Bull Harbor Capital LLC Invests $1.90 Million in Phillips 66 $PSX

Bull Harbor Capital LLC acquired a new stake in shares of Phillips 66 (NYSE:PSX) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 10,428 shares of the oil and gas company’s stock, valued at approximately $1,900,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of PSX. Accordant Advisory Group Inc raised its holdings in Phillips 66 by 900.0% in the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 180 shares during the period. Eagle Bay Advisors LLC bought a new stake in Phillips 66 during the fourth quarter valued at about $27,000. NFSG Corp grew its holdings in Phillips 66 by 105.6% during the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock valued at $27,000 after purchasing an additional 75 shares during the period. SWAN Capital LLC increased its position in Phillips 66 by 1,055.6% in the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock worth $27,000 after buying an additional 190 shares in the last quarter. Finally, Sfam LLC purchased a new stake in Phillips 66 in the fourth quarter worth about $34,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on PSX shares. Mizuho raised Phillips 66 from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $170.00 to $212.00 in a research report on Wednesday, May 27th. JPMorgan Chase & Co. increased their target price on shares of Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Piper Sandler restated a “neutral” rating and set a $208.00 target price on shares of Phillips 66 in a research note on Thursday, July 23rd. Barclays lifted their price target on shares of Phillips 66 from $177.00 to $183.00 and gave the company an “equal weight” rating in a report on Thursday, July 9th. Finally, Zacks Research lowered shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $201.72.

Insider Buying and Selling

In other news, EVP Vanessa Allen Sutherland sold 3,523 shares of Phillips 66 stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the sale, the executive vice president owned 27,537 shares in the company, valued at $5,811,683.85. This trade represents a 11.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Omar Meyers bought 175 shares of the stock in a transaction dated 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 acquisition, the director directly owned 16,799 shares of the company’s stock, valued at approximately $2,908,242.88. This represents a 1.05% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have sold 45,107 shares of company stock valued at $8,057,584. Corporate insiders own 0.40% of the company’s stock.

Phillips 66 Price Performance

Shares of Phillips 66 stock opened at $206.97 on Thursday. The stock’s 50-day simple moving average is $184.11 and its 200-day simple moving average is $169.90. Phillips 66 has a 52 week low of $118.07 and a 52 week high of $216.08. The company has a market capitalization of $82.98 billion, a price-to-earnings ratio of 20.39, a PEG ratio of 0.16 and a beta of 0.69. 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 released its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The firm had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. During the same quarter in the prior year, the company posted ($0.90) earnings per share. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. As a group, analysts expect that Phillips 66 will post 22.43 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 Tuesday, September 1st. Investors of record on Tuesday, August 18th will be issued a $1.27 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.5%. Phillips 66’s payout ratio is currently 50.05%.

Key Headlines Impacting Phillips 66

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

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.