New York State Teachers Retirement System Purchases 24,899 Shares of Phillips 66 $PSX

Key Points

• New York State Teachers Retirement System boosted its Phillips 66 stake by 8.1% in the first quarter, buying 24,899 more shares and bringing its total holding to 331,005 shares valued at about $60.3 million.
• Phillips 66 reported better-than-expected Q1 earnings of $0.49 per share, versus analysts’ estimate of a loss of $0.54 per share, though revenue of $32.54 billion came in below expectations.
• The company continues to return cash to shareholders, paying a quarterly dividend of $1.27 per share for a 2.9% yield, while analysts remain generally positive with a consensus Moderate Buy rating and a $192.72 average price target.

New York State Teachers Retirement System increased its position in Phillips 66 (NYSE:PSX - Free Report) by 8.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 331,005 shares of the oil and gas company's stock after buying an additional 24,899 shares during the period. New York State Teachers Retirement System owned 0.08% of Phillips 66 worth $60,302,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PSX. Board of the Pension Protection Fund bought a new stake in Phillips 66 in the fourth quarter worth approximately $26,000. Accordant Advisory Group Inc increased its stake in shares of Phillips 66 by 900.0% during the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company's stock worth $26,000 after purchasing an additional 180 shares during the last quarter. Eagle Bay Advisors LLC bought a new position in shares of Phillips 66 during the 4th quarter valued at $27,000. SWAN Capital LLC raised its holdings in shares of Phillips 66 by 1,055.6% during the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock valued at $27,000 after purchasing an additional 190 shares in the last quarter. Finally, Stephens Consulting LLC lifted its stake in shares of Phillips 66 by 67.7% in the 4th quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company's stock valued at $29,000 after purchasing an additional 90 shares during the last quarter. Institutional investors own 76.93% of the company's stock.

Phillips 66 Stock Performance

NYSE:PSX opened at $176.40 on Friday. Phillips 66 has a 1 year low of $118.07 and a 1 year high of $190.61. The firm's fifty day simple moving average is $174.43 and its 200 day simple moving average is $161.15. 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 firm has a market capitalization of $70.72 billion, a PE ratio of 17.38, a PEG ratio of 0.24 and a beta of 0.69.

Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The firm had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. During the same quarter in the previous year, the business earned ($0.90) EPS. The business's revenue was up 6.9% on a year-over-year basis. On average, sell-side analysts anticipate that Phillips 66 will post 19.27 EPS for the current year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were paid a dividend of $1.27 per share. The ex-dividend date was Monday, May 18th. This represents a $5.08 annualized dividend and a yield of 2.9%. Phillips 66's dividend payout ratio is presently 50.05%.

Insider Buying and Selling

In other Phillips 66 news, Director Kevin Omar Meyers purchased 175 shares of the company's stock in a transaction on Wednesday, May 6th. The shares were bought at an average cost of $173.12 per share, with a total value of $30,296.00. Following the transaction, the director directly owned 16,799 shares in the company, valued at approximately $2,908,242.88. This represents a 1.05% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Kevin J. Mitchell sold 600 shares of the company's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $171.56, for a total value of $102,936.00. Following the transaction, the chief financial officer owned 97,376 shares of the company's stock, valued at approximately $16,705,826.56. This trade represents a 0.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.40% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PSX. Wolfe Research upped their price objective on shares of Phillips 66 from $187.00 to $193.00 and gave the stock an "outperform" rating in a report on Monday, April 6th. Argus boosted their price target on Phillips 66 from $185.00 to $197.00 and gave the stock a "buy" rating in a research report on Thursday, May 14th. Raymond James Financial upped their price target on Phillips 66 from $215.00 to $218.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 10th. Scotiabank increased their price objective on Phillips 66 from $140.00 to $151.00 and gave the company a "sector perform" rating in a report on Wednesday, April 22nd. Finally, Piper Sandler raised their price objective on Phillips 66 from $168.00 to $177.00 and gave the company a "neutral" rating in a research note on Wednesday, April 8th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, Phillips 66 presently has an average rating of "Moderate Buy" and a consensus target price of $192.72.

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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