Phillips 66 $PSX Stock: CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Trims Position

Key Points

• NXG Investment Management cut its Phillips 66 position by 20.5% in the third quarter, selling 15,000 shares and retaining 58,100 shares valued at approximately $14.8 million. Institutional investors collectively own 76.93% of the company.
• Analysts maintain a “Moderate Buy” consensus on PSX, with an average price target of $269.88; several firms recently raised their targets, including BMO Capital Markets to $310 and TD Cowen to $308.
• Phillips 66 reported quarterly earnings of $9.41 per share, exceeding estimates, and raised its quarterly dividend to $1.33 per share. The company also authorized a $10 billion share-repurchase program covering up to 11.8% of outstanding shares.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT decreased its position in Phillips 66 (NYSE:PSX - Free Report) by 20.5% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 58,100 shares of the oil and gas company's stock after selling 15,000 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings in Phillips 66 were worth $14,834,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Deroy & Devereaux Private Investment Counsel Inc. purchased a new stake in shares of Phillips 66 in the third quarter valued at $207,000. Peterson Wealth Services grew its holdings in shares of Phillips 66 by 15.6% during the third quarter. Peterson Wealth Services now owns 2,079 shares of the oil and gas company's stock valued at $531,000 after buying an additional 280 shares in the last quarter. 55 North Private Wealth LLC raised its position in Phillips 66 by 5.3% during the third quarter. 55 North Private Wealth LLC now owns 2,604 shares of the oil and gas company's stock valued at $665,000 after buying an additional 132 shares during the period. James Hambro & Partners LLP acquired a new position in Phillips 66 during the third quarter valued at $213,000. Finally, V Square Quantitative Management LLC raised its position in Phillips 66 by 3.8% during the third quarter. V Square Quantitative Management LLC now owns 8,621 shares of the oil and gas company's stock valued at $2,201,000 after buying an additional 318 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PSX shares. BMO Capital Markets raised their price objective on Phillips 66 from $260.00 to $310.00 and gave the stock an "outperform" rating in a research report on Thursday, September 17th. Wall Street Zen upgraded Phillips 66 from a "buy" rating to a "strong-buy" rating in a report on Sunday, July 26th. Barclays increased their price target on shares of Phillips 66 from $216.00 to $282.00 and gave the stock an "equal weight" rating in a research report on Monday, October 12th. TD Cowen increased their price target on shares of Phillips 66 from $295.00 to $308.00 and gave the stock a "buy" rating in a research report on Thursday. Finally, Citigroup raised their price target on shares of Phillips 66 from $217.00 to $297.00 and gave the stock a "neutral" rating in a report on Tuesday, October 13th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $269.88.

Insider Buying and Selling at Phillips 66

In other news, EVP Richard Harbison sold 52,100 shares of the firm's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the transaction, the executive vice president owned 39,094 shares in the company, valued at approximately $8,747,673.44. This trade represents a 57.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Brian Mandell sold 30,000 shares of Phillips 66 stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the completion of the sale, the executive vice president directly owned 61,595 shares of the company's stock, valued at approximately $13,242,925. The trade was a 32.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 108,800 shares of company stock worth $25,016,566. 0.40% of the stock is currently owned by company insiders.

Phillips 66 Trading Up 1.8%

Shares of NYSE PSX opened at $288.23 on Tuesday. The stock has a market cap of $115.01 billion, a price-to-earnings ratio of 19.02, a PEG ratio of 0.16 and a beta of 0.71. The business has a 50 day simple moving average of $262.45 and a 200 day simple moving average of $195.08. Phillips 66 has a 52 week low of $127.16 and a 52 week high of $299.39. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating the consensus estimate of $7.50 by $1.91. The firm had revenue of $51 billion for the quarter, compared to analyst estimates of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same quarter last year, the firm earned $2.38 earnings per share. On average, research analysts predict that Phillips 66 will post 31.39 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 17th will be paid a dividend of $1.33 per share. This is a positive change from Phillips 66's previous quarterly dividend of $1.27. The ex-dividend date is Tuesday, November 17th. This represents a $5.32 annualized dividend and a dividend yield of 1.8%. Phillips 66's dividend payout ratio (DPR) is currently 28.95%.

Phillips 66 announced that its Board of Directors has authorized a share repurchase program on Friday, July 31st that authorizes the company to repurchase $10 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to purchase up to 11.8% of its shares through open market purchases. Share repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Phillips 66 Profile

Phillips 66 NYSE: PSX is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips' downstream and midstream businesses.

Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.

The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.

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