SCS Capital Management LLC Acquires Shares of 7,789 Phillips 66 $PSX

SCS Capital Management LLC acquired a new stake in Phillips 66 (NYSE:PSX) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 7,789 shares of the oil and gas company’s stock, valued at approximately $962,000.

Other large investors also recently added to or reduced their stakes in the company. Pacific Center for Financial Services purchased a new stake in Phillips 66 in the 4th quarter valued at about $27,000. von Borstel & Associates Inc. purchased a new stake in Phillips 66 in the 1st quarter valued at about $27,000. Olde Wealth Management LLC purchased a new stake in Phillips 66 in the 1st quarter valued at about $28,000. Wood Tarver Financial Group LLC purchased a new stake in shares of Phillips 66 in the 4th quarter worth approximately $29,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Phillips 66 in the 1st quarter worth approximately $29,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Trading Down 0.7%

NYSE:PSX opened at $131.35 on Thursday. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $140.60. The firm has a 50 day moving average of $126.75 and a 200 day moving average of $119.52. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $53.08 billion, a price-to-earnings ratio of 31.57, a PEG ratio of 2.06 and a beta of 1.15.

Phillips 66 (NYSE:PSX) last posted its earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The company had revenue of $33.77 billion during the quarter, compared to analysts’ expectations of $32.11 billion. During the same quarter in the prior year, the company posted $2.31 earnings per share. As a group, sell-side analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th were given a dividend of $1.20 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a yield of 3.7%. Phillips 66’s dividend payout ratio is presently 115.38%.

Insider Activity at Phillips 66

In other Phillips 66 news, EVP Brian Mandell sold 9,800 shares of the company’s stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the transaction, the executive vice president owned 56,838 shares in the company, valued at approximately $7,104,750. This represents a 14.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the company’s stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $135.00, for a total transaction of $593,055.00. Following the transaction, the executive vice president owned 38,980 shares in the company, valued at $5,262,300. The trade was a 10.13% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have bought 9,850 shares of company stock valued at $1,188,910 and have sold 18,586 shares valued at $2,389,145. 0.22% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PSX. Argus raised shares of Phillips 66 to a “strong-buy” rating in a research report on Thursday, July 31st. Raymond James Financial upped their price target on shares of Phillips 66 from $142.00 to $145.00 and gave the stock an “outperform” rating in a research report on Tuesday. Wall Street Zen raised shares of Phillips 66 from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. Scotiabank reaffirmed a “sector perform” rating and issued a $133.00 price target on shares of Phillips 66 in a research report on Friday, July 11th. Finally, Wells Fargo & Company lowered their price target on shares of Phillips 66 from $149.00 to $147.00 and set an “overweight” rating for the company in a research report on Wednesday, June 11th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Phillips 66 has an average rating of “Moderate Buy” and a consensus target price of $135.80.

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.