Legato Capital Management LLC Invests $1.67 Million in Phillips 66 $PSX

Key Points

• Legato Capital Management opened a new position in Phillips 66 during the fourth quarter, buying 12,940 shares valued at about $1.67 million.
• Insider activity was mixed: CFO Kevin J. Mitchell sold 600 shares, while Director Kevin Omar Meyers bought 175 shares. Overall, insiders have sold 114,029 shares over the past 90 days.
• Analysts remain generally positive on PSX, with an average rating of “Moderate Buy” and a consensus price target of $187.11. The company also recently reported quarterly EPS of $0.49 versus expectations for a loss, and it will pay a $1.27 quarterly dividend.

Legato Capital Management LLC purchased a new position in shares of Phillips 66 (NYSE:PSX - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 12,940 shares of the oil and gas company's stock, valued at approximately $1,670,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. GHP Investment Advisors Inc. increased its stake in shares of Phillips 66 by 2.3% during the fourth quarter. GHP Investment Advisors Inc. now owns 3,210 shares of the oil and gas company's stock worth $414,000 after acquiring an additional 72 shares during the period. L2 Asset Management LLC increased its stake in shares of Phillips 66 by 4.0% during the third quarter. L2 Asset Management LLC now owns 1,893 shares of the oil and gas company's stock worth $257,000 after acquiring an additional 72 shares during the period. Mesirow Financial Investment Management Inc. increased its stake in shares of Phillips 66 by 0.5% during the third quarter. Mesirow Financial Investment Management Inc. now owns 15,658 shares of the oil and gas company's stock worth $2,130,000 after acquiring an additional 73 shares during the period. KCM Investment Advisors LLC increased its stake in shares of Phillips 66 by 1.6% during the third quarter. KCM Investment Advisors LLC now owns 4,636 shares of the oil and gas company's stock worth $631,000 after acquiring an additional 74 shares during the period. Finally, Abacus Planning Group Inc. increased its stake in shares of Phillips 66 by 3.9% during the fourth quarter. Abacus Planning Group Inc. now owns 1,989 shares of the oil and gas company's stock worth $257,000 after acquiring an additional 74 shares during the period. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Phillips 66

In related news, CFO Kevin J. Mitchell sold 600 shares of the business's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $171.56, for a total value of $102,936.00. Following the sale, the chief financial officer directly owned 97,376 shares in the company, valued at $16,705,826.56. The trade was a 0.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kevin Omar Meyers bought 175 shares of the business's stock in a transaction that occurred on Wednesday, May 6th. The stock was purchased at an average cost of $173.12 per share, with a total value of $30,296.00. Following the purchase, the director directly owned 16,799 shares in the company, valued at $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 114,029 shares of company stock valued at $19,641,455 over the last 90 days. 0.40% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PSX has been the topic of a number of recent analyst reports. Morgan Stanley reiterated an "overweight" rating and set a $180.00 price target on shares of Phillips 66 in a research note on Thursday, April 30th. Raymond James Financial boosted their target price on shares of Phillips 66 from $205.00 to $215.00 in a research report on Thursday, April 30th. Tudor Pickering upgraded shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 30th. BMO Capital Markets boosted their target price on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 13th. Finally, Mizuho boosted their target price on shares of Phillips 66 from $152.00 to $170.00 and gave the stock a "neutral" rating in a research report on Tuesday, March 17th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat, Phillips 66 presently has an average rating of "Moderate Buy" and a consensus target price of $187.11.

Phillips 66 Price Performance

Phillips 66 stock opened at $178.03 on Friday. Phillips 66 has a 52 week low of $111.19 and a 52 week high of $190.61. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63. The firm's 50-day simple moving average is $172.12 and its 200 day simple moving average is $153.30. The firm has a market capitalization of $71.38 billion, a PE ratio of 17.54, a P/E/G ratio of 0.26 and a beta of 0.70.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping the consensus estimate of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. During the same period in the previous year, the firm earned ($0.90) EPS. The business's revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities research analysts predict that Phillips 66 will post 17.64 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 18th will be given a $1.27 dividend. The ex-dividend date is Monday, May 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.9%. 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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