Infrastructure Capital Advisors LLC Buys 32,500 Shares of Phillips 66 $PSX

Key Points

• Infrastructure Capital Advisors LLC boosted its Phillips 66 stake by 291% in the fourth quarter, buying 32,500 additional shares to bring its total to 43,667 shares valued at about $5.64 million.
• Wall Street sentiment on PSX has improved, with several analysts raising price targets; the current consensus is a Moderate Buy with an average target of $192.33.
• Phillips 66 reported quarterly EPS of $0.49, beating expectations, and recently paid a $1.27 per share dividend, implying a 3.0% annual yield.

Infrastructure Capital Advisors LLC increased its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 291.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 43,667 shares of the oil and gas company's stock after acquiring an additional 32,500 shares during the quarter. Infrastructure Capital Advisors LLC's holdings in Phillips 66 were worth $5,635,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. First National Bank of Omaha bought a new position in Phillips 66 during the third quarter worth $2,357,000. TD Asset Management Inc boosted its stake in Phillips 66 by 15.5% during the third quarter. TD Asset Management Inc now owns 174,413 shares of the oil and gas company's stock worth $23,724,000 after buying an additional 23,364 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Phillips 66 by 5.1% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 818,025 shares of the oil and gas company's stock worth $111,268,000 after buying an additional 39,592 shares in the last quarter. Fiera Capital Corp acquired a new stake in Phillips 66 during the third quarter worth $5,665,000. Finally, Massachusetts Financial Services Co. MA boosted its stake in Phillips 66 by 17.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,371,804 shares of the oil and gas company's stock worth $177,018,000 after buying an additional 199,646 shares in the last quarter. Institutional investors own 76.93% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on PSX shares. Citigroup lifted their price target on shares of Phillips 66 from $159.00 to $183.00 and gave the stock a "neutral" rating in a research note on Thursday, April 9th. BMO Capital Markets lifted their price target on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 13th. Argus lifted their price target on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a "buy" rating in a research note on Thursday, May 14th. Wells Fargo & Company lifted their price target on shares of Phillips 66 from $163.00 to $201.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 31st. Finally, Mizuho upgraded shares of Phillips 66 from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $170.00 to $212.00 in a research note on Wednesday, May 27th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $192.33.

Insider Activity

In other Phillips 66 news, CFO Kevin J. Mitchell sold 600 shares of the business's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $171.56, for a total transaction of $102,936.00. Following the completion of the sale, the chief financial officer directly owned 97,376 shares of the company's stock, valued at approximately $16,705,826.56. The trade was a 0.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kevin Omar Meyers acquired 175 shares of the company's stock in a transaction on Wednesday, May 6th. The shares were purchased at an average cost of $173.12 per share, with a total value of $30,296.00. Following the completion of the acquisition, the director directly owned 16,799 shares in the company, valued at approximately $2,908,242.88. The trade was a 1.05% increase in their position. The SEC filing for this purchase provides additional information. Insiders have sold a total of 45,629 shares of company stock valued at $8,071,540 over the last three months. Company insiders own 0.40% of the company's stock.

Phillips 66 Stock Down 2.9%

Shares of NYSE PSX opened at $167.08 on Thursday. The firm's 50-day simple moving average is $172.14 and its 200 day simple moving average is $158.68. The company has a market cap of $66.99 billion, a price-to-earnings ratio of 16.46, a price-to-earnings-growth ratio of 0.25 and a beta of 0.68. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63. Phillips 66 has a 12-month low of $118.00 and a 12-month high of $190.61.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, topping the consensus estimate of ($0.54) by $1.03. The firm had revenue of $32.54 billion during the quarter, compared to analysts' expectations of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The company's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.90) EPS. On average, research analysts expect that Phillips 66 will post 18.12 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were issued a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Monday, May 18th. Phillips 66's payout ratio is currently 50.05%.

Phillips 66 Company Profile

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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