Los Angeles Capital Management LLC Has $108.02 Million Stake in Phillips 66 $PSX

Key Points

• Los Angeles Capital Management increased its Phillips 66 stake by 12.2% in Q4, holding 788,034 shares worth about $108 million after the purchase.
• Phillips 66 reported Q1 earnings of $0.49 per share, beating estimates, even though revenue came in below expectations at $32.54 billion. The company also said revenue rose 6.9% year over year.
• The company declared a quarterly dividend of $1.27 per share, equal to an annualized yield of about 2.8%, while analysts currently rate the stock a Moderate Buy with a consensus target price of $191.28.

Los Angeles Capital Management LLC raised its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 12.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 788,034 shares of the oil and gas company's stock after purchasing an additional 85,686 shares during the period. Los Angeles Capital Management LLC owned approximately 0.20% of Phillips 66 worth $108,016,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in PSX. Vanguard Group Inc. lifted its position in shares of Phillips 66 by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company's stock worth $6,701,052,000 after buying an additional 205,480 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Phillips 66 by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company's stock worth $1,338,596,000 after buying an additional 45,340 shares in the last quarter. Norges Bank bought a new position in shares of Phillips 66 during the 4th quarter worth approximately $640,206,000. M&T Bank Corp lifted its position in shares of Phillips 66 by 462.9% during the 4th quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company's stock worth $352,007,000 after buying an additional 2,243,268 shares in the last quarter. Finally, Amundi lifted its position in shares of Phillips 66 by 2.8% during the 3rd quarter. Amundi now owns 2,400,180 shares of the oil and gas company's stock worth $319,123,000 after buying an additional 65,568 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company's stock.

Phillips 66 Trading Down 0.5%

NYSE:PSX opened at $183.30 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 stock has a market capitalization of $73.49 billion, a PE ratio of 18.06, a price-to-earnings-growth ratio of 0.27 and a beta of 0.68. The firm's 50 day moving average is $172.76 and its 200 day moving average is $156.17. Phillips 66 has a 12 month low of $112.95 and a 12 month high of $190.61.

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

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were issued a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Monday, May 18th. Phillips 66's payout ratio is 50.05%.

Insider Activity at Phillips 66

In related news, Director Kevin Omar Meyers purchased 175 shares of the stock in a transaction that occurred on Wednesday, May 6th. The shares were bought at an average price of $173.12 per share, with a total value of $30,296.00. Following the acquisition, the director owned 16,799 shares of the company's stock, valued at $2,908,242.88. This trade represents a 1.05% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Brian Mandell sold 42,800 shares of Phillips 66 stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $169.53, for a total transaction of $7,255,884.00. Following the completion of the sale, the executive vice president directly owned 61,595 shares in the company, valued at $10,442,200.35. This trade represents a 41.00% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 92,229 shares of company stock worth $15,990,030. Company insiders own 0.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Morgan Stanley reissued an "overweight" rating and set a $180.00 target price on shares of Phillips 66 in a research report on Thursday, April 30th. BMO Capital Markets lifted 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. Weiss Ratings cut shares of Phillips 66 from a "buy (b-)" rating to a "hold (c)" rating in a research report on Friday, May 1st. Wall Street Zen cut shares of Phillips 66 from a "strong-buy" rating to a "buy" rating in a research report on Saturday, May 16th. Finally, Mizuho raised shares of Phillips 66 from a "neutral" rating to an "outperform" rating and lifted their target price for the stock from $170.00 to $212.00 in a research report on Wednesday, May 27th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price 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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