Engineers Gate Manager LP Grows Holdings in Phillips 66 $PSX

Engineers Gate Manager LP raised its holdings in shares of Phillips 66 (NYSE:PSX) by 194.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 47,859 shares of the oil and gas company’s stock after purchasing an additional 31,628 shares during the quarter. Engineers Gate Manager LP’s holdings in Phillips 66 were worth $8,091,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in PSX. California State Teachers Retirement System increased its stake in Phillips 66 by 22,604.5% in the 2nd quarter. California State Teachers Retirement System now owns 106,125,026 shares of the oil and gas company’s stock worth $17,940,436,000 after buying an additional 105,657,607 shares during the period. BlackRock Inc. purchased a new stake in Phillips 66 in the 2nd quarter valued at about $5,766,779,000. State Street Corp boosted its position in Phillips 66 by 0.8% in the 4th 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 during the period. Geode Capital Management LLC grew its stake in Phillips 66 by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock worth $1,338,596,000 after acquiring an additional 45,340 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in Phillips 66 in the 2nd quarter worth about $1,093,206,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 News Roundup

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Momentum and bullish coverage: Zacks highlighted Phillips 66 as a strong momentum candidate, while another commentary described the refiner as having “tech-stock swagger” backed by improving fundamentals. The stock’s move to a 52-week high reinforces its strong recent performance. Phillips 66 Is a Great Momentum Stock Bull of the Day: Phillips 66
• Positive Sentiment: Analyst sentiment is broadly constructive: Phillips 66’s average brokerage recommendation remains bullish, and Zacks Research recently upgraded the shares from Hold to Strong Buy. Such ratings can attract momentum and income-oriented investors, although they are not always reliable indicators of future returns. Wall Street Bulls Look Optimistic About Phillips 66 Zacks Upgrades Phillips 66
• Neutral Sentiment: Refining-cycle outlook remains the key debate: Recent analysis revisited the timing of Phillips 66’s expected performance while maintaining a broader view on the refining cycle. This suggests the long-term thesis remains intact, but the timing of additional upside is uncertain. Phillips 66: I Was Wrong on the Duration, Not on the Cycle
• Negative Sentiment: Hold ratings temper the bullish case: Bank of America Securities and Barclays both reiterated Hold ratings. These cautious views could pressure the shares after their substantial run and near the 52-week high. Bank of America Securities Keeps Hold Rating Barclays Gives Phillips 66 a Hold

Phillips 66 Price Performance

NYSE PSX opened at $258.59 on Friday. The company has a market cap of $103.18 billion, a PE ratio of 14.73, a P/E/G ratio of 0.19 and a beta of 0.71. The firm’s 50 day moving average price is $221.19 and its 200-day moving average price is $188.94. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32. Phillips 66 has a 52-week low of $126.74 and a 52-week high of $263.76.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, topping analysts’ consensus estimates of $7.50 by $1.91. The company had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same quarter in the previous year, the firm posted $2.38 earnings per share. Sell-side analysts forecast that Phillips 66 will post 24.45 EPS for the current fiscal year.

Phillips 66 declared that its Board of Directors has initiated a share repurchase program on Friday, July 31st that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to reacquire up to 11.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th were given a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Tuesday, August 18th. Phillips 66’s payout ratio is presently 28.95%.

Insider Buying and Selling

In related news, EVP Brian Mandell sold 30,000 shares of the company’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the completion of the sale, the executive vice president directly owned 61,595 shares in the company, valued at $13,242,925. This represents a 32.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Richard Harbison sold 52,100 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total value of $11,657,896.00. Following the sale, the executive vice president directly owned 39,094 shares in the company, valued at approximately $8,747,673.44. The trade was a 57.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 100,507 shares of company stock valued at $21,770,810. 0.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Wells Fargo & Company boosted their price target on Phillips 66 from $239.00 to $335.00 and gave the company an “overweight” rating in a report on Tuesday, September 1st. UBS Group raised their price objective on Phillips 66 from $235.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday. 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 report on Thursday, July 9th. Zacks Research upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a report on Monday. Finally, Guggenheim raised Phillips 66 to an “outperform” rating in a research report on Wednesday, May 27th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $222.76.

About Phillips 66

Phillips 66 (NYSE: PSX) is an energy company that operates across the midstream, chemicals, refining and marketing sectors. Headquartered in Houston, Texas, the company was established in 2012 when ConocoPhillips separated its downstream businesses into an independent company.

The company’s midstream operations include transportation, processing, storage and other infrastructure for crude oil, natural gas and natural gas liquids. Phillips 66 also owns and operates refineries that process crude oil into transportation fuels, lubricants, specialty products and other refined petroleum products.

Phillips 66 markets gasoline, diesel and other fuels under the Phillips 66, Conoco and 76 brands, primarily in the United States.