Phillips 66 $PSX Shares Purchased by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC increased its Phillips 66 stake by 22.5% in the fourth quarter, buying 25,850 additional shares to bring its total to 140,750 shares valued at about $18.2 million.
• Institutional ownership remains high, with 76.93% of Phillips 66 shares held by institutions and hedge funds, while several analysts recently adjusted ratings and price targets. The current consensus from MarketBeat is a Moderate Buy with a target price of $186.28.
• Phillips 66 reported Q1 earnings of $0.49 per share, beating expectations, and also announced a quarterly dividend of $1.27 per share payable June 1. The stock opened at $179.85 and has a market cap of about $72.1 billion.

Gabelli Funds LLC boosted its holdings in Phillips 66 (NYSE:PSX - Free Report) by 22.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 140,750 shares of the oil and gas company's stock after purchasing an additional 25,850 shares during the quarter. Gabelli Funds LLC's holdings in Phillips 66 were worth $18,162,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Board of the Pension Protection Fund acquired a new position in Phillips 66 in the fourth quarter valued at $26,000. Accordant Advisory Group Inc increased its stake in Phillips 66 by 900.0% in the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company's stock valued at $26,000 after purchasing an additional 180 shares during the last quarter. Eagle Bay Advisors LLC acquired a new position in Phillips 66 in the fourth quarter valued at $27,000. Stephens Consulting LLC increased its stake in Phillips 66 by 67.7% in the fourth 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. Finally, Dorato Capital Management acquired a new position in Phillips 66 in the fourth quarter valued at $35,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on PSX. Weiss Ratings lowered Phillips 66 from a "buy (b-)" rating to a "hold (c)" rating in a research note on Friday, May 1st. Wall Street Zen lowered Phillips 66 from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Barclays upped their price target on Phillips 66 from $158.00 to $177.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 8th. Mizuho upped their price target on Phillips 66 from $152.00 to $170.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 17th. Finally, Piper Sandler upped their price target on Phillips 66 from $168.00 to $177.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 8th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $186.28.

Insider Buying and Selling

In other news, CFO Kevin J. Mitchell sold 600 shares of the company's stock in a transaction dated Monday, May 11th. The stock was 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 of the company's stock, valued at $16,705,826.56. This represents a 0.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Brian Mandell sold 42,800 shares of the company's stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $169.53, for a total value of $7,255,884.00. Following the completion of the sale, the executive vice president directly owned 61,595 shares of the company's stock, valued at $10,442,200.35. The trade was a 41.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 114,029 shares of company stock worth $19,641,455 over the last three months. 0.40% of the stock is currently owned by corporate insiders.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $179.85 on Tuesday. Phillips 66 has a 1-year low of $109.75 and a 1-year high of $190.61. The business has a 50-day moving average of $171.05 and a 200-day moving average of $152.25. 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 company has a market capitalization of $72.11 billion, a price-to-earnings ratio of 17.72, a PEG ratio of 0.26 and a beta of 0.70.

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

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Monday, May 18th will be given 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 2.8%. Phillips 66's dividend payout ratio is presently 50.05%.

Phillips 66 News Summary

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

• Positive Sentiment: Phillips 66 announced the Zeus Gas Plant and a third Coastal Bend Fractionator, a meaningful capacity expansion that could support future growth in gas processing and fractionation volumes. Reuters: Phillips 66 to expand gas processing in Permian Basin and Gulf Coast
• Positive Sentiment: The new projects deepen Phillips 66’s Permian-to-Gulf Coast integration and could strengthen margins by capturing more value across the midstream chain. Yahoo Finance: Phillips 66 announces Zeus Gas Plant and a third Coastal Bend Fractionator
• Positive Sentiment: Brokerage and earnings commentary has also been constructive, with Scotiabank reportedly lifting earnings estimates and recent coverage highlighting Phillips 66’s Q1 earnings beat. American Banking News: Scotiabank Brokers Lift Earnings Estimates for Phillips 66
• Neutral Sentiment: Some articles focused on PSX’s recent 1-week momentum and valuation following its Q1 beat and board changes, which may be helping keep the stock on traders’ radar. Zacks: Phillips 66 Is Up 2.70% in One Week
• Neutral Sentiment: Broader energy-sector weakness earlier in the day may have offset some of the stock-specific optimism. Yahoo Finance: Sector Update Energy Stocks Lean Lower Pre-Bell Monday

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.

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.