade was a 1.05% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Brian Mandell sold 42,800 shares of the stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $169.53, for a total value of $7,255,884.00. Following the sale, the executive vice president directly owned 61,595 shares of the company's stock, valued at $10,442,200.35. The trade was a 41.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 114,029 shares of company stock valued at $19,641,455. Insiders own 0.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PSX. Wolfe Research raised their target price on Phillips 66 from $187.00 to $193.00 and gave the company an "outperform" rating in a report on Monday, April 6th. Tudor Pickering upgraded Phillips 66 from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 30th. Zacks Research upgraded Phillips 66 from a "hold" rating to a "strong-buy" rating in a report on Monday, April 27th. Wall Street Zen lowered Phillips 66 from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 16th. Finally, Guggenheim upgraded Phillips 66 to an "outperform" rating in a report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, Phillips 66 has an average rating of "Moderate Buy" and a consensus price target of $191.28.

About Phillips 66

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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