Allstate Corp Purchases Shares of 14,381 Phillips 66 $PSX

Allstate Corp bought a new position in Phillips 66 (NYSE:PSX) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 14,381 shares of the oil and gas company’s stock, valued at approximately $1,956,000.

Other institutional investors have also recently bought and sold shares of the company. Elliott Investment Management L.P. raised its holdings in Phillips 66 by 22.4% in the 2nd quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock valued at $2,296,644,000 after acquiring an additional 3,526,000 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in shares of Phillips 66 by 5.0% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 209,700 shares of the oil and gas company’s stock valued at $28,523,000 after acquiring an additional 10,000 shares during the period. Vanguard Group Inc. grew its stake 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 valued at $5,531,702,000 after buying an additional 5,978,841 shares in the last quarter. Chronos Wealth Management LLC purchased a new stake in Phillips 66 during the second quarter worth about $281,000. Finally, Edgestream Partners L.P. acquired a new stake in Phillips 66 in the 2nd quarter valued at about $4,952,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Cowen restated a “buy” rating on shares of Phillips 66 in a research note on Thursday, October 30th. 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. Raymond James Financial decreased their target price on Phillips 66 from $169.00 to $160.00 and set an “outperform” rating on the stock in a research report on Monday, December 22nd. Scotiabank reiterated a “sector perform” rating and set a $140.00 target price on shares of Phillips 66 in a report on Friday. Finally, Barclays lifted their target price on shares of Phillips 66 from $141.00 to $142.00 and gave the stock an “equal weight” rating in a research note on Monday, January 12th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Phillips 66 currently has an average rating of “Hold” and an average target price of $150.41.

Insider Buying and Selling

In other news, EVP Vanessa Allen Sutherland sold 4,394 shares of Phillips 66 stock in a transaction that occurred on Friday, January 9th. The stock was sold at an average price of $145.00, for a total value of $637,130.00. Following the completion of the transaction, the executive vice president owned 30,193 shares in the company, valued at approximately $4,377,985. This trade represents a 12.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $138.00, for a total value of $4,140,000.00. Following the sale, the chief financial officer directly owned 89,771 shares in the company, valued at approximately $12,388,398. This represents a 25.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 86,094 shares of company stock worth $11,955,366. Corporate insiders own 0.22% of the company’s stock.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $138.50 on Wednesday. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $145.68. The company has a quick ratio of 0.87, a current ratio of 1.23 and a debt-to-equity ratio of 0.68. The firm has a market cap of $55.81 billion, a PE ratio of 37.84, a price-to-earnings-growth ratio of 0.38 and a beta of 0.90. The business has a 50 day moving average price of $136.02 and a two-hundred day moving average price of $132.18.

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

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.