Ieq Capital LLC Increases Holdings in Phillips 66 $PSX

Ieq Capital LLC increased its stake in Phillips 66 (NYSE:PSX) by 41.3% in the 4th quarter, Holdings Channel.com reports. The firm owned 264,260 shares of the oil and gas company’s stock after buying an additional 77,273 shares during the quarter. Ieq Capital LLC’s holdings in Phillips 66 were worth $34,100,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in PSX. First National Bank of Omaha bought a new stake in Phillips 66 during the third quarter valued at $2,357,000. TD Asset Management Inc boosted its stake in Phillips 66 by 15.5% during the third quarter. TD Asset Management Inc now owns 174,413 shares of the oil and gas company’s stock valued at $23,724,000 after buying an additional 23,364 shares during the period. Caprock Group LLC bought a new stake in Phillips 66 during the third quarter valued at $2,412,000. PNC Financial Services Group Inc. boosted its stake in Phillips 66 by 18.2% during the third quarter. PNC Financial Services Group Inc. now owns 963,629 shares of the oil and gas company’s stock valued at $131,073,000 after buying an additional 148,129 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Phillips 66 by 5.1% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 818,025 shares of the oil and gas company’s stock valued at $111,268,000 after buying an additional 39,592 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Stock Up 0.7%

PSX stock opened at $179.27 on Friday. Phillips 66 has a fifty-two week low of $118.00 and a fifty-two week high of $190.61. The business’s 50 day moving average price is $172.49 and its two-hundred day moving average price is $157.75. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. The company has a market capitalization of $71.87 billion, a price-to-earnings ratio of 17.66, a price-to-earnings-growth ratio of 0.26 and a beta of 0.68.

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, topping analysts’ consensus estimates of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The firm had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. During the same quarter in the prior year, the business earned ($0.90) EPS. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. As a group, analysts forecast that Phillips 66 will post 17.86 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PSX shares. Barclays lifted their price objective on Phillips 66 from $158.00 to $177.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 8th. Jefferies Financial Group lifted their price objective on Phillips 66 from $173.00 to $191.00 and gave the company a “hold” rating in a research note on Tuesday, May 26th. Tudor Pickering raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Argus lifted their price objective on Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Finally, Morgan Stanley lifted their price objective on Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research note on Friday. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $192.33.

Insider Activity at Phillips 66

In related news, CFO Kevin J. Mitchell sold 600 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $171.56, for a total value of $102,936.00. Following the sale, the chief financial officer owned 97,376 shares in the company, valued at $16,705,826.56. This represents a 0.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Kevin Omar Meyers purchased 175 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the purchase, the director directly owned 16,799 shares in the company, valued at $2,908,242.88. The trade was a 1.05% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders 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 currently owned by company insiders.

About Phillips 66

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.