State of New Jersey Common Pension Fund D Acquires 3,536 Shares of Phillips 66 $PSX

State of New Jersey Common Pension Fund D increased its stake in shares of Phillips 66 (NYSE:PSX) by 2.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 142,888 shares of the oil and gas company’s stock after acquiring an additional 3,536 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Phillips 66 were worth $19,436,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Elliott Investment Management L.P. lifted its position in Phillips 66 by 22.4% during the 2nd quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock valued at $2,296,644,000 after purchasing an additional 3,526,000 shares during the period. Oppenheimer & Co. Inc. raised its stake in shares of Phillips 66 by 57.4% during the third quarter. Oppenheimer & Co. Inc. now owns 56,858 shares of the oil and gas company’s stock worth $7,734,000 after buying an additional 20,742 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in Phillips 66 by 5.0% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 209,700 shares of the oil and gas company’s stock valued at $28,523,000 after buying an additional 10,000 shares during the period. Vanguard Group Inc. boosted its stake in Phillips 66 by 14.8% in the second quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company’s stock valued at $5,531,702,000 after acquiring an additional 5,978,841 shares during the last quarter. Finally, California Public Employees Retirement System grew its holdings in Phillips 66 by 3.9% during the 2nd quarter. California Public Employees Retirement System now owns 696,577 shares of the oil and gas company’s stock worth $83,102,000 after acquiring an additional 26,238 shares during the period. 76.93% of the stock is owned by institutional investors.

Phillips 66 Stock Performance

Shares of PSX opened at $159.75 on Monday. The firm has a market cap of $64.37 billion, a P/E ratio of 14.76, a PEG ratio of 0.56 and a beta of 0.90. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $163.79. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.87 and a current ratio of 1.23. The firm’s 50 day moving average price is $140.39 and its two-hundred day moving average price is $134.92.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported $2.47 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.32. The business had revenue of $32.16 billion for the quarter, compared to analyst estimates of $33.81 billion. Phillips 66 had a net margin of 3.22% and a return on equity of 9.28%. During the same period last year, the business posted ($0.15) earnings per share. On average, analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 4th. Stockholders of record on Monday, February 23rd will be given a dividend of $1.27 per share. This is an increase from Phillips 66’s previous quarterly dividend of $1.20. This represents a $5.08 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, February 23rd. Phillips 66’s payout ratio is currently 44.36%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. BMO Capital Markets reissued an “outperform” rating and issued a $170.00 price target on shares of Phillips 66 in a research note on Friday, February 6th. Argus raised their target price on Phillips 66 from $152.00 to $185.00 and gave the stock a “buy” rating in a report on Tuesday, February 10th. Citigroup upped their price target on Phillips 66 from $146.00 to $159.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Morgan Stanley lifted their price objective on shares of Phillips 66 from $140.00 to $147.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 5th. Finally, Piper Sandler upped their target price on shares of Phillips 66 from $153.00 to $156.00 and gave the company a “neutral” rating in a research note on Thursday, February 5th. Ten investment analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $158.72.

Insider Buying and Selling

In related news, EVP Brian Mandell sold 25,500 shares of the stock in a transaction on Monday, December 1st. The shares were sold at an average price of $140.04, for a total transaction of $3,571,020.00. Following the completion of the transaction, the executive vice president owned 56,838 shares in the company, valued at approximately $7,959,593.52. This represents a 30.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of Phillips 66 stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $150.00, for a total transaction of $659,100.00. Following the completion of the sale, the executive vice president owned 25,799 shares in the company, valued at $3,869,850. The trade was a 14.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 60,488 shares of company stock worth $8,474,466. 0.22% of the stock is owned by insiders.

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.