Duality Advisers LP Purchases New Stake in Phillips 66 (NYSE:PSX)

Duality Advisers LP acquired a new position in shares of Phillips 66 (NYSE:PSX) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 22,018 shares of the oil and gas company’s stock, valued at approximately $3,596,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PSX. Norges Bank acquired a new stake in Phillips 66 in the fourth quarter valued at approximately $559,435,000. Boston Partners raised its position in shares of Phillips 66 by 962.0% in the 4th quarter. Boston Partners now owns 3,858,170 shares of the oil and gas company’s stock worth $513,327,000 after acquiring an additional 3,494,878 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Phillips 66 by 38.0% in the 1st quarter. Bank of New York Mellon Corp now owns 8,019,795 shares of the oil and gas company’s stock valued at $1,309,954,000 after purchasing an additional 2,209,043 shares during the period. International Assets Investment Management LLC bought a new stake in shares of Phillips 66 during the 4th quarter valued at about $254,336,000. Finally, Wellington Management Group LLP grew its stake in Phillips 66 by 20.3% during the fourth quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock worth $1,451,643,000 after purchasing an additional 1,842,226 shares during the period. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Performance

Shares of PSX stock traded up $1.32 on Friday, hitting $138.24. 777,979 shares of the stock were exchanged, compared to its average volume of 2,723,759. The firm’s 50 day moving average is $140.49 and its two-hundred day moving average is $144.99. Phillips 66 has a one year low of $98.65 and a one year high of $174.08. The firm has a market capitalization of $58.61 billion, a PE ratio of 10.64, a P/E/G ratio of 2.10 and a beta of 1.34. The company has a current ratio of 1.17, a quick ratio of 0.82 and a debt-to-equity ratio of 0.58.

Phillips 66 (NYSE:PSX) last issued its earnings results on Friday, April 26th. The oil and gas company reported $1.90 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). Phillips 66 had a return on equity of 19.19% and a net margin of 3.84%. The business had revenue of $36.44 billion for the quarter, compared to the consensus estimate of $35.87 billion. During the same quarter in the prior year, the business earned $4.21 EPS. Sell-side analysts expect that Phillips 66 will post 10.62 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th will be paid a $1.15 dividend. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $4.60 dividend on an annualized basis and a yield of 3.33%. Phillips 66’s dividend payout ratio is 35.38%.

Insider Activity at Phillips 66

In related news, EVP Timothy D. Roberts sold 37,742 shares of Phillips 66 stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $145.80, for a total value of $5,502,783.60. Following the completion of the transaction, the executive vice president now directly owns 48,365 shares in the company, valued at approximately $7,051,617. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.22% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Mizuho cut their price target on Phillips 66 from $162.00 to $160.00 and set a “neutral” rating on the stock in a report on Thursday, June 20th. Barclays decreased their price target on shares of Phillips 66 from $142.00 to $136.00 and set an “equal weight” rating for the company in a research note on Tuesday. Raymond James cut their price objective on shares of Phillips 66 from $163.00 to $160.00 and set an “outperform” rating on the stock in a research report on Thursday, May 30th. The Goldman Sachs Group boosted their target price on Phillips 66 from $152.00 to $174.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Finally, Piper Sandler decreased their price objective on Phillips 66 from $170.00 to $151.00 and set an “overweight” rating for the company in a report on Friday, June 14th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Phillips 66 presently has an average rating of “Moderate Buy” and an average target price of $156.64.

About Phillips 66

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.