Merewether Investment Management LP Makes New Investment in Phillips 66 (NYSE:PSX)

Merewether Investment Management LP purchased a new position in Phillips 66 (NYSE:PSX - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 388,740 shares of the oil and gas company's stock, valued at approximately $44,289,000. Phillips 66 accounts for about 1.8% of Merewether Investment Management LP's portfolio, making the stock its 24th biggest position. Merewether Investment Management LP owned about 0.09% of Phillips 66 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bogart Wealth LLC grew its stake in shares of Phillips 66 by 120.0% in the 4th quarter. Bogart Wealth LLC now owns 220 shares of the oil and gas company's stock worth $25,000 after buying an additional 120 shares during the last quarter. J.Safra Asset Management Corp bought a new position in shares of Phillips 66 in the 4th quarter valued at about $25,000. Stephens Consulting LLC boosted its stake in shares of Phillips 66 by 83.5% during the fourth quarter. Stephens Consulting LLC now owns 244 shares of the oil and gas company's stock valued at $28,000 after purchasing an additional 111 shares during the period. Graney & King LLC acquired a new stake in Phillips 66 in the fourth quarter valued at approximately $28,000. Finally, Human Investing LLC purchased a new position in Phillips 66 during the 4th quarter worth $30,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PSX has been the topic of a number of analyst reports. Mizuho dropped their price objective on shares of Phillips 66 from $140.00 to $132.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 9th. Wells Fargo & Company reduced their target price on shares of Phillips 66 from $162.00 to $149.00 and set an "overweight" rating on the stock in a research note on Monday, April 28th. Morgan Stanley decreased their price objective on shares of Phillips 66 from $140.00 to $122.00 and set an "equal weight" rating on the stock in a report on Thursday, April 24th. JPMorgan Chase & Co. lowered their target price on Phillips 66 from $138.00 to $131.00 and set an "overweight" rating for the company in a report on Tuesday, April 29th. Finally, Barclays increased their price objective on Phillips 66 from $106.00 to $115.00 and gave the company an "equal weight" rating in a research note on Monday. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $137.00.

Phillips 66 Price Performance

Shares of NYSE:PSX opened at $118.67 on Tuesday. Phillips 66 has a one year low of $91.01 and a one year high of $150.12. The stock has a fifty day moving average of $111.58 and a 200-day moving average of $119.18. The company has a market capitalization of $48.35 billion, a PE ratio of 24.02, a price-to-earnings-growth ratio of 4.84 and a beta of 1.01. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share for the quarter, missing analysts' consensus estimates of $0.07 by ($0.97). The business had revenue of $31.92 billion during the quarter, compared to analyst estimates of $31.93 billion. Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. During the same quarter in the prior year, the company earned $1.90 EPS. As a group, equities analysts anticipate that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 19th will be issued a $1.20 dividend. The ex-dividend date of this dividend is Monday, May 19th. This is a boost from Phillips 66's previous quarterly dividend of $1.15. This represents a $4.80 dividend on an annualized basis and a yield of 4.04%. Phillips 66's dividend payout ratio is currently 109.34%.

Phillips 66 Company 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.

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