Freestone Grove Partners LP Makes New $28.42 Million Investment in Phillips 66 $PSX

Freestone Grove Partners LP bought a new position in Phillips 66 (NYSE:PSX) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 168,126 shares of the oil and gas company’s stock, valued at approximately $28,422,000.

Several other hedge funds and other institutional investors have also made changes to their positions in PSX. MUFG Securities EMEA plc boosted its position in shares of Phillips 66 by 113.5% during the 4th quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock worth $2,131,000 after purchasing an additional 8,783 shares in the last quarter. Horizon Investments LLC increased its holdings in shares of Phillips 66 by 478.4% in the 4th quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company’s stock valued at $8,167,000 after purchasing an additional 52,348 shares in the last quarter. Truist Financial Corp lifted its stake in shares of Phillips 66 by 1.6% in the fourth quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company’s stock valued at $87,113,000 after purchasing an additional 10,585 shares during the period. Fifth Third Bancorp lifted its stake in shares of Phillips 66 by 543.7% in the first quarter. Fifth Third Bancorp now owns 128,156 shares of the oil and gas company’s stock valued at $23,348,000 after purchasing an additional 108,248 shares during the period. Finally, National Pension Service boosted its holdings in Phillips 66 by 2.0% during the fourth quarter. National Pension Service now owns 614,059 shares of the oil and gas company’s stock worth $79,238,000 after buying an additional 11,960 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insider Buying and Selling

In related news, EVP Brian Mandell sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total value of $6,450,000.00. Following the sale, the executive vice president owned 61,595 shares of the company’s stock, valued at approximately $13,242,925. This represents a 32.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Richard G. Harbison sold 52,100 shares of the stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total value of $11,657,896.00. Following the sale, the executive vice president owned 39,094 shares in the company, valued at approximately $8,747,673.44. This trade represents a 57.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 100,507 shares of company stock valued at $21,770,810. 0.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on PSX shares. Citigroup reaffirmed a “neutral” rating on shares of Phillips 66 in a report on Thursday, August 6th. Zacks Research lowered Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Argus upped their price target on Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Piper Sandler raised their price objective on Phillips 66 from $208.00 to $209.00 and gave the company a “neutral” rating in a research note on Monday, August 10th. Finally, Morgan Stanley raised their price objective on Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. 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. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $206.56.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $240.58 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. The company’s 50-day moving average price is $204.55 and its 200 day moving average price is $182.15. Phillips 66 has a 52 week low of $126.74 and a 52 week high of $246.95. The stock has a market cap of $96.00 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 0.18 and a beta of 0.68.

Phillips 66 (NYSE:PSX) last announced its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The company had revenue of $52.04 billion during the quarter, compared to analysts’ expectations of $43.60 billion. During the same quarter in the previous year, the business posted $2.38 earnings per share. As a group, research analysts forecast that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

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

Phillips 66 Announces Dividend

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 given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Tuesday, August 18th. Phillips 66’s payout ratio is currently 28.95%.

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.