Plan Group Financial LLC Makes New Investment in Phillips 66 (NYSE:PSX)

Key Points

• Plan Group Financial LLC has acquired a new stake in Phillips 66 valued at approximately $497,000 by buying 4,022 shares of the company.
• Several institutional investors increased their positions in Phillips 66 during the fourth quarter, with Price T Rowe Associates raising its stake by 283.5%.
• Phillips 66 announced a quarterly dividend of $1.20, resulting in an annualized yield of 4.0%, with a payout ratio of 115.38%.

Plan Group Financial LLC purchased a new position in shares of Phillips 66 (NYSE:PSX - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 4,022 shares of the oil and gas company's stock, valued at approximately $497,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PSX. Price T Rowe Associates Inc. MD raised its stake in shares of Phillips 66 by 283.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company's stock valued at $686,618,000 after acquiring an additional 4,455,220 shares in the last quarter. Capitolis Liquid Global Markets LLC bought a new position in Phillips 66 in the 4th quarter worth approximately $142,185,000. GAMMA Investing LLC increased its position in Phillips 66 by 14,119.5% in the 1st quarter. GAMMA Investing LLC now owns 1,189,606 shares of the oil and gas company's stock worth $146,893,000 after buying an additional 1,181,240 shares during the period. Jacobs Levy Equity Management Inc. increased its position in shares of Phillips 66 by 157.6% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,541,240 shares of the oil and gas company's stock valued at $175,593,000 after purchasing an additional 942,922 shares during the period. Finally, Royal Bank of Canada increased its position in shares of Phillips 66 by 42.5% during the fourth quarter. Royal Bank of Canada now owns 1,497,300 shares of the oil and gas company's stock valued at $170,587,000 after purchasing an additional 446,444 shares during the period. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Phillips 66

In other Phillips 66 news, EVP Brian Mandell sold 9,800 shares of the stock in a transaction dated 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 transaction, the executive vice president owned 56,838 shares of the company's stock, valued at approximately $7,104,750. This represents a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Sigmund L. Cornelius purchased 500 shares of the stock in a transaction on Thursday, July 31st. The stock was acquired at an average price of $123.55 per share, with a total value of $61,775.00. Following the completion of the acquisition, the director directly owned 21,543 shares of the company's stock, 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 ninety days, insiders have acquired 1,939 shares of company stock valued at $237,725. Corporate insiders own 0.22% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Wall Street Zen upgraded Phillips 66 from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Argus upgraded Phillips 66 to a "strong-buy" rating in a research report on Thursday, July 31st. JPMorgan Chase & Co. set a $115.00 price objective on Phillips 66 in a research report on Wednesday, June 18th. Piper Sandler restated a "neutral" rating and set a $145.00 price objective (up from $144.00) on shares of Phillips 66 in a research report on Monday. Finally, Raymond James Financial set a $142.00 price target on Phillips 66 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Ten investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $136.20.

Phillips 66 Trading Down 0.4%

Shares of PSX traded down $0.51 during trading hours on Thursday, hitting $119.33. 1,587,407 shares of the stock traded hands, compared to its average volume of 2,593,792. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $140.85. The firm has a market capitalization of $48.22 billion, a PE ratio of 28.69, a price-to-earnings-growth ratio of 1.62 and a beta of 1.09. The business has a fifty day moving average of $122.97 and a 200-day moving average of $118.91.

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

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be paid a $1.20 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $4.80 annualized dividend and a yield of 4.0%. Phillips 66's dividend payout ratio is presently 115.38%.

About Phillips 66

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.