Quantinno Capital Management LP Increases Stake in Phillips 66 $PSX

Quantinno Capital Management LP raised its position in Phillips 66 (NYSE:PSX) by 9.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 294,580 shares of the oil and gas company’s stock after acquiring an additional 26,428 shares during the period. Quantinno Capital Management LP’s holdings in Phillips 66 were worth $53,667,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in PSX. Norges Bank purchased a new position in Phillips 66 during the fourth quarter worth about $640,206,000. M&T Bank Corp boosted its holdings in Phillips 66 by 462.9% in 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 purchasing an additional 2,243,268 shares in the last quarter. AQR Capital Management LLC increased 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 worth $257,512,000 after purchasing an additional 1,532,389 shares during the period. Worldquant Millennium Advisors LLC acquired a new position in Phillips 66 during the 2nd quarter worth approximately $107,967,000. Finally, NewEdge Advisors LLC raised 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 worth $128,647,000 after buying an additional 877,131 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on PSX shares. Wolfe Research lifted their price target on Phillips 66 from $187.00 to $193.00 and gave the company an “outperform” rating in a research note on Monday, April 6th. Argus increased their price target on shares of Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a report on Thursday, May 14th. Piper Sandler reissued a “neutral” rating and set a $208.00 price objective on shares of Phillips 66 in a report on Thursday, July 23rd. Scotiabank increased their target price on shares of Phillips 66 from $140.00 to $151.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Finally, Guggenheim raised Phillips 66 to an “outperform” rating in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $201.72.

Phillips 66 News Summary

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

• Positive Sentiment: Energy-sector momentum: Energy stocks rallied late Wednesday, with the NYSE Energy Sector Index rising 2.3%, providing a favorable backdrop for refiners such as Phillips 66. Sector Update: Energy Stocks Gain Late Afternoon
• Positive Sentiment: Refining margins remain supportive: Iran-related supply disruptions and record crack spreads are improving the earnings outlook for U.S. refiners. Phillips 66 has also benefited from better recent results, shareholder returns and a quarterly dividend of $1.27, or $5.08 annualized. Phillips 66 Gains On Refining Strength, Is The Stock Fully Priced?
• Positive Sentiment: Potential asset-sale proceeds: Phillips 66 and Shell are reportedly considering selling their stakes in Explorer, which owns a major refined-products pipeline valued at approximately $3.5 billion. A transaction could unlock value and strengthen PSX’s balance sheet, although no deal is confirmed. Shell, Phillips 66 weigh sale of stakes in $3.5 billion US pipeline Explorer

Insider Transactions at Phillips 66

In related news, Director Kevin Omar Meyers bought 175 shares of the stock in a transaction on Wednesday, May 6th. The shares were purchased at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the acquisition, 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 purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the firm’s stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the transaction, the executive vice president directly owned 27,537 shares of the company’s stock, valued at $5,811,683.85. The trade was a 11.34% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 45,107 shares of company stock valued at $8,057,584 in the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Phillips 66 Price Performance

Phillips 66 stock opened at $206.97 on Thursday. The firm has a market capitalization of $82.98 billion, a PE ratio of 20.39, a P/E/G ratio of 0.16 and a beta of 0.69. Phillips 66 has a 52 week low of $118.07 and a 52 week high of $216.08. The firm’s 50-day simple moving average is $184.11 and its 200 day simple moving average is $169.90. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX) last posted its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, beating the consensus estimate of ($0.54) by $1.03. The firm had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the firm posted ($0.90) EPS. On average, equities research analysts predict that Phillips 66 will post 22.43 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be given a $1.27 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.5%. Phillips 66’s dividend payout ratio is currently 50.05%.

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.