Phillips 66 (NYSE:PSX) Shares Bought by State of Michigan Retirement System

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State of Michigan Retirement System lifted its stake in shares of Phillips 66 (NYSE:PSX) by 9.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 111,502 shares of the oil and gas company’s stock after buying an additional 9,667 shares during the quarter. State of Michigan Retirement System’s holdings in Phillips 66 were worth $8,017,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of PSX. Marshall Wace LLP acquired a new stake in shares of Phillips 66 in the fourth quarter valued at approximately $119,000. Sunbelt Securities Inc. grew its position in Phillips 66 by 7.4% during the 4th quarter. Sunbelt Securities Inc. now owns 26,161 shares of the oil and gas company’s stock worth $2,664,000 after purchasing an additional 1,803 shares during the last quarter. Verus Capital Partners LLC acquired a new position in Phillips 66 in the fourth quarter valued at $62,000. Macquarie Group Ltd. raised its holdings in shares of Phillips 66 by 1.8% in the fourth quarter. Macquarie Group Ltd. now owns 119,306 shares of the oil and gas company’s stock valued at $13,292,000 after buying an additional 2,111 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Phillips 66 by 19.4% in the fourth quarter. Franklin Resources Inc. now owns 246,917 shares of the oil and gas company’s stock valued at $27,509,000 after buying an additional 40,182 shares during the last quarter. Institutional investors and hedge funds own 66.79% of the company’s stock.

In related news, Director Gary Kramer Adams purchased 1,250 shares of the company’s stock in a transaction on Tuesday, May 5th. The stock was bought at an average price of $76.40 per share, with a total value of $95,500.00. Following the completion of the transaction, the director now owns 10,213 shares of the company’s stock, valued at approximately $780,273.20. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John E. Lowe purchased 1,500 shares of the business’s stock in a transaction dated Friday, June 26th. The stock was bought at an average cost of $68.43 per share, with a total value of $102,645.00. The disclosure for this purchase can be found here. Insiders purchased a total of 3,750 shares of company stock worth $268,305 over the last quarter. Insiders own 0.63% of the company’s stock.

PSX has been the topic of several recent research reports. Zacks Investment Research upgraded Phillips 66 from a “strong sell” rating to a “hold” rating and set a $67.00 price target on the stock in a research report on Wednesday, May 27th. Morgan Stanley dropped their target price on Phillips 66 from $95.00 to $90.00 and set an “overweight” rating on the stock in a report on Wednesday, July 8th. JPMorgan Chase & Co. increased their price target on Phillips 66 from $77.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, May 27th. Wolfe Research cut shares of Phillips 66 from an “outperform” rating to a “peer perform” rating and set a $98.00 price objective on the stock. in a research note on Wednesday, May 13th. Finally, Wells Fargo & Co cut shares of Phillips 66 from an “overweight” rating to an “equal weight” rating and set a $34.00 target price for the company. in a research note on Wednesday, July 22nd. Three research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Phillips 66 has a consensus rating of “Buy” and a consensus price target of $83.47.

Shares of NYSE:PSX opened at $62.02 on Friday. The business’s 50 day simple moving average is $67.98 and its 200-day simple moving average is $73.22. The firm has a market capitalization of $27.08 billion, a price-to-earnings ratio of 12.58, a price-to-earnings-growth ratio of 6.42 and a beta of 1.60. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 0.61. Phillips 66 has a 12 month low of $40.04 and a 12 month high of $119.92.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, July 31st. The oil and gas company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.55). The firm had revenue of $11.18 billion for the quarter, compared to analyst estimates of $14.92 billion. Phillips 66 had a return on equity of 14.90% and a net margin of 0.35%. During the same period in the prior year, the firm posted $3.02 earnings per share. On average, equities analysts anticipate that Phillips 66 will post 1.83 earnings per share for the current year.

The firm 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 $0.90 dividend. The ex-dividend date is Monday, August 17th. This represents a $3.60 annualized dividend and a dividend yield of 5.80%. Phillips 66’s dividend payout ratio is presently 44.72%.

Phillips 66 Company Profile

Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined products to market; provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.

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Institutional Ownership by Quarter for Phillips 66 (NYSE:PSX)

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