Jacobs Levy Equity Management Inc. boosted its position in Phillips 66 (NYSE:PSX) by 8.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 459,605 shares of the oil and gas company’s stock after purchasing an additional 37,550 shares during the quarter. Phillips 66 comprises about 0.6% of Jacobs Levy Equity Management Inc.’s holdings, making the stock its 20th largest position. Jacobs Levy Equity Management Inc.’s holdings in Phillips 66 were worth $43,741,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. SRB Corp increased its position in Phillips 66 by 25.7% during the 1st quarter. SRB Corp now owns 7,504 shares of the oil and gas company’s stock worth $714,000 after purchasing an additional 1,534 shares in the last quarter. Monetary Management Group Inc. boosted its stake in shares of Phillips 66 by 57.4% during the 1st quarter. Monetary Management Group Inc. now owns 7,677 shares of the oil and gas company’s stock valued at $731,000 after buying an additional 2,800 shares during the last quarter. Baltimore Capital Management Inc. purchased a new position in shares of Phillips 66 during the 1st quarter valued at approximately $2,148,000. Clarius Group LLC purchased a new position in shares of Phillips 66 during the 1st quarter valued at approximately $268,000. Finally, GYL Financial Synergies LLC purchased a new position in shares of Phillips 66 during the 1st quarter valued at approximately $412,000. 70.12% of the stock is owned by hedge funds and other institutional investors.
Shares of PSX stock traded up $0.35 on Friday, hitting $85.59. 30,781 shares of the stock traded hands, compared to its average volume of 2,594,174. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.42. The firm has a market cap of $37.76 billion, a P/E ratio of 7.27, a P/E/G ratio of 1.36 and a beta of 0.99. Phillips 66 has a 1-year low of $78.44 and a 1-year high of $123.97.
The company also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Monday, May 20th were given a dividend of $0.90 per share. This is a positive change from Phillips 66’s previous quarterly dividend of $0.80. This represents a $3.60 annualized dividend and a dividend yield of 4.21%. The ex-dividend date was Friday, May 17th. Phillips 66’s dividend payout ratio is currently 30.74%.
Several equities analysts have recently commented on PSX shares. Bank of America upgraded Phillips 66 from a “neutral” rating to a “buy” rating and set a $126.00 target price for the company in a research note on Monday, April 29th. They noted that the move was a valuation call. Argus reduced their target price on Phillips 66 to $116.00 and set a “buy” rating for the company in a research note on Thursday, February 14th. Morgan Stanley reduced their target price on Phillips 66 from $115.00 to $105.00 and set an “equal weight” rating for the company in a research note on Friday, May 17th. Jefferies Financial Group cut Phillips 66 from a “buy” rating to a “hold” rating and increased their target price for the company from $105.00 to $107.00 in a research note on Monday, April 15th. Finally, Citigroup increased their target price on Phillips 66 from $100.00 to $102.00 and gave the company a “neutral” rating in a research note on Monday, March 4th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $118.73.
In other news, Director John E. Lowe purchased 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were acquired at an average cost of $82.91 per share, with a total value of $165,820.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.13% of the company’s stock.
About Phillips 66
Phillips 66 operates as an energy manufacturing and logistics company. 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 products to market; provides terminaling and storage services for crude oil and 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.
Further Reading: Green Investing
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