Energy Income Partners LLC Increases Stake in Phillips 66 $PSX

Energy Income Partners LLC boosted its holdings in shares of Phillips 66 (NYSE:PSX) by 443.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 73,405 shares of the oil and gas company’s stock after buying an additional 59,904 shares during the quarter. Energy Income Partners LLC’s holdings in Phillips 66 were worth $13,373,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Phillips 66 in the fourth quarter worth $640,206,000. M&T Bank Corp raised its stake in shares of Phillips 66 by 462.9% in the fourth quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock valued at $352,007,000 after acquiring an additional 2,243,268 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Phillips 66 by 424.7% in the third 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 during the period. Worldquant Millennium Advisors LLC purchased a new position in Phillips 66 in the second quarter valued at $107,967,000. Finally, NewEdge Advisors LLC grew its stake in Phillips 66 by 732.0% during the 4th quarter. NewEdge Advisors LLC now owns 996,955 shares of the oil and gas company’s stock worth $128,647,000 after purchasing an additional 877,131 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Performance

NYSE:PSX opened at $207.72 on Tuesday. The firm has a market capitalization of $83.28 billion, a PE ratio of 20.46, a price-to-earnings-growth ratio of 0.16 and a beta of 0.69. The business’s fifty day moving average price is $183.09 and its 200 day moving average price is $168.98. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. Phillips 66 has a 12 month low of $118.07 and a 12 month high of $216.08.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.54) by $1.03. The company had revenue of $32.54 billion for the quarter, compared to analysts’ expectations of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.Phillips 66’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period last year, the firm earned ($0.90) earnings per share. On average, sell-side analysts anticipate that Phillips 66 will post 22.43 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PSX shares. Barclays upped their price target on Phillips 66 from $177.00 to $183.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Citigroup lifted their price objective on Phillips 66 from $183.00 to $204.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. Tudor Pickering raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. UBS Group upped their target price on shares of Phillips 66 from $212.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Wolfe Research raised their target price on shares of Phillips 66 from $187.00 to $193.00 and gave the company an “outperform” rating in a report on Monday, April 6th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $201.72.

Insider Activity

In other Phillips 66 news, CFO Kevin J. Mitchell sold 11,021 shares of the 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 in the company, valued at $18,504,361.28. This represents a 10.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Omar Meyers acquired 175 shares of the business’s stock in a transaction on Wednesday, May 6th. The shares were bought at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the acquisition, the director owned 16,799 shares of the company’s stock, valued at $2,908,242.88. This represents a 1.05% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 41,021 shares of company stock worth $7,195,257 in the last three months. Corporate insiders own 0.40% of the company’s stock.

About Phillips 66

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.