Entropy Technologies LP Buys New Position in Phillips 66 $PSX

Entropy Technologies LP purchased a new position in Phillips 66 (NYSE:PSX) in the first quarter, Holdings Channel.com reports. The fund purchased 18,554 shares of the oil and gas company’s stock, valued at approximately $3,380,000.

Several other large investors have also added to or reduced their stakes in PSX. Norges Bank bought a new position in Phillips 66 in the 4th quarter worth $640,206,000. M&T Bank Corp lifted its position in shares of Phillips 66 by 462.9% in the 4th quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock worth $352,007,000 after purchasing an additional 2,243,268 shares during the period. AQR Capital Management LLC boosted its stake in shares of Phillips 66 by 424.7% during the 3rd quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock valued at $257,512,000 after purchasing an additional 1,532,389 shares in the last quarter. Worldquant Millennium Advisors LLC bought a new stake in shares of Phillips 66 during the 2nd quarter valued at about $107,967,000. Finally, NewEdge Advisors LLC increased its position in shares of Phillips 66 by 732.0% during the fourth quarter. NewEdge Advisors LLC now owns 996,955 shares of the oil and gas company’s stock valued at $128,647,000 after buying an additional 877,131 shares during the period. Institutional investors own 76.93% of the company’s stock.

Insider Activity at Phillips 66

In related news, Director Kevin Omar Meyers purchased 175 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The shares were bought at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the purchase, the director directly owned 16,799 shares of the company’s stock, 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 can be accessed through this link. Also, CFO Kevin J. Mitchell sold 11,021 shares of the firm’s stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total value of $2,094,320.63. Following the transaction, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at approximately $18,504,361.28. This trade represents a 10.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 41,021 shares of company stock worth $7,195,257 in the last 90 days. 0.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on PSX shares. Morgan Stanley raised their price objective on shares of Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. Mizuho upgraded Phillips 66 from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $170.00 to $212.00 in a report on Wednesday, May 27th. Scotiabank upped their target price on Phillips 66 from $140.00 to $151.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. Jefferies Financial Group increased their target price on Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a research report on Thursday, July 9th. Finally, Citigroup lifted their price target on Phillips 66 from $183.00 to $204.00 and gave the company a “neutral” rating in a research report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and a consensus target price of $200.44.

Phillips 66 Trading Down 0.0%

Shares of NYSE PSX opened at $206.94 on Friday. Phillips 66 has a 1 year low of $118.07 and a 1 year high of $216.08. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. The firm has a 50-day moving average of $182.54 and a 200 day moving average of $168.28. The stock has a market cap of $82.97 billion, a P/E ratio of 20.39, a price-to-earnings-growth ratio of 0.17 and a beta of 0.69.

Phillips 66 (NYSE:PSX) last announced 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. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business had revenue of $32.54 billion for the quarter, compared to analysts’ expectations of $35.86 billion. During the same quarter in the prior year, the company earned ($0.90) earnings per share. The business’s revenue was up 6.9% compared to the same quarter last year. As a group, sell-side analysts expect that Phillips 66 will post 22.43 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be given a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66’s payout ratio is currently 50.05%.

Phillips 66 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.