North Dakota State Investment Board Takes $1.80 Million Position in Phillips 66 $PSX

Key Points

• North Dakota State Investment Board opened a new position in Phillips 66 in the fourth quarter, buying 13,983 shares worth about $1.8 million.
• Institutional interest remains strong, with several other funds adding to PSX and institutions now owning 76.93% of the company’s shares.
• Phillips 66 has also seen mixed but generally favorable market signals, including a recent earnings beat, a quarterly dividend of $1.27 per share, and analyst targets that imply continued upside.

North Dakota State Investment Board purchased a new stake in Phillips 66 (NYSE:PSX - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 13,983 shares of the oil and gas company's stock, valued at approximately $1,804,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Elyxium Wealth LLC bought a new stake in shares of Phillips 66 in the fourth quarter valued at approximately $67,000. Rossmore Private Capital raised its position in shares of Phillips 66 by 4.4% in the fourth quarter. Rossmore Private Capital now owns 3,332 shares of the oil and gas company's stock valued at $430,000 after purchasing an additional 140 shares during the period. Soltis Investment Advisors LLC raised its position in shares of Phillips 66 by 108.4% in the fourth quarter. Soltis Investment Advisors LLC now owns 5,662 shares of the oil and gas company's stock valued at $731,000 after purchasing an additional 2,945 shares during the period. Independent Solutions Wealth Management LLC raised its position in shares of Phillips 66 by 1.2% in the fourth quarter. Independent Solutions Wealth Management LLC now owns 15,344 shares of the oil and gas company's stock valued at $1,980,000 after purchasing an additional 184 shares during the period. Finally, Disciplined Investments LLC raised its position in shares of Phillips 66 by 0.4% in the fourth quarter. Disciplined Investments LLC now owns 45,491 shares of the oil and gas company's stock valued at $5,870,000 after purchasing an additional 189 shares during the period. Institutional investors own 76.93% of the company's stock.

Insider Activity at Phillips 66

In other Phillips 66 news, Director Kevin Omar Meyers acquired 175 shares of the business's stock in a transaction dated Wednesday, May 6th. The stock was bought at an average price of $173.12 per share, with a total value of $30,296.00. Following the purchase, the director owned 16,799 shares of the company's stock, valued at approximately $2,908,242.88. This trade represents a 1.05% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Lisa Ann Davis sold 3,800 shares of the company's stock in a transaction on Friday, March 13th. The shares were sold at an average price of $174.37, for a total transaction of $662,606.00. Following the completion of the sale, the director directly owned 8,701 shares of the company's stock, valued at $1,517,193.37. This trade represents a 30.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 114,029 shares of company stock worth $19,641,455 over the last quarter. 0.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PSX has been the topic of a number of analyst reports. BMO Capital Markets upped their target price on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an "outperform" rating in a report on Wednesday, May 13th. Jefferies Financial Group lowered shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Monday, April 13th. Argus upped their target price on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a "buy" rating in a report on Thursday, May 14th. Tudor Pickering raised shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 30th. Finally, Barclays upped their target price on shares of Phillips 66 from $158.00 to $177.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 8th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $187.11.

Key Phillips 66 News

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Phillips 66 said it will move forward with the Zeus Gas Plant in the Permian Basin and a third Coastal Bend Fractionator in Texas, both of which are expected to come online in 2028 and expand its natural gas and NGL processing network. Reuters article
• Positive Sentiment: The projects fit within Phillips 66’s planned $2.0 billion to $2.5 billion capital spending program, reinforcing management’s commitment to growth while keeping the investment plan contained. Offshore Technology article
• Positive Sentiment: Investors are also reacting to continued momentum in PSX shares and recent earnings strength, which adds support to the stock’s valuation after the company beat Q1 profit estimates last month. Zacks article

Phillips 66 Price Performance

Shares of NYSE:PSX opened at $182.59 on Wednesday. The company's fifty day moving average price is $171.39 and its 200-day moving average price is $152.57. The firm has a market capitalization of $73.21 billion, a price-to-earnings ratio of 17.99, a PEG ratio of 0.26 and a beta of 0.70. Phillips 66 has a one year low of $109.75 and a one year high of $190.61. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping analysts' consensus estimates of ($0.54) by $1.03. The firm had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business's revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.90) EPS. On average, equities research analysts anticipate that Phillips 66 will post 17.64 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Monday, May 18th will be issued a $1.27 dividend. The ex-dividend date of this dividend is Monday, May 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.8%. Phillips 66's dividend payout ratio is presently 50.05%.

About Phillips 66

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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