Phillips 66 $PSX Stock Position Lifted by Convergence Investment Partners LLC

Convergence Investment Partners LLC lifted its position in Phillips 66 (NYSE:PSX) by 50.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,038 shares of the oil and gas company’s stock after acquiring an additional 11,343 shares during the quarter. Phillips 66 accounts for approximately 1.0% of Convergence Investment Partners LLC’s holdings, making the stock its 19th largest position. Convergence Investment Partners LLC’s holdings in Phillips 66 were worth $6,201,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Brighton Jones LLC lifted its stake in Phillips 66 by 238.5% during the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock worth $1,166,000 after purchasing an additional 7,214 shares during the last quarter. Woodline Partners LP increased its stake in Phillips 66 by 40.7% during the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock valued at $4,308,000 after purchasing an additional 10,089 shares during the last quarter. Sei Investments Co. raised its holdings in shares of Phillips 66 by 28.3% during the second quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company’s stock worth $18,788,000 after purchasing an additional 34,698 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Phillips 66 by 9.1% during the second quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company’s stock worth $41,359,000 after purchasing an additional 28,988 shares during the period. Finally, Glenview Trust co lifted its position in shares of Phillips 66 by 2.6% in the 2nd quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company’s stock worth $1,068,000 after buying an additional 229 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on PSX. Barclays lifted their price target on shares of Phillips 66 from $177.00 to $183.00 and gave the company an “equal weight” rating in a report on Thursday, July 9th. BMO Capital Markets raised their target price on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. The Goldman Sachs Group lifted their target price on Phillips 66 from $192.00 to $207.00 and gave the company a “neutral” rating in a research note on Tuesday, May 19th. Citigroup upped their target price on Phillips 66 from $183.00 to $204.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. Finally, Piper Sandler increased their price target on Phillips 66 from $168.00 to $177.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 8th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, Phillips 66 currently has a consensus rating of “Moderate Buy” and an average target price of $196.06.

Phillips 66 Stock Performance

Shares of PSX opened at $208.85 on Tuesday. The firm has a fifty day moving average of $179.71 and a 200-day moving average of $166.31. The company has a market cap of $83.73 billion, a price-to-earnings ratio of 20.58, a price-to-earnings-growth ratio of 0.27 and a beta of 0.69. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. Phillips 66 has a 1 year low of $118.07 and a 1 year high of $211.05.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.03. The business had revenue of $32.54 billion for the quarter, compared to analysts’ expectations of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.90) EPS. As a group, equities analysts anticipate that Phillips 66 will post 19.84 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a $1.27 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.4%. Phillips 66’s dividend payout ratio (DPR) is presently 50.05%.

Insider Buying and Selling

In other Phillips 66 news, Director Kevin Omar Meyers purchased 175 shares of the business’s stock in a transaction dated Wednesday, May 6th. The shares were bought at an average price of $173.12 per share, with a total value 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kevin J. Mitchell sold 11,021 shares of the business’s stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total value of $2,094,320.63. Following the transaction, the chief financial officer owned 97,376 shares of the company’s stock, valued at approximately $18,504,361.28. This represents a 10.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 41,021 shares of company stock worth $7,195,257. Corporate insiders own 0.40% of the company’s stock.

Phillips 66 Company Profile

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.