Magnetar Financial LLC Buys New Position in Phillips 66 $PSX

Key Points

• Magnetar Financial LLC has acquired 85,895 shares of Phillips 66, valued at approximately $10.6 million, marking a significant investment by the institutional investor in the oil and gas company.
• Phillips 66 reported earnings of $2.38 EPS for the last quarter, surpassing the consensus estimate of $1.79, while also declaring a quarterly dividend of $1.20 per share, reflecting a strong financial performance.
• As of now, institutional investors hold 76.93% of Phillips 66's stock, indicating strong support from the investment community alongside a variety of recent acquisitions and trades by directors and institutional investors.

Magnetar Financial LLC bought a new stake in shares of Phillips 66 (NYSE:PSX - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 85,895 shares of the oil and gas company's stock, valued at approximately $10,606,000.

Several other large investors have also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD lifted its position in shares of Phillips 66 by 11.3% in 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 during the period. Invesco Ltd. increased its holdings in Phillips 66 by 15.9% in the 1st quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock valued at $588,489,000 after buying an additional 653,248 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Phillips 66 by 11.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,781,064 shares of the oil and gas company's stock worth $466,886,000 after acquiring an additional 377,132 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Phillips 66 by 3.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,103,316 shares of the oil and gas company's stock worth $383,197,000 after acquiring an additional 100,321 shares during the period. Finally, Deutsche Bank AG lifted its holdings in shares of Phillips 66 by 9.7% during the 4th quarter. Deutsche Bank AG now owns 2,579,365 shares of the oil and gas company's stock worth $293,867,000 after acquiring an additional 227,095 shares during the period. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PSX shares. Barclays boosted their price target on Phillips 66 from $115.00 to $127.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 9th. Scotiabank restated a "sector perform" rating and issued a $133.00 target price on shares of Phillips 66 in a research note on Friday, July 11th. Cantor Fitzgerald initiated coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They set a "neutral" rating for the company. Compass Point started coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They set a "buy" rating on the stock. Finally, Piper Sandler reaffirmed a "neutral" rating and set a $145.00 price objective (up previously from $144.00) on shares of Phillips 66 in a report on Monday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $136.20.

Phillips 66 Trading Up 0.6%

Shares of PSX stock traded up $0.86 on Monday, reaching $133.69. 1,530,714 shares of the stock were exchanged, compared to its average volume of 1,979,315. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. Phillips 66 has a one year low of $91.01 and a one year high of $140.85. The stock has a market cap of $54.03 billion, a PE ratio of 32.14, a P/E/G ratio of 1.81 and a beta of 1.15. The stock has a 50 day moving average price of $125.03 and a 200 day moving average price of $119.25.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.59. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.The firm had revenue of $33.77 billion during the quarter, compared to analysts' expectations of $32.11 billion. During the same period in the previous year, the business posted $2.31 EPS. Equities research analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be paid a $1.20 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a yield of 3.6%. Phillips 66's dividend payout ratio (DPR) is presently 115.38%.

Insider Transactions at Phillips 66

In other Phillips 66 news, EVP Brian Mandell sold 9,800 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total value of $1,225,000.00. Following the transaction, the executive vice president directly owned 56,838 shares of the company's stock, valued at approximately $7,104,750. This trade represents a 14.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael A. Heim acquired 1,000 shares of Phillips 66 stock in a transaction that occurred on Wednesday, July 30th. The shares were purchased at an average cost of $125.97 per share, for a total transaction of $125,970.00. Following the purchase, the director directly owned 12,043 shares in the company, valued at $1,517,056.71. The trade was a 9.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 9,850 shares of company stock valued at $1,188,910. 0.22% of the stock is currently owned by company insiders.

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.