QRG Capital Management Inc. Raises Stake in Phillips 66 $PSX

Key Points

• QRG Capital Management increased its Phillips 66 stake by 136.9% in the first quarter, ending with 45,409 shares worth about $8.27 million.
• Phillips 66 reported better-than-expected quarterly earnings, posting $0.49 EPS versus a consensus loss estimate, though revenue came in below forecasts at $32.54 billion.
• The company paid a quarterly dividend of $1.27 per share and has recently seen mostly positive analyst action, with a Moderate Buy consensus and a target price of $192.72.

QRG Capital Management Inc. grew its stake in Phillips 66 (NYSE:PSX - Free Report) by 136.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 45,409 shares of the oil and gas company's stock after acquiring an additional 26,245 shares during the quarter. QRG Capital Management Inc.'s holdings in Phillips 66 were worth $8,273,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Phillips 66 during the fourth quarter valued at $640,206,000. M&T Bank Corp boosted its holdings in shares of 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 buying an additional 2,243,268 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Phillips 66 by 424.7% during the 3rd quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company's stock valued at $257,512,000 after acquiring an additional 1,532,389 shares during the period. Worldquant Millennium Advisors LLC bought a new stake in Phillips 66 during the second quarter valued at about $107,967,000. Finally, NewEdge Advisors LLC grew its stake in shares of Phillips 66 by 732.0% during the 4th quarter. NewEdge Advisors LLC now owns 996,955 shares of the oil and gas company's stock valued at $128,647,000 after acquiring an additional 877,131 shares during the period. Institutional investors own 76.93% of the company's stock.

Insider Transactions at Phillips 66

In other news, Director Kevin Omar Meyers acquired 175 shares of Phillips 66 stock in a transaction that occurred on Wednesday, May 6th. The shares were bought at an average cost of $173.12 per share, with a total value of $30,296.00. Following the transaction, the director directly owned 16,799 shares of the company's stock, valued at $2,908,242.88. This trade represents a 1.05% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CFO Kevin J. Mitchell sold 29,400 shares of the firm's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the completion of the sale, the chief financial officer directly owned 97,376 shares of the company's stock, valued at approximately $16,553,920. The trade was a 23.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.40% of the stock is currently owned by insiders.

Phillips 66 Stock Performance

NYSE:PSX opened at $176.40 on Friday. The firm has a market capitalization of $70.72 billion, a PE ratio of 17.38, a PEG ratio of 0.24 and a beta of 0.69. The stock's fifty day moving average is $174.43 and its 200 day moving average is $161.15. Phillips 66 has a fifty-two week low of $118.07 and a fifty-two week high of $190.61. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping the consensus estimate of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. During the same period in the previous year, the firm earned ($0.90) earnings per share. Phillips 66's quarterly revenue was up 6.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Phillips 66 will post 19.27 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were issued a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Monday, May 18th. Phillips 66's dividend payout ratio (DPR) is 50.05%.

Wall Street Analysts Forecast Growth

PSX has been the subject of a number of recent analyst reports. Piper Sandler upped their price objective on Phillips 66 from $168.00 to $177.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 8th. Wells Fargo & Company lifted their price objective on shares of Phillips 66 from $163.00 to $201.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 31st. JPMorgan Chase & Co. boosted their target price on shares of Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Wall Street Zen upgraded shares of Phillips 66 from a "buy" rating to a "strong-buy" rating in a research report on Saturday, June 13th. Finally, BMO Capital Markets increased their price target on shares of Phillips 66 from $195.00 to $215.00 and gave the company an "outperform" rating in a report on Wednesday, May 13th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $192.72.

Phillips 66 Profile

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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