Shorepoint Capital Partners LLC Makes New $5.39 Million Investment in Phillips 66 $PSX

Shorepoint Capital Partners LLC acquired a new position in Phillips 66 (NYSE:PSX) in the 3rd quarter, Holdings Channel.com reports. The firm acquired 39,657 shares of the oil and gas company’s stock, valued at approximately $5,394,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Elliott Investment Management L.P. grew its holdings in Phillips 66 by 1,929.0% during the 1st quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock valued at $1,941,723,000 after buying an additional 14,950,000 shares in the last quarter. Vanguard Group Inc. raised its stake in Phillips 66 by 14.8% in the second quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company’s stock worth $5,531,702,000 after buying an additional 5,978,841 shares in the last quarter. Norges Bank bought a new stake in shares of Phillips 66 in the 2nd quarter valued at about $523,755,000. Geode Capital Management LLC grew its stake in Phillips 66 by 17.4% during the 2nd quarter. Geode Capital Management LLC now owns 10,327,304 shares of the oil and gas company’s stock worth $1,226,815,000 after buying an additional 1,532,967 shares during the last quarter. Finally, Valeo Financial Advisors LLC raised its holdings in shares of Phillips 66 by 9,530.9% in the second quarter. Valeo Financial Advisors LLC now owns 1,446,469 shares of the oil and gas company’s stock worth $172,564,000 after buying an additional 1,431,450 shares during the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Cowen reissued a “buy” rating on shares of Phillips 66 in a research report on Thursday, October 30th. Wolfe Research increased their price objective on shares of Phillips 66 from $158.00 to $160.00 and gave the company an “outperform” rating in a report on Friday, December 5th. UBS Group reissued a “buy” rating and issued a $160.00 price objective on shares of Phillips 66 in a research note on Monday, November 10th. TD Cowen increased their price target on Phillips 66 from $140.00 to $145.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Finally, Barclays increased their price target on Phillips 66 from $132.00 to $141.00 and gave the stock an “equal weight” rating in a report on Monday, November 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Phillips 66 currently has an average rating of “Hold” and an average price target of $148.35.

Insider Transactions at Phillips 66

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 4,393 shares of the business’s stock in a transaction dated Friday, September 26th. The stock was sold at an average price of $140.00, for a total transaction of $615,020.00. Following the completion of the sale, the executive vice president owned 34,587 shares of the company’s stock, valued at approximately $4,842,180. The trade was a 11.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Brian Mandell sold 26,200 shares of the stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $137.68, for a total transaction of $3,607,216.00. Following the completion of the sale, the executive vice president directly owned 56,838 shares of the company’s stock, valued at $7,825,455.84. The trade was a 31.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 86,093 shares of company stock valued at $11,933,256 in the last ninety days. Corporate insiders own 0.22% of the company’s stock.

Phillips 66 Trading Up 0.2%

NYSE:PSX opened at $141.69 on Tuesday. The stock’s 50 day moving average price is $135.84 and its 200 day moving average price is $129.66. The company has a market capitalization of $57.09 billion, a PE ratio of 38.71, a P/E/G ratio of 0.74 and a beta of 0.92. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $144.96. The company has a quick ratio of 0.87, a current ratio of 1.23 and a debt-to-equity ratio of 0.68.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.38. Phillips 66 had a return on equity of 5.53% and a net margin of 1.12%.The firm had revenue of $33.69 billion for the quarter, compared to analysts’ expectations of $32.29 billion. During the same quarter in the previous year, the firm posted $2.04 EPS. On average, research analysts anticipate that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Monday, November 17th were paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Monday, November 17th. Phillips 66’s dividend payout ratio is presently 131.15%.

About Phillips 66

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.