Mariner Investment Group LLC Invests $1.19 Million in Phillips 66 $PSX

Key Points

• Mariner Investment Group LLC has invested approximately $1.19 million in Phillips 66 by acquiring 10,000 shares, making it the 24th largest position in their portfolio.
• Several other institutional investors have also increased their stakes in Phillips 66, bringing overall institutional ownership to 76.93%.
• Phillips 66 recently reported an EPS of $2.38, exceeding expectations, and announced a quarterly dividend of $1.20 per share, reflecting a yield of 3.4%.

Mariner Investment Group LLC bought a new stake in shares of Phillips 66 (NYSE:PSX - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 10,000 shares of the oil and gas company's stock, valued at approximately $1,193,000. Phillips 66 makes up approximately 0.4% of Mariner Investment Group LLC's portfolio, making the stock its 24th biggest position.

Several other large investors have also added to or reduced their stakes in PSX. von Borstel & Associates Inc. bought a new position in Phillips 66 in the 1st quarter worth $27,000. Olde Wealth Management LLC bought a new position in Phillips 66 in the first quarter worth about $28,000. Opal Wealth Advisors LLC purchased a new stake in Phillips 66 in the first quarter worth about $29,000. Smallwood Wealth Investment Management LLC bought a new stake in Phillips 66 during the 1st quarter valued at approximately $29,000. Finally, Pinpoint Asset Management Ltd bought a new stake in Phillips 66 during the 1st quarter valued at approximately $29,000. Institutional investors own 76.93% of the company's stock.

Insider Activity

In other news, Director Sigmund L. Cornelius acquired 500 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The shares were bought at an average cost of $123.55 per share, with a total value of $61,775.00. Following the transaction, the director owned 21,543 shares of the company's stock, valued at $2,661,637.65. This trade represents a 2.38% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $135.00, for a total transaction of $593,055.00. Following the sale, the executive vice president directly owned 38,980 shares in the company, valued at $5,262,300. This trade represents a 10.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders purchased 9,850 shares of company stock valued at $1,188,910. Company insiders own 0.22% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PSX. Bank of America cut Phillips 66 from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $144.00 to $147.00 in a research report on Wednesday, September 3rd. TD Cowen lifted their price objective on Phillips 66 from $130.00 to $134.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Wall Street Zen raised shares of Phillips 66 from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. JPMorgan Chase & Co. set a $115.00 price target on shares of Phillips 66 in a research note on Wednesday, June 18th. Finally, Citigroup lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and increased their price target for the stock from $126.00 to $130.00 in a research note on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $139.38.

Phillips 66 Stock Up 0.3%

Shares of Phillips 66 stock opened at $139.45 on Friday. 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 company has a 50-day moving average of $127.94 and a 200 day moving average of $120.18. The firm has a market cap of $56.36 billion, a price-to-earnings ratio of 33.52, a PEG ratio of 1.98 and a beta of 1.15. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $142.35.

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 EPS for the quarter, beating the consensus estimate of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The company had revenue of $33.77 billion for the quarter, compared to the consensus estimate of $32.11 billion. During the same period in the prior year, the firm posted $2.31 EPS. As a group, sell-side analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th were given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Phillips 66's dividend payout ratio is 115.38%.

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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