Empyrean Capital Partners LP Has $34.17 Million Stake in Phillips 66 $PSX

Empyrean Capital Partners LP increased its position in Phillips 66 (NYSE:PSX) by 22.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 264,800 shares of the oil and gas company’s stock after purchasing an additional 48,000 shares during the period. Phillips 66 comprises about 1.2% of Empyrean Capital Partners LP’s investment portfolio, making the stock its 28th biggest holding. Empyrean Capital Partners LP owned 0.07% of Phillips 66 worth $34,170,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Board of the Pension Protection Fund acquired a new position in Phillips 66 in the 4th quarter worth approximately $26,000. Accordant Advisory Group Inc boosted its stake in 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 worth $26,000 after purchasing an additional 180 shares during the period. SWAN Capital LLC boosted its stake in Phillips 66 by 1,055.6% in the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock worth $27,000 after purchasing an additional 190 shares during the period. Eagle Bay Advisors LLC acquired a new position in Phillips 66 in the 4th quarter worth approximately $27,000. Finally, Stephens Consulting LLC boosted its stake 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 period. Institutional investors and hedge funds own 76.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Jefferies Financial Group raised their price objective on shares of Phillips 66 from $173.00 to $191.00 and gave the stock a “hold” rating in a research note on Tuesday, May 26th. Wall Street Zen raised shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 13th. Morgan Stanley raised their price objective on shares of Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. TD Cowen lifted their target price on shares of Phillips 66 from $155.00 to $213.00 and gave the company a “buy” rating in a research note on Wednesday, April 1st. Finally, Scotiabank lifted their target price on shares of Phillips 66 from $140.00 to $151.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $192.33.

Phillips 66 Trading Down 2.9%

Shares of NYSE:PSX opened at $167.08 on Thursday. The firm has a fifty day moving average of $172.14 and a two-hundred day moving average of $158.68. The firm has a market capitalization of $66.99 billion, a P/E ratio of 16.46, a price-to-earnings-growth ratio of 0.25 and a beta of 0.68. Phillips 66 has a 12-month low of $118.00 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.

Phillips 66 (NYSE:PSX) last issued its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.54) by $1.03. The company had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.90) EPS. On average, equities analysts expect that Phillips 66 will post 18.12 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were issued a dividend of $1.27 per share. The ex-dividend date was Monday, May 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.0%. Phillips 66’s dividend payout ratio (DPR) is currently 50.05%.

Insiders Place Their Bets

In other Phillips 66 news, Director Kevin Omar Meyers purchased 175 shares of the business’s stock in a transaction dated Wednesday, May 6th. The shares were acquired 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 of the company’s stock, valued at $2,908,242.88. This trade represents a 1.05% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Kevin J. Mitchell sold 29,400 shares of the firm’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the transaction, the chief financial officer owned 97,376 shares in the company, valued at $16,553,920. This represents a 23.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 45,629 shares of company stock worth $8,071,540 in the last 90 days. 0.40% 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.