Goldman Sachs Group Inc. Increases Position in Phillips 66 $PSX

Key Points

• Goldman Sachs Group Inc. increased its holdings in Phillips 66 by 11.1%, owning approximately 3.78 million shares valued at $466.89 million as of the latest SEC filing.
• Phillips 66 reported earnings of $2.38 per share, significantly exceeding analysts' expectations of $1.79, and had revenue of $33.77 billion for the last quarter.
• The company declared a quarterly dividend of $1.20 per share, announcing a yield of 3.7% with a payout ratio of 115.38%, indicating strong shareholder returns.

Goldman Sachs Group Inc. lifted its stake in Phillips 66 (NYSE:PSX - Free Report) by 11.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,781,064 shares of the oil and gas company's stock after purchasing an additional 377,132 shares during the period. Goldman Sachs Group Inc. owned 0.93% of Phillips 66 worth $466,886,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC increased its stake in Phillips 66 by 238.5% in the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock worth $1,166,000 after buying an additional 7,214 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in Phillips 66 by 218.0% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 10,264 shares of the oil and gas company's stock worth $1,169,000 after buying an additional 7,036 shares in the last quarter. Ethic Inc. increased its stake in Phillips 66 by 237.2% in the 4th quarter. Ethic Inc. now owns 9,095 shares of the oil and gas company's stock worth $1,036,000 after buying an additional 6,398 shares in the last quarter. Graham Capital Management L.P. purchased a new stake in Phillips 66 in the 4th quarter worth $1,035,000. Finally, Janus Henderson Group PLC increased its stake in Phillips 66 by 20.8% in the 4th quarter. Janus Henderson Group PLC now owns 275,569 shares of the oil and gas company's stock worth $31,392,000 after buying an additional 47,404 shares in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Price Performance

Shares of PSX traded down $1.75 during midday trading on Friday, hitting $130.77. 1,380,566 shares of the company traded hands, compared to its average volume of 2,049,238. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $140.60. The firm has a 50 day moving average of $126.95 and a 200-day moving average of $119.55. The stock has a market cap of $52.85 billion, a price-to-earnings ratio of 31.44, a PEG ratio of 2.06 and a beta of 1.15.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $32.11 billion. During the same quarter last year, the firm earned $2.31 EPS. On average, analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th were issued a $1.20 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.7%. Phillips 66's dividend payout ratio (DPR) is presently 115.38%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PSX shares. Morgan Stanley increased their price target on Phillips 66 from $122.00 to $128.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Cantor Fitzgerald started coverage on shares of Phillips 66 in a report on Wednesday, June 18th. They set a "neutral" rating for the company. Argus raised shares of Phillips 66 to a "strong-buy" rating in a report on Thursday, July 31st. Tudor Pickering downgraded shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, Citigroup downgraded shares of Phillips 66 from a "buy" rating to a "neutral" rating and increased their price objective for the company from $126.00 to $130.00 in a report on Wednesday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $136.40.

Insider Transactions at Phillips 66

In other Phillips 66 news, Director Sigmund L. Cornelius purchased 500 shares of the stock in a transaction that occurred on Thursday, July 31st. The stock was purchased at an average price of $123.55 per share, with a total value of $61,775.00. Following the acquisition, the director owned 21,543 shares in the company, valued at approximately $2,661,637.65. The trade was a 2.38% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gregory Hayes purchased 8,350 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was acquired at an average cost of $119.90 per share, with a total value of $1,001,165.00. Following the acquisition, the director owned 29,423 shares in the company, valued at $3,527,817.70. The trade was a 39.62% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 9,850 shares of company stock worth $1,188,910 and have sold 18,586 shares worth $2,389,145. 0.22% of the stock is currently owned by insiders.

Phillips 66 Company Profile

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.