Encore Global Management LP Takes Position in Phillips 66 $PSX

Encore Global Management LP acquired a new position in Phillips 66 (NYSE:PSX) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 11,000 shares of the oil and gas company’s stock, valued at approximately $2,004,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PSX. Vanguard Group Inc. raised its stake in Phillips 66 by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company’s stock valued at $6,701,052,000 after purchasing an additional 205,480 shares during the period. State Street Corp grew its holdings in shares of Phillips 66 by 0.8% during the fourth quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company’s stock valued at $3,043,996,000 after buying an additional 175,616 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Phillips 66 by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock valued at $1,338,596,000 after buying an additional 45,340 shares in the last quarter. Norges Bank acquired a new position in Phillips 66 during the fourth quarter valued at $640,206,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in Phillips 66 by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,944,561 shares of the oil and gas company’s stock worth $509,006,000 after acquiring an additional 89,621 shares in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PSX shares. Jefferies Financial Group lifted their target price on Phillips 66 from $191.00 to $207.00 and gave the company a “hold” rating in a research note on Thursday, July 9th. Weiss Ratings lowered shares of Phillips 66 from a “buy (b-)” rating to a “hold (c)” rating in a research report on Friday, May 1st. Argus raised their price target on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Morgan Stanley boosted their price objective on shares of Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. Finally, Citigroup increased their target price on shares of Phillips 66 from $183.00 to $204.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and an average price target of $201.72.

Insider Buying and Selling

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 3,523 shares of the stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total transaction of $743,529.15. Following the transaction, the executive vice president owned 27,537 shares in the company, valued at $5,811,683.85. This trade represents a 11.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Omar Meyers purchased 175 shares of the company’s stock in a transaction dated Wednesday, May 6th. The stock was purchased at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the transaction, the director owned 16,799 shares of the company’s stock, valued at approximately $2,908,242.88. This trade represents a 1.05% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders sold 45,107 shares of company stock worth $8,057,584. 0.40% of the stock is currently owned by insiders.

Phillips 66 Stock Down 0.9%

PSX stock opened at $206.03 on Wednesday. The firm has a market cap of $82.60 billion, a PE ratio of 20.30, a PEG ratio of 0.17 and a beta of 0.69. Phillips 66 has a 1 year low of $118.07 and a 1 year high of $216.08. The company has a fifty day simple moving average of $183.56 and a 200 day simple moving average of $169.46. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX) last posted its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, beating the consensus estimate of ($0.54) by $1.03. The company had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The business’s revenue was up 6.9% compared to the same quarter last year. During the same period last year, the company earned ($0.90) earnings per share. Sell-side analysts anticipate that Phillips 66 will post 22.43 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66’s dividend payout ratio (DPR) is presently 50.05%.

Phillips 66 Company 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.