IFM Investors Pty Ltd Increases Position in Phillips 66 $PSX

Key Points

• IFM Investors Pty Ltd increased its stake in Phillips 66 by 7.6%, bringing their total holdings to approximately $8.35 million after acquiring an additional 4,766 shares in the first quarter.
• Major investors, including Elliott Investment Management and GAMMA Investing, significantly boosted their positions in Phillips 66, with Elliott increasing its stake by an impressive 1,929%.
• Phillips 66 reported earnings of $2.38 per share for the latest quarter, surpassing analysts' expectations and reflecting a positive outlook for the company amidst a net margin of 1.27% and a forecast of 6.8 EPS for the fiscal year.

IFM Investors Pty Ltd increased its stake in Phillips 66 (NYSE:PSX - Free Report) by 7.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 67,621 shares of the oil and gas company's stock after purchasing an additional 4,766 shares during the quarter. IFM Investors Pty Ltd's holdings in Phillips 66 were worth $8,350,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in PSX. Elliott Investment Management L.P. boosted its stake in shares of Phillips 66 by 1,929.0% during the 1st quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock worth $1,941,723,000 after acquiring an additional 14,950,000 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Phillips 66 during the 1st quarter worth approximately $156,482,000. GAMMA Investing LLC boosted its stake in shares of Phillips 66 by 14,119.5% during the 1st 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 in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of 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 acquiring an additional 682,459 shares in the last quarter. Finally, Invesco Ltd. boosted its stake 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 acquiring an additional 653,248 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company's stock.

Analysts Set New Price Targets

PSX has been the topic of several research analyst reports. Evercore ISI began coverage on Phillips 66 in a research note on Wednesday, June 18th. They set an "outperform" rating and a $130.00 price target on the stock. Wall Street Zen upgraded shares of Phillips 66 from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Bank of America lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and boosted their price objective for the stock from $144.00 to $147.00 in a research report on Wednesday, September 3rd. Cantor Fitzgerald began coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They issued a "neutral" rating on the stock. Finally, Wells Fargo & Company dropped their price objective on shares of Phillips 66 from $149.00 to $147.00 and set an "overweight" rating for the company in a research note on Wednesday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $135.80.

Phillips 66 Trading Down 0.7%

Shares of PSX opened at $131.35 on Thursday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. The firm has a 50 day simple moving average of $126.75 and a 200-day simple moving average of $119.52. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $140.60. The stock has a market cap of $53.08 billion, a price-to-earnings ratio of 31.57, a price-to-earnings-growth ratio of 2.06 and a beta of 1.15.

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 earnings per share for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $32.11 billion. During the same period last year, the company posted $2.31 EPS. Equities analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th were paid a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, August 19th. Phillips 66's payout ratio is presently 115.38%.

Insider Transactions at Phillips 66

In other news, Director Michael A. Heim bought 1,000 shares of the stock in a transaction on Wednesday, July 30th. The stock was purchased at an average cost of $125.97 per share, with a total value of $125,970.00. Following the purchase, the director owned 12,043 shares of the company's stock, valued at approximately $1,517,056.71. The trade was a 9.06% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, EVP Brian Mandell sold 9,800 shares of Phillips 66 stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the completion of the sale, the executive vice president directly owned 56,838 shares of the company's stock, valued at $7,104,750. The trade was a 14.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders bought 9,850 shares of company stock worth $1,188,910 and sold 18,586 shares worth $2,389,145. Insiders own 0.22% of the company's stock.

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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