Nexpoint Asset Management L.P. Invests $1.85 Million in Phillips 66 $PSX

Key Points

• Nexpoint Asset Management L.P. has invested approximately $1.85 million in Phillips 66, acquiring 14,962 shares during the first quarter.
• Institutional investors control 76.93% of Phillips 66's stock, with Elliott Investment Management significantly increasing its stake by 1,929.0%.
• Phillips 66 reported earnings of $2.38 per share for the last quarter, exceeding expectations, and also announced a dividend of $1.20 per share.

Nexpoint Asset Management L.P. purchased a new position in shares of Phillips 66 (NYSE:PSX - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 14,962 shares of the oil and gas company's stock, valued at approximately $1,848,000.

Several other institutional investors and hedge funds have also modified their holdings of PSX. Elliott Investment Management L.P. lifted its stake in shares of Phillips 66 by 1,929.0% during the 1st quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock valued at $1,941,723,000 after buying an additional 14,950,000 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Phillips 66 by 20.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 158,934 shares of the oil and gas company's stock valued at $19,625,000 after buying an additional 26,825 shares in the last quarter. Alta Advisers Ltd purchased a new position in shares of Phillips 66 during the 1st quarter valued at $253,000. Evergreen Wealth Solutions LLC purchased a new position in shares of Phillips 66 during the 1st quarter valued at $292,000. Finally, Sustainable Insight Capital Management LLC purchased a new position in shares of Phillips 66 during the 1st quarter valued at $1,457,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PSX. Wall Street Zen upgraded shares of Phillips 66 from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Compass Point began coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They set a "buy" rating on the stock. Scotiabank reiterated a "sector perform" rating and issued a $133.00 price target on shares of Phillips 66 in a report on Friday, July 11th. Evercore ISI began coverage on shares of Phillips 66 in a report on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 price target on the stock. Finally, UBS Group lifted their price target on shares of Phillips 66 from $141.00 to $143.00 and gave the company a "buy" rating in a report on Monday, July 28th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, Phillips 66 has a consensus rating of "Moderate Buy" and an average price target of $135.60.

Insider Activity at Phillips 66

In related news, EVP Brian Mandell sold 9,800 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the transaction, the executive vice president directly owned 56,838 shares in the company, valued at approximately $7,104,750. This represents a 14.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Sigmund L. Cornelius purchased 500 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The shares were purchased at an average price of $123.55 per share, for a total transaction of $61,775.00. Following the completion of the acquisition, the director directly owned 21,543 shares in the company, valued at $2,661,637.65. The trade was a 2.38% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 9,850 shares of company stock worth $1,188,910 in the last three months. 0.22% of the stock is owned by insiders.

Phillips 66 Stock Performance

Phillips 66 stock opened at $131.63 on Friday. The company's 50-day moving average price is $126.02 and its 200-day moving average price is $119.49. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $140.60. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. The company has a market cap of $53.19 billion, a PE ratio of 31.64, a price-to-earnings-growth ratio of 1.77 and a beta of 1.15.

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

Phillips 66 Announces Dividend

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

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.

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