CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Boosts Stake in Phillips 66 $PSX

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in shares of Phillips 66 (NYSE:PSX) by 5.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 209,700 shares of the oil and gas company’s stock after purchasing an additional 10,000 shares during the quarter. Phillips 66 comprises approximately 1.6% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s investment portfolio, making the stock its 21st biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.05% of Phillips 66 worth $28,523,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of PSX. Evolution Wealth Management Inc. purchased a new position in Phillips 66 during the second quarter worth about $25,000. Wolff Wiese Magana LLC boosted its position in shares of Phillips 66 by 62.1% during the 2nd quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 82 shares during the period. Webster Bank N. A. boosted its position in shares of Phillips 66 by 58.8% during the 2nd quarter. Webster Bank N. A. now owns 270 shares of the oil and gas company’s stock worth $32,000 after purchasing an additional 100 shares during the period. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in Phillips 66 in the 2nd quarter valued at approximately $32,000. Finally, Nova Wealth Management Inc. purchased a new stake in Phillips 66 in the first quarter valued at approximately $37,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PSX has been the subject of several research analyst reports. Mizuho raised their price target on Phillips 66 from $145.00 to $150.00 and gave the stock a “neutral” rating in a research report on Friday, December 12th. TD Cowen raised their target price on Phillips 66 from $140.00 to $145.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Barclays lifted their target price on Phillips 66 from $132.00 to $141.00 and gave the company an “equal weight” rating in a research report on Monday, November 17th. BMO Capital Markets increased their price target on shares of Phillips 66 from $152.00 to $160.00 in a research report on Tuesday, November 11th. Finally, Raymond James Financial dropped their price objective on shares of Phillips 66 from $169.00 to $160.00 and set an “outperform” rating for the company in a report on Monday, December 22nd. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $147.82.

Insiders Place Their Bets

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $138.00, for a total transaction of $4,140,000.00. Following the completion of the transaction, the chief financial officer directly owned 89,771 shares of the company’s stock, valued at approximately $12,388,398. This represents a 25.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Brian Mandell sold 26,200 shares of the stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $137.68, for a total value of $3,607,216.00. Following the completion of the transaction, the executive vice president owned 56,838 shares in the company, valued at approximately $7,825,455.84. The trade was a 31.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 81,700 shares of company stock valued at $11,318,236. Insiders own 0.22% of the company’s stock.

Phillips 66 Stock Performance

Shares of Phillips 66 stock opened at $129.60 on Wednesday. The business has a 50-day simple moving average of $135.72 and a 200-day simple moving average of $130.65. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.87 and a current ratio of 1.23. Phillips 66 has a one year low of $91.01 and a one year high of $144.96. The company has a market cap of $52.22 billion, a PE ratio of 35.41, a P/E/G ratio of 0.68 and a beta of 0.92.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.38. Phillips 66 had a net margin of 1.12% and a return on equity of 5.53%. The company had revenue of $33.69 billion during the quarter, compared to the consensus estimate of $32.29 billion. During the same quarter in the previous year, the firm earned $2.04 earnings per share. On average, equities research analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Monday, November 17th were given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Monday, November 17th. Phillips 66’s payout ratio is 131.15%.

Phillips 66 Company 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.