Legal & General Group Plc Has $309.59 Million Position in Phillips 66 $PSX

Legal & General Group Plc increased its holdings in shares of Phillips 66 (NYSE:PSX) by 1.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,276,036 shares of the oil and gas company’s stock after buying an additional 33,397 shares during the period. Legal & General Group Plc’s holdings in Phillips 66 were worth $309,586,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Elliott Investment Management L.P. lifted its holdings in shares of Phillips 66 by 22.4% during the second quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock worth $2,296,644,000 after purchasing an additional 3,526,000 shares during the period. Oppenheimer & Co. Inc. grew its stake in shares of Phillips 66 by 57.4% in the third quarter. Oppenheimer & Co. Inc. now owns 56,858 shares of the oil and gas company’s stock worth $7,734,000 after purchasing an additional 20,742 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased 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 purchasing an additional 10,000 shares during the period. Vanguard Group Inc. increased its holdings 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 purchasing an additional 5,978,841 shares during the period. Finally, California Public Employees Retirement System raised its position 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 purchasing an additional 26,238 shares during the last quarter. 76.93% of the stock is owned by institutional investors.

Phillips 66 Stock Performance

Shares of Phillips 66 stock opened at $169.41 on Thursday. The business has a 50-day moving average price of $149.69 and a two-hundred day moving average price of $139.51. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $169.62. The company has a current ratio of 1.30, a quick ratio of 0.91 and a debt-to-equity ratio of 0.62. The company has a market cap of $67.89 billion, a P/E ratio of 15.66, a PEG ratio of 0.56 and a beta of 0.86.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.32. Phillips 66 had a return on equity of 9.13% and a net margin of 3.22%.The company had revenue of $32.16 billion for the quarter, compared to the consensus estimate of $33.81 billion. During the same period in the previous year, the business earned ($0.15) EPS. As a group, analysts anticipate that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 4th. Stockholders of record on Monday, February 23rd were given a dividend of $1.27 per share. This is a positive change from Phillips 66’s previous quarterly dividend of $1.20. The ex-dividend date of this dividend was Monday, February 23rd. This represents a $5.08 annualized dividend and a dividend yield of 3.0%. Phillips 66’s payout ratio is 46.95%.

Analyst Ratings Changes

Several brokerages have commented on PSX. Scotiabank reaffirmed a “sector perform” rating and set a $140.00 target price on shares of Phillips 66 in a report on Friday, January 16th. Wells Fargo & Company raised their price objective on Phillips 66 from $162.00 to $163.00 and gave the stock an “overweight” rating in a research report on Thursday, February 5th. Zacks Research lowered Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Argus upped their target price on Phillips 66 from $152.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday, February 10th. Finally, Mizuho raised their price target on shares of Phillips 66 from $150.00 to $152.00 and gave the stock a “neutral” rating in a report on Monday, January 12th. Eleven investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $160.11.

Insider Activity

In related news, EVP Vanessa Allen Sutherland sold 4,394 shares of the business’s 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 transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Don Baldridge sold 7,500 shares of the stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $160.00, for a total transaction of $1,200,000.00. Following the transaction, the executive vice president directly owned 38,488 shares in the company, valued at approximately $6,158,080. This represents a 16.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 38,088 shares of company stock worth $6,147,655 in the last quarter. 0.22% of the stock is owned by corporate insiders.

About Phillips 66

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.