GAMMA Investing LLC Purchases New Holdings in Phillips 66 (NYSE:PSX)

GAMMA Investing LLC purchased a new stake in Phillips 66 (NYSE:PSX) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,525 shares of the oil and gas company’s stock, valued at approximately $653,000.

Several other hedge funds have also made changes to their positions in the company. Cornerstone Planning Group LLC lifted its position in Phillips 66 by 134.8% in the 3rd quarter. Cornerstone Planning Group LLC now owns 263 shares of the oil and gas company’s stock worth $32,000 after buying an additional 151 shares in the last quarter. Bruce G. Allen Investments LLC purchased a new stake in Phillips 66 in the 4th quarter worth approximately $36,000. West Branch Capital LLC lifted its position in Phillips 66 by 49.5% in the 4th quarter. West Branch Capital LLC now owns 275 shares of the oil and gas company’s stock worth $37,000 after buying an additional 91 shares in the last quarter. Bell Investment Advisors Inc lifted its position in Phillips 66 by 82.1% in the 3rd quarter. Bell Investment Advisors Inc now owns 306 shares of the oil and gas company’s stock worth $37,000 after buying an additional 138 shares in the last quarter. Finally, Headinvest LLC purchased a new stake in Phillips 66 in the 3rd quarter worth approximately $51,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Price Performance

Shares of NYSE:PSX traded down $1.40 during midday trading on Wednesday, reaching $157.44. 731,705 shares of the company’s stock were exchanged, compared to its average volume of 2,948,912. The company’s 50 day simple moving average is $154.93 and its two-hundred day simple moving average is $136.31. The firm has a market capitalization of $67.36 billion, a PE ratio of 10.27, a price-to-earnings-growth ratio of 1.95 and a beta of 1.37. Phillips 66 has a 12 month low of $89.74 and a 12 month high of $174.08. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.02 and a current ratio of 1.26.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, January 31st. The oil and gas company reported $3.09 EPS for the quarter, topping analysts’ consensus estimates of $2.37 by $0.72. The company had revenue of $38.74 billion during the quarter, compared to the consensus estimate of $34.30 billion. Phillips 66 had a net margin of 4.68% and a return on equity of 22.10%. Equities research analysts expect that Phillips 66 will post 13.45 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be issued a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a dividend yield of 2.92%. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. The ex-dividend date is Friday, May 17th. Phillips 66’s dividend payout ratio (DPR) is presently 27.15%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PSX. Piper Sandler increased their price target on shares of Phillips 66 from $169.00 to $187.00 and gave the stock an “overweight” rating in a research note on Friday, April 5th. Mizuho dropped their price target on shares of Phillips 66 from $167.00 to $162.00 and set a “neutral” rating on the stock in a research note on Friday, April 12th. Bank of America increased their price target on shares of Phillips 66 from $150.00 to $180.00 and gave the stock a “neutral” rating in a research note on Friday, March 15th. Citigroup initiated coverage on shares of Phillips 66 in a research note on Wednesday, January 24th. They set a “buy” rating on the stock. Finally, Wells Fargo & Company raised their target price on shares of Phillips 66 from $179.00 to $191.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $158.00.

Insider Activity at Phillips 66

In related news, EVP Richard G. Harbison sold 21,934 shares of Phillips 66 stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $146.27, for a total transaction of $3,208,286.18. Following the completion of the transaction, the executive vice president now directly owns 24,941 shares of the company’s stock, valued at approximately $3,648,120.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Robert W. Pease acquired 682 shares of the stock in a transaction on Thursday, February 15th. The stock was purchased at an average price of $146.58 per share, for a total transaction of $99,967.56. Following the transaction, the director now owns 1,900 shares of the company’s stock, valued at approximately $278,502. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, EVP Richard G. Harbison sold 21,934 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $146.27, for a total transaction of $3,208,286.18. Following the completion of the sale, the executive vice president now owns 24,941 shares of the company’s stock, valued at approximately $3,648,120.07. The disclosure for this sale can be found here. Insiders sold 35,056 shares of company stock valued at $5,272,681 in the last ninety days. Insiders own 0.22% of the company’s stock.

Phillips 66 Profile

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.