Graham Capital Management L.P. Makes New $1.04 Million Investment in Phillips 66 (NYSE:PSX)

Graham Capital Management L.P. bought a new position in Phillips 66 (NYSE:PSX) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 9,086 shares of the oil and gas company’s stock, valued at approximately $1,035,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in PSX. Price T Rowe Associates Inc. MD raised its holdings in shares of Phillips 66 by 283.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company’s stock worth $686,618,000 after purchasing an additional 4,455,220 shares in the last quarter. Norges Bank bought a new stake in shares of Phillips 66 in the 4th quarter worth approximately $497,648,000. Raymond James Financial Inc. bought a new stake in shares of Phillips 66 in the 4th quarter worth approximately $168,790,000. Capitolis Liquid Global Markets LLC bought a new stake in shares of Phillips 66 in the 4th quarter worth approximately $142,185,000. Finally, Amundi raised its holdings in shares of Phillips 66 by 25.7% in the 4th quarter. Amundi now owns 3,682,414 shares of the oil and gas company’s stock worth $428,081,000 after purchasing an additional 753,653 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Stock Performance

Shares of PSX opened at $125.62 on Wednesday. The company’s 50 day moving average price is $111.64 and its 200 day moving average price is $119.22. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $150.12. The company has a market capitalization of $51.18 billion, a PE ratio of 25.43, a PEG ratio of 4.84 and a beta of 1.01. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.97). Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. The company had revenue of $31.92 billion for the quarter, compared to analysts’ expectations of $31.93 billion. During the same period in the previous year, the firm posted $1.90 earnings per share. Research analysts expect that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be paid a $1.20 dividend. The ex-dividend date is Monday, May 19th. This is a boost from Phillips 66’s previous quarterly dividend of $1.15. This represents a $4.80 dividend on an annualized basis and a yield of 3.82%. Phillips 66’s payout ratio is 109.34%.

Analysts Set New Price Targets

PSX has been the topic of a number of research reports. TD Cowen boosted their target price on shares of Phillips 66 from $114.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday. The Goldman Sachs Group downgraded shares of Phillips 66 from a “buy” rating to a “neutral” rating and set a $132.00 target price on the stock. in a research report on Thursday, March 27th. Morgan Stanley dropped their target price on shares of Phillips 66 from $140.00 to $122.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 24th. Mizuho lifted their target price on shares of Phillips 66 from $132.00 to $138.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, Wells Fargo & Company dropped their target price on shares of Phillips 66 from $162.00 to $149.00 and set an “overweight” rating on the stock in a research report on Monday, April 28th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Phillips 66 currently has an average rating of “Moderate Buy” and a consensus target price of $137.86.

Phillips 66 Company Profile

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.