Cushing Capital Partners LLC Acquires New Shares in Phillips 66 (NYSE:PSX)

Cushing Capital Partners LLC bought a new stake in shares of Phillips 66 (NYSE:PSX) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 7,157 shares of the oil and gas company’s stock, valued at approximately $815,000.

Other hedge funds have also added to or reduced their stakes in the company. Oppenheimer & Co. Inc. raised its stake in Phillips 66 by 10.6% during the 4th quarter. Oppenheimer & Co. Inc. now owns 46,953 shares of the oil and gas company’s stock valued at $5,349,000 after buying an additional 4,515 shares during the last quarter. Flavin Financial Services Inc. purchased a new stake in Phillips 66 during the 4th quarter valued at $1,190,000. Everence Capital Management Inc. purchased a new stake in Phillips 66 during the 4th quarter valued at $3,033,000. Donoghue Forlines LLC purchased a new stake in Phillips 66 during the 4th quarter valued at $1,438,000. Finally, Mizuho Securities USA LLC raised its stake in Phillips 66 by 7,549.0% during the 3rd quarter. Mizuho Securities USA LLC now owns 2,500,000 shares of the oil and gas company’s stock valued at $328,625,000 after buying an additional 2,467,316 shares during the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on PSX shares. StockNews.com lowered shares of Phillips 66 from a “hold” rating to a “sell” rating in a research note on Sunday, March 2nd. Mizuho reduced their price objective on Phillips 66 from $150.00 to $147.00 and set a “neutral” rating for the company in a research note on Monday, December 16th. Wells Fargo & Company upped their price objective on Phillips 66 from $161.00 to $162.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Barclays reduced their price objective on Phillips 66 from $124.00 to $115.00 and set an “equal weight” rating for the company in a research note on Monday, January 13th. Finally, Piper Sandler lowered Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 10th. One analyst has rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $148.00.

Phillips 66 Price Performance

NYSE:PSX opened at $126.41 on Tuesday. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. The business’s 50-day simple moving average is $122.05 and its two-hundred day simple moving average is $126.21. The stock has a market cap of $51.54 billion, a PE ratio of 25.59, a P/E/G ratio of 4.84 and a beta of 1.31. Phillips 66 has a 52 week low of $108.91 and a 52 week high of $174.08.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Friday, January 31st. The oil and gas company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($1.38). Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. During the same period in the prior year, the firm earned $3.09 EPS. As a group, analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th were given a dividend of $1.15 per share. The ex-dividend date of this dividend was Monday, February 24th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.64%. Phillips 66’s payout ratio is 93.12%.

About Phillips 66

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. 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 petroleum products to market; provides terminaling and storage services for crude oil and refined 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.