Phillips 66 $PSX Stock Position Boosted by Convergence Investment Partners LLC

Convergence Investment Partners LLC raised its stake in shares of Phillips 66 (NYSE:PSX) by 50.0% during the 1st quarter, Holdings Channel reports. The institutional investor owned 34,038 shares of the oil and gas company’s stock after buying an additional 11,343 shares during the period. Phillips 66 comprises approximately 1.0% of Convergence Investment Partners LLC’s holdings, making the stock its 19th largest position. Convergence Investment Partners LLC’s holdings in Phillips 66 were worth $6,201,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Phillips 66 in the fourth quarter valued at approximately $640,206,000. M&T Bank Corp increased its stake in shares of Phillips 66 by 462.9% during the fourth 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 acquiring an additional 2,243,268 shares during the period. AQR Capital Management LLC raised its holdings in Phillips 66 by 424.7% during 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 purchasing an additional 1,532,389 shares in the last quarter. Worldquant Millennium Advisors LLC acquired a new stake in Phillips 66 in the second quarter worth approximately $107,967,000. Finally, NewEdge Advisors LLC lifted its position in Phillips 66 by 732.0% in the fourth quarter. NewEdge Advisors LLC now owns 996,955 shares of the oil and gas company’s stock worth $128,647,000 after purchasing an additional 877,131 shares during the period. 76.93% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CFO Kevin J. Mitchell sold 11,021 shares of the stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the transaction, the chief financial officer owned 97,376 shares in the company, valued at $18,504,361.28. This trade represents a 10.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Omar Meyers purchased 175 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the purchase, the director directly owned 16,799 shares in the company, valued at $2,908,242.88. This represents a 1.05% increase in their position. The SEC filing for this purchase provides additional information. Insiders have sold 41,021 shares of company stock worth $7,195,257 over the last ninety days. 0.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

PSX has been the subject of a number of research reports. The Goldman Sachs Group increased their price target on Phillips 66 from $192.00 to $207.00 and gave the company a “neutral” rating in a research note on Tuesday, May 19th. TD Cowen upped their price objective on Phillips 66 from $213.00 to $220.00 and gave the company a “buy” rating in a report on Monday, June 29th. Zacks Research cut Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Tudor Pickering raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Finally, Scotiabank lifted their target price on Phillips 66 from $140.00 to $151.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $196.06.

Phillips 66 Trading Up 1.0%

Shares of NYSE:PSX opened at $208.85 on Tuesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. The stock has a market capitalization of $83.73 billion, a price-to-earnings ratio of 20.58, a PEG ratio of 0.27 and a beta of 0.69. Phillips 66 has a 1-year low of $118.07 and a 1-year high of $211.05. The company has a 50 day moving average price of $179.71 and a 200 day moving average price of $166.31.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The company had revenue of $32.54 billion for the quarter, compared to analysts’ expectations of $35.86 billion. During the same quarter in the prior year, the company earned ($0.90) earnings per share. The firm’s revenue was up 6.9% on a year-over-year basis. On average, research analysts anticipate that Phillips 66 will post 19.84 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be issued a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Tuesday, August 18th. Phillips 66’s payout ratio is presently 50.05%.

Phillips 66 Company 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.