Foundation Resource Management Inc. Lowers Position in Phillips 66 (NYSE:PSX)

Foundation Resource Management Inc. lessened its stake in Phillips 66 (NYSE:PSX) by 2.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 63,346 shares of the oil and gas company’s stock after selling 1,569 shares during the quarter. Phillips 66 makes up about 1.2% of Foundation Resource Management Inc.’s investment portfolio, making the stock its 28th largest position. Foundation Resource Management Inc.’s holdings in Phillips 66 were worth $7,822,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of PSX. Price T Rowe Associates Inc. MD lifted its position in Phillips 66 by 283.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company’s stock valued at $686,618,000 after purchasing an additional 4,455,220 shares during the last quarter. Norges Bank bought a new stake in shares of Phillips 66 in the 4th quarter valued at about $497,648,000. Raymond James Financial Inc. acquired a new stake in Phillips 66 in the 4th quarter worth approximately $168,790,000. Capitolis Liquid Global Markets LLC acquired a new stake in Phillips 66 in the 4th quarter worth approximately $142,185,000. Finally, GAMMA Investing LLC raised its position in Phillips 66 by 14,119.5% during the 1st quarter. GAMMA Investing LLC now owns 1,189,606 shares of the oil and gas company’s stock worth $146,893,000 after buying an additional 1,181,240 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insiders Place Their Bets

In related news, Director Robert W. Pease bought 439 shares of the company’s stock in a transaction that occurred on Thursday, May 22nd. The shares were acquired at an average cost of $113.85 per share, for a total transaction of $49,980.15. Following the acquisition, the director now owns 4,091 shares in the company, valued at $465,760.35. This represents a 12.02% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 0.22% of the stock is owned by corporate insiders.

Phillips 66 Trading Up 2.0%

NYSE:PSX opened at $114.51 on Monday. The stock has a fifty day moving average price of $108.22 and a two-hundred day moving average price of $117.83. The stock has a market capitalization of $46.65 billion, a price-to-earnings ratio of 23.18, a PEG ratio of 4.84 and a beta of 1.02. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $150.12.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.97). The firm had revenue of $31.92 billion during the quarter, compared to analysts’ expectations of $31.93 billion. Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. During the same quarter in the prior year, the business earned $1.90 EPS. As a group, sell-side analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were given a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date was Monday, May 19th. This is a boost from Phillips 66’s previous quarterly dividend of $1.15. Phillips 66’s dividend payout ratio (DPR) is currently 109.34%.

Analysts Set New Price Targets

A number of research firms have issued reports on PSX. TD Cowen raised their price target on shares of Phillips 66 from $114.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. Tudor Pickering lowered shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 22nd. JPMorgan Chase & Co. reduced their price target on shares of Phillips 66 from $138.00 to $131.00 and set an “overweight” rating for the company in a research report on Tuesday, April 29th. The Goldman Sachs Group lowered shares of Phillips 66 from a “buy” rating to a “neutral” rating and set a $132.00 price target for the company. in a research report on Thursday, March 27th. Finally, Scotiabank reduced their price target on shares of Phillips 66 from $136.00 to $133.00 and set a “sector outperform” rating for the company in a research report on Friday, April 11th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Phillips 66 currently has a consensus rating of “Moderate Buy” and a consensus target price of $135.62.

Phillips 66 Profile

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.