Mattern Capital Management LLC Increases Stock Holdings in Phillips 66 $PSX

Key Points

• Mattern Capital Management LLC increased its stake in Phillips 66 by 2.2% in the second quarter, holding 94,198 shares valued at approximately $11.24 million, making it the fund's 11th largest position.
• Phillips 66 reported a quarterly earnings per share (EPS) of $2.38, exceeding analysts' estimates of $1.79, alongside a revenue of $33.77 billion.
• The company's recent dividend of $1.20 per share translates to an annualized yield of 3.6%, although its payout ratio stands at a high 115.38%.

Mattern Capital Management LLC lifted its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 2.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 94,198 shares of the oil and gas company's stock after buying an additional 2,012 shares during the period. Phillips 66 comprises about 1.4% of Mattern Capital Management LLC's holdings, making the stock its 11th largest position. Mattern Capital Management LLC's holdings in Phillips 66 were worth $11,238,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of PSX. Wolff Wiese Magana LLC boosted its position in Phillips 66 by 62.1% in the second quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company's stock worth $26,000 after purchasing an additional 82 shares during the last quarter. von Borstel & Associates Inc. purchased a new position in Phillips 66 in the first quarter worth $27,000. Olde Wealth Management LLC purchased a new position in Phillips 66 in the first quarter worth $28,000. Opal Wealth Advisors LLC purchased a new position in Phillips 66 in the first quarter worth $29,000. Finally, Smallwood Wealth Investment Management LLC purchased a new position in Phillips 66 in the first quarter worth $29,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Phillips 66 Stock Performance

Shares of PSX opened at $135.02 on Friday. The firm has a market cap of $54.57 billion, a PE ratio of 32.46, a PEG ratio of 1.95 and a beta of 1.11. The stock's fifty day moving average price is $128.72 and its two-hundred day moving average price is $120.46. 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 1 year low of $91.01 and a 1 year high of $142.35.

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

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th were paid a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Tuesday, August 19th. Phillips 66's payout ratio is presently 115.38%.

Insider Buying and Selling

In related news, Director Gregory Hayes acquired 8,350 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The shares were bought at an average cost of $119.90 per share, for a total transaction of $1,001,165.00. Following the purchase, the director owned 29,423 shares in the company, valued at $3,527,817.70. This trade represents a 39.62% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael A. Heim acquired 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The shares were bought at an average price of $125.97 per share, for a total transaction of $125,970.00. Following the completion of the purchase, the director owned 12,043 shares in the company, valued at $1,517,056.71. This trade represents a 9.06% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 9,850 shares of company stock valued at $1,188,910 and have sold 13,179 shares valued at $1,779,165. 0.22% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

PSX has been the topic of several research analyst reports. Wall Street Zen raised Phillips 66 from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. UBS Group boosted their price objective on Phillips 66 from $143.00 to $150.00 and gave the stock a "buy" rating in a research report on Monday, September 22nd. Mizuho boosted their price objective on Phillips 66 from $140.00 to $142.00 and gave the stock a "neutral" rating in a research report on Monday, September 15th. Citigroup cut Phillips 66 from a "buy" rating to a "neutral" rating and boosted their price objective for the stock from $126.00 to $130.00 in a research report on Wednesday, July 16th. Finally, Barclays boosted their target price 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. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eleven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $139.44.

About Phillips 66

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.