Elliott Investment Management L.P. Acquires 14,950,000 Shares of Phillips 66 $PSX

Key Points

• Elliott Investment Management L.P. significantly increased its stake in Phillips 66 by 1,929.0% during the first quarter, now holding approximately 15.7 million shares, which is 12.8% of its investment portfolio.
• Phillips 66 announced a quarterly dividend of $1.20 per share, yielding 3.6%, with a dividend payout ratio of 115.38%.
• The company reported $2.38 earnings per share for the last quarter, surpassing consensus estimates, with total revenues of $33.77 billion.

Elliott Investment Management L.P. grew its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 1,929.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 15,725,000 shares of the oil and gas company's stock after buying an additional 14,950,000 shares during the quarter. Phillips 66 accounts for about 12.8% of Elliott Investment Management L.P.'s investment portfolio, making the stock its 3rd biggest position. Elliott Investment Management L.P. owned 3.86% of Phillips 66 worth $1,941,723,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Pacific Center for Financial Services bought a new position in Phillips 66 in the fourth quarter worth approximately $27,000. von Borstel & Associates Inc. bought a new position in Phillips 66 in the first quarter worth approximately $27,000. Olde Wealth Management LLC bought a new position in Phillips 66 in the first quarter worth approximately $28,000. Wood Tarver Financial Group LLC bought a new position in Phillips 66 in the fourth quarter worth approximately $29,000. Finally, Opal Wealth Advisors LLC bought a new position in Phillips 66 in the first quarter worth approximately $29,000. Institutional investors own 76.93% of the company's stock.

Phillips 66 Stock Up 0.8%

Shares of PSX traded up $1.10 during midday trading on Thursday, hitting $131.63. 1,832,211 shares of the company's stock traded hands, compared to its average volume of 3,270,721. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $140.60. The firm's fifty day moving average is $125.79 and its 200-day moving average is $119.47. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $53.19 billion, a price-to-earnings ratio of 31.64, a price-to-earnings-growth ratio of 1.81 and a beta of 1.15.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.79 by $0.59. The company had revenue of $33.77 billion during the quarter, compared to analyst estimates of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.During the same quarter last year, the business posted $2.31 EPS. As a group, sell-side analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders 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 yield of 3.6%. Phillips 66's payout ratio is presently 115.38%.

Insiders Place Their Bets

In other Phillips 66 news, EVP Brian Mandell sold 9,800 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total value of $1,225,000.00. Following the sale, the executive vice president owned 56,838 shares in the company, valued at approximately $7,104,750. This represents a 14.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Sigmund L. Cornelius bought 500 shares of the business's stock in a transaction dated Thursday, July 31st. The shares were purchased at an average cost of $123.55 per share, with a total value of $61,775.00. Following the completion of the acquisition, the director owned 21,543 shares in the company, valued at approximately $2,661,637.65. This represents a 2.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 9,850 shares of company stock worth $1,188,910. Corporate insiders own 0.22% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Argus raised Phillips 66 to a "strong-buy" rating in a research note on Thursday, July 31st. Tudor Pickering cut Phillips 66 from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Wall Street Zen raised Phillips 66 from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Raymond James Financial set a $142.00 target price on Phillips 66 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Finally, Scotiabank reaffirmed a "sector perform" rating and set a $133.00 target price on shares of Phillips 66 in a research report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, Phillips 66 currently has an average rating of "Moderate Buy" and an average price target of $135.60.

Phillips 66 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.