Highland Capital Management LLC Takes $1.85 Million Position in Phillips 66 $PSX

Key Points

• Highland Capital Management acquired a new stake of 14,333 shares in Phillips 66 in Q4, valued at approximately $1.85 million.
• Phillips 66 reported quarterly EPS of $0.49, beating estimates by $1.03 despite a revenue shortfall, and announced a quarterly dividend of $1.27 per share (annualized $5.08, yield 2.8%).
• Insiders sold 91,529 shares worth about $15.74 million over the last 90 days, leaving company insiders with just 0.40% ownership.

Highland Capital Management LLC acquired a new stake in Phillips 66 (NYSE:PSX - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 14,333 shares of the oil and gas company's stock, valued at approximately $1,850,000.

Several other hedge funds also recently modified their holdings of PSX. Board of the Pension Protection Fund bought a new stake in shares of Phillips 66 in the 4th quarter valued at $26,000. Accordant Advisory Group Inc increased 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 acquiring an additional 180 shares in the last quarter. Eagle Bay Advisors LLC bought a new stake in Phillips 66 during the 4th quarter valued at $27,000. Stephens Consulting LLC increased its stake in Phillips 66 by 67.7% during the 4th 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 stake in Phillips 66 during the 4th quarter valued at $35,000. Institutional investors own 76.93% of the company's stock.

Phillips 66 Price Performance

PSX opened at $180.26 on Wednesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. The company has a market capitalization of $72.27 billion, a price-to-earnings ratio of 17.76, a P/E/G ratio of 0.28 and a beta of 0.70. The firm's fifty day moving average price is $168.18 and its two-hundred day moving average price is $149.62. Phillips 66 has a 1 year low of $104.83 and a 1 year high of $190.61.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business's revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.90) EPS. As a group, analysts anticipate that Phillips 66 will post 16.76 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Monday, May 18th will be issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Monday, May 18th. Phillips 66's payout ratio is currently 50.05%.

Analyst Ratings Changes

PSX has been the subject of a number of recent research reports. TD Cowen boosted their price target on shares of Phillips 66 from $155.00 to $213.00 and gave the company a "buy" rating in a research note on Wednesday, April 1st. Piper Sandler boosted their price target on shares of Phillips 66 from $168.00 to $177.00 and gave the company a "neutral" rating in a research note on Wednesday, April 8th. Mizuho boosted their price target on shares of Phillips 66 from $152.00 to $170.00 and gave the company a "neutral" rating in a research note on Tuesday, March 17th. Weiss Ratings lowered shares of Phillips 66 from a "buy (b-)" rating to a "hold (c)" rating in a research note on Friday. Finally, Zacks Research upgraded shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 27th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $184.50.

Insider Activity

In other Phillips 66 news, EVP Don Baldridge sold 7,500 shares of Phillips 66 stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $160.00, for a total transaction of $1,200,000.00. Following the transaction, the executive vice president directly owned 38,488 shares of the company's stock, valued at $6,158,080. The trade was a 16.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kevin J. Mitchell sold 16,856 shares of the business's stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $168.22, for a total transaction of $2,835,516.32. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at $16,380,590.72. This trade represents a 14.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 91,529 shares of company stock worth $15,740,519. Company insiders own 0.40% of the company's stock.

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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