Cercano Management LLC Makes New Investment in Phillips 66 $PSX

Cercano Management LLC bought a new position in shares of Phillips 66 (NYSE:PSX) during the fourth quarter, Holdings Channel reports. The fund bought 10,522 shares of the oil and gas company’s stock, valued at approximately $1,358,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Board of the Pension Protection Fund bought a new stake in Phillips 66 during the 4th quarter worth approximately $26,000. Accordant Advisory Group Inc grew its holdings in Phillips 66 by 900.0% during the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 180 shares during the last quarter. Eagle Bay Advisors LLC bought a new stake in Phillips 66 during the 4th quarter worth approximately $27,000. Stephens Consulting LLC boosted its stake in shares of Phillips 66 by 67.7% in the 4th quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company’s stock valued at $29,000 after purchasing an additional 90 shares during the last quarter. Finally, Dorato Capital Management acquired a new stake in shares of Phillips 66 during the fourth quarter worth $35,000. 76.93% of the stock is owned by institutional investors.

Phillips 66 Stock Up 2.4%

Shares of NYSE PSX opened at $180.06 on Tuesday. The firm has a market cap of $72.19 billion, a PE ratio of 17.74, a P/E/G ratio of 0.26 and a beta of 0.68. Phillips 66 has a 12-month low of $111.19 and a 12-month high of $190.61. The company’s fifty day simple moving average is $172.41 and its 200 day simple moving average is $155.05. 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 issued its 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 business had revenue of $32.54 billion for 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 revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.90) earnings per share. As a group, sell-side analysts forecast that Phillips 66 will post 17.64 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were issued a dividend of $1.27 per share. The ex-dividend date was Monday, May 18th. This represents a $5.08 annualized dividend and a yield of 2.8%. Phillips 66’s dividend payout ratio is presently 50.05%.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, Director Kevin Omar Meyers acquired 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 completion of the acquisition, the director owned 16,799 shares in the company, valued at approximately $2,908,242.88. This represents a 1.05% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Kevin J. Mitchell sold 29,400 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the transaction, the chief financial officer owned 97,376 shares in the company, valued at approximately $16,553,920. The trade was a 23.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 114,029 shares of company stock worth $19,641,455. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PSX. Tudor Pickering raised shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. JPMorgan Chase & Co. increased their price target on Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Scotiabank boosted their price objective on Phillips 66 from $140.00 to $151.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Wolfe Research upped their target price on Phillips 66 from $187.00 to $193.00 and gave the company an “outperform” rating in a research report on Monday, April 6th. Finally, Wells Fargo & Company raised their target price on Phillips 66 from $163.00 to $201.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 31st. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $191.28.

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.