Phillips 66 $PSX Stock: CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Lowers Holdings

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT decreased its position in Phillips 66 (NYSE:PSX) by 20.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 58,100 shares of the oil and gas company’s stock after selling 15,000 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Phillips 66 were worth $14,834,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of PSX. NFSG Corp raised its holdings in Phillips 66 by 105.6% in the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after acquiring an additional 75 shares during the period. Axiom Investment Management LLC bought a new stake in Phillips 66 during the first quarter valued at about $27,000. Compass Financial Management LLC bought a new stake in Phillips 66 during the second quarter valued at about $28,000. Kelleher Financial Advisors bought a new stake in Phillips 66 during the second quarter valued at about $29,000. Finally, J.Safra Asset Management Corp acquired a new stake in shares of Phillips 66 in the second quarter valued at about $30,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Stock Up 1.8%

NYSE PSX opened at $288.23 on Tuesday. Phillips 66 has a twelve month low of $127.16 and a twelve month high of $299.39. The stock has a market cap of $115.01 billion, a PE ratio of 19.02, a PEG ratio of 0.16 and a beta of 0.71. The firm has a 50-day simple moving average of $262.45 and a 200 day simple moving average of $195.08. 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 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%. The firm had revenue of $51 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same period in the previous year, the company posted $2.38 earnings per share. On average, research analysts forecast that Phillips 66 will post 31.39 EPS for the current year.

Phillips 66 declared that its board has approved a share repurchase program on Friday, July 31st that allows the company to repurchase $10 billion in shares. This buyback authorization allows the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Share buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Phillips 66 Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 17th will be issued a dividend of $1.33 per share. This represents a $5.32 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Tuesday, November 17th. This is a boost from Phillips 66’s previous quarterly dividend of $1.27. Phillips 66’s payout ratio is 28.95%.

Insider Activity at Phillips 66

In related news, EVP Richard G. Harbison sold 52,100 shares of the firm’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total value of $11,657,896.00. Following the completion of the transaction, the executive vice president directly owned 39,094 shares of the company’s stock, valued at $8,747,673.44. This trade represents a 57.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Brian Mandell sold 23,400 shares of Phillips 66 stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $265.06, for a total transaction of $6,202,404.00. Following the sale, the executive vice president owned 61,595 shares in the company, valued at $16,326,370.70. This represents a 27.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 108,800 shares of company stock worth $25,016,566 in the last three months. 0.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PSX. BMO Capital Markets boosted their price objective on Phillips 66 from $260.00 to $310.00 and gave the stock an “outperform” rating in a research report on Thursday, September 17th. Zacks Research upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 7th. Barclays raised their target price on Phillips 66 from $216.00 to $282.00 and gave the company an “equal weight” rating in a report on Monday, October 12th. Weiss Ratings upgraded shares of Phillips 66 from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, October 8th. Finally, Wells Fargo & Company boosted their target price on shares of Phillips 66 from $335.00 to $345.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 14th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $269.88.

Phillips 66 Profile

Phillips 66 (NYSE: PSX) is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips’ downstream and midstream businesses.

Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.

The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.