Shorepoint Capital Partners LLC Takes Position in Phillips 66 $PSX

Shorepoint Capital Partners LLC acquired a new position in shares of Phillips 66 (NYSE:PSX) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 39,657 shares of the oil and gas company’s stock, valued at approximately $5,394,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Elliott Investment Management L.P. increased its holdings in Phillips 66 by 1,929.0% in the first 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 during the last quarter. Vanguard Group Inc. lifted its position in shares of Phillips 66 by 14.8% during the 2nd quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company’s stock valued at $5,531,702,000 after acquiring an additional 5,978,841 shares during the last quarter. Norges Bank purchased a new stake in shares of Phillips 66 in the 2nd quarter valued at approximately $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 valued at $1,226,815,000 after acquiring an additional 1,532,967 shares in the last quarter. Finally, Valeo Financial Advisors LLC grew its stake in shares of Phillips 66 by 9,530.9% in the 2nd quarter. Valeo Financial Advisors LLC now owns 1,446,469 shares of the oil and gas company’s stock valued at $172,564,000 after buying an additional 1,431,450 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Vanessa Allen Sutherland sold 4,393 shares of Phillips 66 stock in a transaction on Friday, September 26th. The shares were sold at an average price of $140.00, for a total value of $615,020.00. Following the transaction, the executive vice president owned 34,587 shares in the company, valued at $4,842,180. This trade represents a 11.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kevin J. Mitchell sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $138.00, for a total value of $4,140,000.00. Following the transaction, the chief financial officer owned 89,771 shares in the company, valued at approximately $12,388,398. The trade was a 25.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 86,093 shares of company stock valued at $11,933,256 over the last quarter. 0.22% of the stock is owned by corporate insiders.

Phillips 66 Stock Performance

NYSE:PSX opened at $141.69 on Tuesday. The company has a fifty day moving average of $135.84 and a 200-day moving average of $129.66. Phillips 66 has a twelve month low of $91.01 and a twelve month 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. The firm has a market capitalization of $57.09 billion, a P/E ratio of 38.71, a P/E/G ratio of 0.74 and a beta of 0.92.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share 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 business had revenue of $33.69 billion for the quarter, compared to analysts’ expectations of $32.29 billion. During the same period last year, the business earned $2.04 EPS. As a group, sell-side analysts anticipate that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PSX. UBS Group restated a “buy” rating and issued a $160.00 price objective on shares of Phillips 66 in a research note on Monday, November 10th. Raymond James Financial lifted their price target on shares of Phillips 66 from $153.00 to $169.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 25th. Barclays boosted their price target on shares of Phillips 66 from $132.00 to $141.00 and gave the company an “equal weight” rating in a report on Monday, November 17th. Bank of America cut Phillips 66 from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $144.00 to $147.00 in a research report on Wednesday, September 3rd. Finally, BMO Capital Markets upped their target price on shares of Phillips 66 from $152.00 to $160.00 in a report on Tuesday, November 11th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and thirteen have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Phillips 66 presently has an average rating of “Hold” and a consensus price target of $148.35.

Phillips 66 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.