Quantbot Technologies LP Acquires Shares of 26,093 Phillips 66 $PSX

Quantbot Technologies LP bought a new stake in Phillips 66 (NYSE:PSX) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 26,093 shares of the oil and gas company’s stock, valued at approximately $4,411,000.

Several other hedge funds have also modified their holdings of PSX. BlackRock Inc. acquired a new stake in Phillips 66 in the second quarter valued at approximately $5,766,779,000. Bank of New York Mellon Corp acquired a new position in shares of Phillips 66 during the second quarter worth $1,093,206,000. Norges Bank purchased a new position in shares of Phillips 66 in the fourth quarter valued at $640,206,000. Deutsche Bank AG purchased a new position in shares of Phillips 66 in the second quarter valued at $271,128,000. Finally, AQR Capital Management LLC grew its holdings in 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. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Phillips 66 news, EVP Richard G. Harbison sold 52,100 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total value of $11,657,896.00. Following the sale, the executive vice president directly owned 39,094 shares of the company’s stock, valued at $8,747,673.44. This trade represents a 57.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Brian Mandell sold 30,000 shares of the firm’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total value of $6,450,000.00. Following the completion of the sale, the executive vice president owned 61,595 shares in the company, valued at $13,242,925. The trade was a 32.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 100,507 shares of company stock valued at $21,770,810 over the last three months. Corporate insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on PSX shares. Zacks Research lowered shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Morgan Stanley raised their target price on Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Wells Fargo & Company lifted their target price on Phillips 66 from $201.00 to $239.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. JPMorgan Chase & Co. boosted their price target on Phillips 66 from $188.00 to $202.00 in a research note on Thursday, April 30th. Finally, Guggenheim raised Phillips 66 to an “outperform” rating in a report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $206.56.

Phillips 66 Price Performance

PSX opened at $243.34 on Monday. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. The company’s 50-day moving average price is $198.87 and its 200 day moving average price is $179.70. Phillips 66 has a fifty-two week low of $124.88 and a fifty-two week high of $246.95. The firm has a market cap of $97.10 billion, a price-to-earnings ratio of 13.87, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68.

Phillips 66 (NYSE:PSX) last posted its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, beating the consensus estimate of $7.50 by $1.91. The company had revenue of $52.04 billion during the quarter, compared to analyst estimates of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same period in the prior year, the company earned $2.38 earnings per share. As a group, sell-side analysts expect that Phillips 66 will post 23.86 earnings per share for the current year.

Phillips 66 announced that its Board of Directors has approved a stock repurchase plan on Friday, July 31st that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Tuesday, August 18th. Phillips 66’s dividend payout ratio is presently 28.95%.

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.