Meeder Asset Management Inc. Purchases 8,000 Shares of Phillips 66 $PSX

Meeder Asset Management Inc. increased its position in shares of Phillips 66 (NYSE:PSX) by 4,545.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,176 shares of the oil and gas company’s stock after purchasing an additional 8,000 shares during the quarter. Meeder Asset Management Inc.’s holdings in Phillips 66 were worth $1,490,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Phillips 66 during the fourth quarter worth approximately $640,206,000. M&T Bank Corp raised its stake in shares of Phillips 66 by 462.9% in the fourth quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock valued at $352,007,000 after acquiring an additional 2,243,268 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Phillips 66 by 424.7% in the 3rd quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock worth $257,512,000 after acquiring an additional 1,532,389 shares in the last quarter. Worldquant Millennium Advisors LLC bought a new stake in Phillips 66 during the 2nd quarter worth approximately $107,967,000. Finally, NewEdge Advisors LLC grew its position in Phillips 66 by 732.0% during the 4th quarter. NewEdge Advisors LLC now owns 996,955 shares of the oil and gas company’s stock worth $128,647,000 after acquiring an additional 877,131 shares during the last quarter. 76.93% of the stock is owned by institutional investors.

Insider Transactions at Phillips 66

In other news, CFO Kevin J. Mitchell sold 11,021 shares of the business’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $18,504,361.28. The trade was a 10.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Omar Meyers purchased 175 shares of the stock in a transaction dated Wednesday, May 6th. The stock was bought at an average cost of $173.12 per share, with a total value of $30,296.00. Following the completion of the purchase, the director owned 16,799 shares in the company, valued at $2,908,242.88. The trade was a 1.05% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold 41,021 shares of company stock valued at $7,195,257 in the last quarter. 0.40% of the stock is currently owned by corporate insiders.

Phillips 66 Stock Up 1.0%

Shares of NYSE PSX opened at $208.85 on Tuesday. Phillips 66 has a 1 year low of $118.07 and a 1 year high of $211.05. The firm’s 50-day moving average is $179.71 and its 200-day moving average is $166.31. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $83.73 billion, a PE ratio of 20.58, a price-to-earnings-growth ratio of 0.27 and a beta of 0.69.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.03. The business had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. Phillips 66’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.90) earnings per share. Equities analysts expect that Phillips 66 will post 19.84 EPS for the current year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be issued a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Tuesday, August 18th. Phillips 66’s dividend payout ratio is currently 50.05%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PSX shares. Mizuho raised Phillips 66 from a “neutral” rating to an “outperform” rating and raised their price target for the company from $170.00 to $212.00 in a report on Wednesday, May 27th. TD Cowen boosted their price objective on Phillips 66 from $213.00 to $220.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. Weiss Ratings cut Phillips 66 from a “buy (b-)” rating to a “hold (c)” rating in a report on Friday, May 1st. Morgan Stanley raised their target price on Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Finally, UBS Group reaffirmed a “buy” rating and issued a $212.00 price target on shares of Phillips 66 in a report on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $196.06.

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.