Phillips 66 $PSX Stock Position Lifted by &PARTNERS

Key Points

• &PARTNERS increased its Phillips 66 stake by 6.0% in the fourth quarter, bringing its holdings to 281,577 shares valued at about $36.3 million.
• Several analysts turned more bullish on PSX, including TD Cowen, Wells Fargo, and Mizuho, with MarketBeat showing a Moderate Buy consensus and an average price target of $192.33.
• Phillips 66 reported quarterly earnings of $0.49 per share, beating expectations, and paid a $1.27 quarterly dividend that annualizes to $5.08 per share for a 3.0% yield.

&PARTNERS boosted its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 6.0% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 281,577 shares of the oil and gas company's stock after purchasing an additional 15,872 shares during the period. &PARTNERS owned about 0.07% of Phillips 66 worth $36,306,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PSX. Vanguard Group Inc. grew its position in Phillips 66 by 11.6% during the third quarter. Vanguard Group Inc. now owns 51,724,558 shares of the oil and gas company's stock valued at $7,035,574,000 after purchasing an additional 5,356,558 shares in the last quarter. Norges Bank purchased a new position in Phillips 66 during the fourth quarter valued at approximately $640,206,000. M&T Bank Corp grew its position in Phillips 66 by 462.9% in the fourth quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company's stock worth $352,007,000 after acquiring an additional 2,243,268 shares in the last quarter. AQR Capital Management LLC grew its position in Phillips 66 by 424.7% in the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company's stock worth $257,512,000 after acquiring an additional 1,532,389 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC bought a new stake in Phillips 66 in the second quarter worth approximately $107,967,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on PSX. TD Cowen boosted their target price on shares of Phillips 66 from $155.00 to $213.00 and gave the stock a "buy" rating in a research report on Wednesday, April 1st. Wells Fargo & Company boosted their target price on shares of Phillips 66 from $163.00 to $201.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 31st. Tudor Pickering raised shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 30th. Mizuho raised shares of Phillips 66 from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $170.00 to $212.00 in a research report on Wednesday, May 27th. Finally, Argus boosted their target price on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a "buy" rating in a research report on Thursday, May 14th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $192.33.

Insiders Place Their Bets

In other news, Director Kevin Omar Meyers acquired 175 shares of Phillips 66 stock in a transaction dated Wednesday, May 6th. The stock was acquired at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the purchase, the director owned 16,799 shares of the company's stock, valued at $2,908,242.88. This represents a 1.05% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Kevin J. Mitchell sold 600 shares of the business's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $171.56, for a total transaction 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. The trade was a 0.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 45,629 shares of company stock valued at $8,071,540 over the last 90 days. 0.40% of the stock is owned by corporate insiders.

Phillips 66 Price Performance

Shares of Phillips 66 stock opened at $172.07 on Wednesday. The firm has a fifty day simple moving average of $172.34 and a 200-day simple moving average of $158.45. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. Phillips 66 has a 1-year low of $118.00 and a 1-year high of $190.61. The stock has a market capitalization of $68.99 billion, a price-to-earnings ratio of 16.95, a PEG ratio of 0.25 and a beta of 0.68.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $35.86 billion. During the same period in the previous year, the company earned ($0.90) earnings per share. Phillips 66's revenue for the quarter was up 6.9% on a year-over-year basis. On average, sell-side analysts expect that Phillips 66 will post 18.25 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Monday, May 18th. Phillips 66's payout ratio is presently 50.05%.

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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