SCP Investment LP Acquires New Shares in Phillips 66 $PSX

SCP Investment LP acquired a new position in Phillips 66 (NYSE:PSX) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,000 shares of the oil and gas company’s stock, valued at approximately $387,000.

Other hedge funds have also recently bought and sold shares of the company. Board of the Pension Protection Fund bought a new stake in shares of Phillips 66 during the 4th quarter worth about $26,000. Accordant Advisory Group Inc raised its stake in shares of Phillips 66 by 900.0% in the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 180 shares in the last quarter. Eagle Bay Advisors LLC bought a new position in shares of Phillips 66 in the 4th quarter valued at approximately $27,000. Stephens Consulting LLC lifted its holdings in Phillips 66 by 67.7% in the 4th quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company’s stock worth $29,000 after purchasing an additional 90 shares during the last quarter. Finally, Dorato Capital Management acquired a new stake in Phillips 66 in the 4th quarter worth approximately $35,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on PSX shares. Piper Sandler increased their price target on Phillips 66 from $168.00 to $177.00 and gave the company a “neutral” rating in a report on Wednesday, April 8th. Scotiabank boosted their price objective on shares of Phillips 66 from $140.00 to $151.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 22nd. JPMorgan Chase & Co. upped their price objective on shares of Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Citigroup lifted their target price on shares of Phillips 66 from $159.00 to $183.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. Finally, Wells Fargo & Company boosted their target price on shares of Phillips 66 from $163.00 to $201.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 31st. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, Phillips 66 presently has a consensus rating of “Moderate Buy” and a consensus price target of $191.28.

Phillips 66 Stock Up 1.3%

Shares of PSX stock opened at $182.54 on Wednesday. Phillips 66 has a 12 month low of $111.37 and a 12 month high of $190.61. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63. The firm has a market cap of $73.19 billion, a PE ratio of 17.98, a price-to-earnings-growth ratio of 0.26 and a beta of 0.68. The stock has a 50 day moving average of $172.41 and a 200-day moving average of $155.05.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. During the same quarter last year, the company posted ($0.90) earnings per share. Phillips 66’s quarterly revenue was up 6.9% on a year-over-year basis. On average, equities analysts predict that Phillips 66 will post 17.64 EPS for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were issued a $1.27 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.8%. Phillips 66’s dividend payout ratio is 50.05%.

Insider Activity at Phillips 66

In related news, Director Kevin Omar Meyers acquired 175 shares of the company’s stock in a transaction dated Wednesday, May 6th. The shares were bought at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the acquisition, the director owned 16,799 shares in the company, valued at $2,908,242.88. This trade represents a 1.05% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Brian Mandell sold 42,800 shares of the company’s stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $169.53, for a total transaction of $7,255,884.00. Following the transaction, the executive vice president directly owned 61,595 shares of the company’s stock, valued at $10,442,200.35. This represents a 41.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 109,085 shares of company stock valued at $18,825,546. Company insiders own 0.40% of the company’s stock.

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.