Pacific Heights Asset Management LLC Grows Holdings in Phillips 66 $PSX

Key Points

• Pacific Heights Asset Management increased its Phillips 66 stake by 11.1% in the fourth quarter, buying 10,000 more shares to bring its total to 100,000 shares worth about $12.9 million.
• Phillips 66 reported better-than-expected earnings for the latest quarter, posting EPS of $0.49 versus a consensus estimate for a loss, while revenue rose 6.9% year over year to $32.54 billion.
• The company also announced a quarterly dividend of $1.27 per share, implying a 2.9% yield, while analysts currently rate the stock a “Moderate Buy” with a consensus price target of $186.28.

Pacific Heights Asset Management LLC increased its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 11.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 100,000 shares of the oil and gas company's stock after buying an additional 10,000 shares during the period. Pacific Heights Asset Management LLC's holdings in Phillips 66 were worth $12,904,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Phillips 66 by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company's stock worth $6,701,052,000 after purchasing an additional 205,480 shares during the last quarter. M&T Bank Corp increased its position in shares of Phillips 66 by 462.9% in the 4th quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company's stock worth $352,007,000 after purchasing an additional 2,243,268 shares during the last quarter. Amundi increased its position in shares of Phillips 66 by 2.8% in the 3rd quarter. Amundi now owns 2,400,180 shares of the oil and gas company's stock worth $319,123,000 after purchasing an additional 65,568 shares during the last quarter. Legal & General Group Plc increased its position in shares of Phillips 66 by 1.5% in the 3rd quarter. Legal & General Group Plc now owns 2,276,036 shares of the oil and gas company's stock worth $309,586,000 after purchasing an additional 33,397 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Phillips 66 by 424.7% in the 3rd quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company's stock worth $257,512,000 after purchasing an additional 1,532,389 shares during the last quarter. Institutional investors own 76.93% of the company's stock.

Phillips 66 Trading Up 0.1%

NYSE PSX opened at $176.42 on Monday. Phillips 66 has a one year low of $109.75 and a one year high of $190.61. The company has a 50-day simple moving average of $170.79 and a 200-day simple moving average of $151.93. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. The firm has a market capitalization of $70.73 billion, a PE ratio of 17.38, a price-to-earnings-growth ratio of 0.26 and a beta of 0.70.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 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 business had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. During the same period in the previous year, the business posted ($0.90) EPS. The company's quarterly revenue was up 6.9% on a year-over-year basis. On average, equities analysts forecast that Phillips 66 will post 17.64 earnings per share for the current year.

Phillips 66 Announces Dividend

The firm 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 annualized dividend and a dividend yield of 2.9%. Phillips 66's payout ratio is 50.05%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Morgan Stanley reissued an "overweight" rating and issued a $180.00 target price on shares of Phillips 66 in a research report on Thursday, April 30th. Raymond James Financial boosted their target price on shares of Phillips 66 from $205.00 to $215.00 in a research report on Thursday, April 30th. UBS Group boosted their target price on shares of Phillips 66 from $172.00 to $212.00 and gave the stock a "buy" rating in a research report on Thursday, April 2nd. Jefferies Financial Group downgraded shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 13th. Finally, Mizuho boosted their target price on shares of Phillips 66 from $152.00 to $170.00 and gave the stock a "neutral" rating in a research report on Tuesday, March 17th. 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 company's stock. According to data from MarketBeat, Phillips 66 currently has an average rating of "Moderate Buy" and a consensus price target of $186.28.

Insiders Place Their Bets

In other news, EVP Brian Mandell sold 42,800 shares of Phillips 66 stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $169.53, for a total value of $7,255,884.00. Following the completion of the transaction, the executive vice president directly owned 61,595 shares of the company's stock, valued at approximately $10,442,200.35. The trade was a 41.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Don Baldridge sold 7,500 shares of the business's stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $160.00, for a total transaction of $1,200,000.00. Following the transaction, the executive vice president directly owned 38,488 shares of the company's stock, valued at $6,158,080. The trade was a 16.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 121,529 shares of company stock worth $20,841,455. Corporate insiders own 0.40% of the company's stock.

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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