OP Asset Management Ltd Purchases Shares of 29,286 Phillips 66 $PSX

Key Points

• OP Asset Management Ltd opened a new position in Phillips 66 during the first quarter, buying 29,286 shares valued at about $5.34 million.
• Phillips 66 reported better-than-expected quarterly earnings of $0.49 per share, though revenue came in below analyst estimates. The company also posted year-over-year revenue growth of 6.9%.
• The company continues to attract analyst support, with several firms raising price targets and the stock carrying a consensus “Moderate Buy” rating and average target price of $192.33.

OP Asset Management Ltd purchased a new stake in Phillips 66 (NYSE:PSX - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 29,286 shares of the oil and gas company's stock, valued at approximately $5,335,000.

Other large investors have also made changes to their positions in the company. Board of the Pension Protection Fund acquired a new stake in Phillips 66 in the 4th quarter valued at approximately $26,000. Accordant Advisory Group Inc lifted its holdings in shares of Phillips 66 by 900.0% during the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company's stock worth $26,000 after buying an additional 180 shares during the last quarter. Eagle Bay Advisors LLC bought a new stake in shares of Phillips 66 in the fourth quarter valued at approximately $27,000. SWAN Capital LLC boosted its position in shares of Phillips 66 by 1,055.6% in the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock valued at $27,000 after acquiring an additional 190 shares during the period. Finally, Stephens Consulting LLC grew its stake in shares of Phillips 66 by 67.7% in the fourth quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company's stock worth $29,000 after acquiring an additional 90 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company's stock.

Insider Transactions at Phillips 66

In related news, Director Kevin Omar Meyers acquired 175 shares of the firm'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 completion of the acquisition, the director owned 16,799 shares of the company's stock, valued at $2,908,242.88. This trade represents a 1.05% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Kevin J. Mitchell sold 600 shares of the company's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $171.56, for a total value of $102,936.00. Following the completion of the sale, the chief financial officer owned 97,376 shares in the company, valued at approximately $16,705,826.56. This represents a 0.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 45,629 shares of company stock worth $8,071,540. 0.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on PSX shares. Wells Fargo & Company boosted their target price on shares of Phillips 66 from $163.00 to $201.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 31st. Argus raised their price target on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a "buy" rating in a research report on Thursday, May 14th. Wolfe Research boosted 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. Morgan Stanley upped their price objective on shares of Phillips 66 from $180.00 to $196.00 and gave the company an "overweight" rating in a research report on Friday, June 12th. Finally, BMO Capital Markets lifted their target price on Phillips 66 from $195.00 to $215.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 13th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $192.33.

Phillips 66 Stock Up 0.0%

Shares of PSX stock opened at $171.84 on Friday. Phillips 66 has a one year low of $118.00 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. The stock has a fifty day moving average price of $172.94 and a 200 day moving average price of $160.01. The stock has a market cap of $68.90 billion, a P/E ratio of 16.93, a price-to-earnings-growth ratio of 0.24 and a beta of 0.68.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $35.86 billion. During the same quarter in the previous year, the firm posted ($0.90) EPS. The business's revenue for the quarter was up 6.9% on a year-over-year basis. Analysts predict that Phillips 66 will post 18.22 earnings per share for the current year.

Phillips 66 Dividend Announcement

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 $1.27 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $5.08 dividend on an annualized basis and a yield of 3.0%. Phillips 66's payout ratio is presently 50.05%.

Phillips 66 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.

Want to see what other hedge funds are holding PSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Phillips 66 (NYSE:PSX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.