Caprock Group LLC Invests $2.41 Million in Phillips 66 $PSX

Caprock Group LLC purchased a new position in Phillips 66 (NYSE:PSX) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 17,895 shares of the oil and gas company’s stock, valued at approximately $2,412,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Elliott Investment Management L.P. raised its position in shares of Phillips 66 by 22.4% during the 2nd quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock worth $2,296,644,000 after purchasing an additional 3,526,000 shares during the last quarter. Oppenheimer & Co. Inc. increased its position in Phillips 66 by 57.4% during the third quarter. Oppenheimer & Co. Inc. now owns 56,858 shares of the oil and gas company’s stock worth $7,734,000 after buying an additional 20,742 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in Phillips 66 by 5.0% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 209,700 shares of the oil and gas company’s stock worth $28,523,000 after buying an additional 10,000 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Phillips 66 by 14.8% in the second quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company’s stock worth $5,531,702,000 after acquiring an additional 5,978,841 shares during the last quarter. Finally, California Public Employees Retirement System lifted its position in shares of Phillips 66 by 3.9% in the second quarter. California Public Employees Retirement System now owns 696,577 shares of the oil and gas company’s stock valued at $83,102,000 after acquiring an additional 26,238 shares in the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PSX shares. Jefferies Financial Group boosted their target price on shares of Phillips 66 from $137.00 to $149.00 and gave the company a “hold” rating in a research note on Monday, January 26th. BMO Capital Markets reiterated an “outperform” rating and set a $170.00 price target on shares of Phillips 66 in a report on Friday, February 6th. Barclays upped their price objective on shares of Phillips 66 from $141.00 to $142.00 and gave the company an “equal weight” rating in a research note on Monday, January 12th. Zacks Research cut shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Finally, Piper Sandler increased their price target on Phillips 66 from $153.00 to $156.00 and gave the stock a “neutral” rating in a research note on Thursday, February 5th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and thirteen have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $157.18.

Phillips 66 Trading Down 3.3%

Shares of PSX opened at $156.20 on Friday. The company has a current ratio of 1.23, a quick ratio of 0.87 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $62.94 billion, a P/E ratio of 14.44, a price-to-earnings-growth ratio of 0.57 and a beta of 0.90. The stock’s fifty day simple moving average is $139.99 and its 200 day simple moving average is $134.58. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $163.79.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.32. The firm had revenue of $32.16 billion during the quarter, compared to the consensus estimate of $33.81 billion. Phillips 66 had a return on equity of 9.28% and a net margin of 3.22%.During the same quarter in the previous year, the business earned ($0.15) earnings per share. On average, equities research analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 4th. Investors of record on Monday, February 23rd will be issued a $1.27 dividend. The ex-dividend date is Monday, February 23rd. This is a positive change from Phillips 66’s previous quarterly dividend of $1.20. This represents a $5.08 annualized dividend and a yield of 3.3%. Phillips 66’s payout ratio is 44.36%.

Insider Buying and Selling

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 4,394 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $150.00, for a total transaction of $659,100.00. Following the completion of the sale, the executive vice president directly owned 25,799 shares in the company, valued at $3,869,850. The trade was a 14.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Brian Mandell sold 26,200 shares of the firm’s stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $137.68, for a total transaction of $3,607,216.00. Following the completion of the transaction, the executive vice president directly owned 56,838 shares in the company, valued at approximately $7,825,455.84. This represents a 31.55% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 60,488 shares of company stock worth $8,474,466. 0.22% of the stock is currently owned by corporate insiders.

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.