North Dakota State Investment Board Takes Position in Phillips 66 $PSX

North Dakota State Investment Board acquired a new stake in Phillips 66 (NYSE:PSX) in the fourth quarter, Holdings Channel reports. The institutional investor acquired 13,983 shares of the oil and gas company’s stock, valued at approximately $1,804,000.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Phillips 66 by 11.6% during the 3rd 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 buying an additional 5,356,558 shares during the period. M&T Bank Corp boosted its position in Phillips 66 by 462.9% during the 4th quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock valued at $352,007,000 after buying an additional 2,243,268 shares during the period. AQR Capital Management LLC boosted its position in 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 buying an additional 1,532,389 shares during the period. Worldquant Millennium Advisors LLC purchased a new stake in Phillips 66 during the 2nd quarter valued at $107,967,000. Finally, Holocene Advisors LP boosted its position in Phillips 66 by 2,433.1% during the 2nd quarter. Holocene Advisors LP now owns 711,599 shares of the oil and gas company’s stock valued at $84,894,000 after buying an additional 683,507 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PSX. The Goldman Sachs Group reissued a “neutral” rating and set a $207.00 price target on shares of Phillips 66 in a research report on Tuesday. Scotiabank increased their price target on shares of Phillips 66 from $140.00 to $151.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. Wolfe Research upped their price objective on shares of Phillips 66 from $187.00 to $193.00 and gave the stock an “outperform” rating in a report on Monday, April 6th. Morgan Stanley restated an “overweight” rating and issued a $180.00 price objective on shares of Phillips 66 in a report on Thursday, April 30th. Finally, Argus upped their price objective on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $187.11.

Phillips 66 Stock Up 1.6%

Shares of Phillips 66 stock opened at $182.59 on Wednesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. The company has a 50-day moving average of $171.39 and a 200 day moving average of $152.57. The firm has a market cap of $73.21 billion, a price-to-earnings ratio of 17.99, a PEG ratio of 0.26 and a beta of 0.70. Phillips 66 has a 1 year low of $109.75 and a 1 year high of $190.61.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $1.03. The company had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. Phillips 66’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the business earned ($0.90) EPS. As a group, sell-side analysts anticipate that Phillips 66 will post 17.64 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 18th will be paid a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Monday, May 18th. Phillips 66’s dividend payout ratio (DPR) is presently 50.05%.

Insider Buying and Selling at Phillips 66

In related news, CFO Kevin J. Mitchell sold 29,400 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $170.00, for a total value of $4,998,000.00. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at $16,553,920. This trade represents a 23.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kevin Omar Meyers purchased 175 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The stock was acquired at an average price of $173.12 per share, with a total value of $30,296.00. Following the completion of the purchase, the director owned 16,799 shares in the company, valued at $2,908,242.88. This represents a 1.05% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have sold 114,029 shares of company stock valued at $19,641,455 in the last quarter. 0.40% of the stock is owned by insiders.

Phillips 66 News Roundup

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Phillips 66 said it will move forward with the Zeus Gas Plant in the Permian Basin and a third Coastal Bend Fractionator in Texas, both of which are expected to come online in 2028 and expand its natural gas and NGL processing network. Reuters article
• Positive Sentiment: The projects fit within Phillips 66’s planned $2.0 billion to $2.5 billion capital spending program, reinforcing management’s commitment to growth while keeping the investment plan contained. Offshore Technology article
• Positive Sentiment: Investors are also reacting to continued momentum in PSX shares and recent earnings strength, which adds support to the stock’s valuation after the company beat Q1 profit estimates last month. Zacks article

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.