Legal & General Group Plc Buys 33,397 Shares of Phillips 66 $PSX

Legal & General Group Plc raised its stake in Phillips 66 (NYSE:PSX) by 1.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,276,036 shares of the oil and gas company’s stock after purchasing an additional 33,397 shares during the period. Legal & General Group Plc owned 0.56% of Phillips 66 worth $309,586,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of PSX. Elliott Investment Management L.P. raised its position in shares of Phillips 66 by 22.4% in the second 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 buying an additional 3,526,000 shares in the last quarter. Oppenheimer & Co. Inc. grew 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 stake in Phillips 66 by 5.0% during the 3rd 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 acquiring an additional 10,000 shares during the period. Vanguard Group Inc. increased its stake in Phillips 66 by 14.8% during the 2nd 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 period. Finally, California Public Employees Retirement System raised its holdings in Phillips 66 by 3.9% in the 2nd 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. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Stock Up 4.3%

PSX stock opened at $169.41 on Thursday. The stock has a market capitalization of $67.89 billion, a P/E ratio of 15.66, a price-to-earnings-growth ratio of 0.56 and a beta of 0.86. The company has a current ratio of 1.30, a quick ratio of 0.91 and a debt-to-equity ratio of 0.62. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $169.62. The firm has a 50-day moving average price of $149.69 and a 200-day moving average price of $139.51.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.32. The company had revenue of $32.16 billion for the quarter, compared to analyst estimates of $33.81 billion. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. During the same period in the previous year, the firm posted ($0.15) EPS. As a group, equities research analysts anticipate that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd were paid a dividend of $1.27 per share. The ex-dividend date of this dividend was Monday, February 23rd. This is a boost from Phillips 66’s previous quarterly dividend of $1.20. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.0%. Phillips 66’s payout ratio is presently 46.95%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Scotiabank reiterated a “sector perform” rating and set a $140.00 target price on shares of Phillips 66 in a research report on Friday, January 16th. TD Cowen reaffirmed a “buy” rating on shares of Phillips 66 in a research note on Friday, February 6th. Weiss Ratings raised shares of Phillips 66 from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. BMO Capital Markets reiterated an “outperform” rating and set a $170.00 price objective on shares of Phillips 66 in a research note on Friday, February 6th. Finally, Wells Fargo & Company raised their target price on shares of Phillips 66 from $162.00 to $163.00 and gave the company an “overweight” rating in a report on Thursday, February 5th. Eleven investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $160.11.

Insider Transactions at Phillips 66

In related news, EVP Don Baldridge sold 7,500 shares of the firm’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $160.00, for a total transaction of $1,200,000.00. Following the sale, the executive vice president owned 38,488 shares of the company’s stock, valued at $6,158,080. This trade represents a 16.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of the business’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $150.00, for a total value of $659,100.00. Following the sale, the executive vice president owned 25,799 shares in the company, valued at $3,869,850. This represents a 14.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 38,088 shares of company stock worth $6,147,655. Corporate insiders own 0.22% of the company’s stock.

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.