QRG Capital Management Inc. Grows Holdings in Phillips 66 $PSX

QRG Capital Management Inc. raised its holdings in shares of Phillips 66 (NYSE:PSX) by 136.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 45,409 shares of the oil and gas company’s stock after purchasing an additional 26,245 shares during the quarter. QRG Capital Management Inc.’s holdings in Phillips 66 were worth $8,273,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Board of the Pension Protection Fund purchased a new position in Phillips 66 in the 4th quarter worth about $26,000. Accordant Advisory Group Inc boosted its position in Phillips 66 by 900.0% in the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 180 shares during the period. SWAN Capital LLC boosted its position in Phillips 66 by 1,055.6% in the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 190 shares during the period. Eagle Bay Advisors LLC bought a new position in Phillips 66 in the 4th quarter worth about $27,000. Finally, Stephens Consulting LLC grew its stake in Phillips 66 by 67.7% in the 4th quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company’s stock worth $29,000 after acquiring an additional 90 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on PSX. UBS Group reaffirmed a “buy” rating and set a $212.00 price target on shares of Phillips 66 in a research note on Monday, June 15th. Morgan Stanley increased their price objective on Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Wells Fargo & Company raised their price objective on Phillips 66 from $163.00 to $201.00 and gave the stock an “overweight” rating in a report on Tuesday, March 31st. Jefferies Financial Group lifted their target price on Phillips 66 from $173.00 to $191.00 and gave the company a “hold” rating in a research report on Tuesday, May 26th. Finally, Wolfe Research upped their target price on Phillips 66 from $187.00 to $193.00 and gave the stock an “outperform” rating in a report on Monday, April 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $192.72.

Phillips 66 Trading Down 0.0%

NYSE:PSX opened at $176.40 on Friday. Phillips 66 has a one year low of $118.07 and a one year high of $190.61. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. The firm has a market cap of $70.72 billion, a P/E ratio of 17.38, a P/E/G ratio of 0.24 and a beta of 0.69. The firm has a 50-day simple moving average of $174.43 and a 200-day simple moving average of $161.15.

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 (EPS) for the quarter, beating 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 firm had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. During the same period last year, the firm earned ($0.90) earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. Equities analysts anticipate that Phillips 66 will post 19.27 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were issued a dividend of $1.27 per share. The ex-dividend date was Monday, May 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.9%. Phillips 66’s dividend payout ratio is currently 50.05%.

Insiders Place Their Bets

In related news, Director Kevin Omar Meyers bought 175 shares of the company’s stock in a transaction on Wednesday, May 6th. The shares were acquired at an average price of $173.12 per share, with a total value of $30,296.00. Following the transaction, the director owned 16,799 shares of the company’s stock, valued at $2,908,242.88. The trade was a 1.05% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Kevin J. Mitchell sold 600 shares of Phillips 66 stock in a transaction on Monday, May 11th. The shares were sold at an average price of $171.56, for a total value of $102,936.00. Following the completion of the transaction, the chief financial officer owned 97,376 shares in the company, valued at $16,705,826.56. This represents a 0.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.40% of the stock is owned by corporate insiders.

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.