Bayesian Capital Management LP Increases Holdings in Phillips 66 (NYSE:PSX)

Bayesian Capital Management LP grew its holdings in shares of Phillips 66 (NYSE:PSXFree Report) by 148.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 66,033 shares of the oil and gas company’s stock after purchasing an additional 39,473 shares during the quarter. Phillips 66 makes up 0.8% of Bayesian Capital Management LP’s investment portfolio, making the stock its 11th largest holding. Bayesian Capital Management LP’s holdings in Phillips 66 were worth $6,694,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Bornite Capital Management LP purchased a new stake in Phillips 66 in the 1st quarter worth about $8,639,000. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Phillips 66 by 316.2% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,597 shares of the oil and gas company’s stock worth $570,000 after acquiring an additional 5,012 shares during the last quarter. Synovus Financial Corp increased its holdings in Phillips 66 by 5.1% in the 1st quarter. Synovus Financial Corp now owns 16,257 shares of the oil and gas company’s stock worth $1,405,000 after acquiring an additional 788 shares during the last quarter. Cibc World Market Inc. increased its holdings in Phillips 66 by 61.9% in the 1st quarter. Cibc World Market Inc. now owns 7,236 shares of the oil and gas company’s stock worth $625,000 after acquiring an additional 2,766 shares during the last quarter. Finally, Blair William & Co. IL increased its holdings in Phillips 66 by 103.8% in the 1st quarter. Blair William & Co. IL now owns 53,538 shares of the oil and gas company’s stock worth $4,625,000 after acquiring an additional 27,267 shares during the last quarter. 71.83% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Trading Down 0.2 %

PSX stock traded down $0.27 during midday trading on Monday, hitting $121.96. The company had a trading volume of 1,146,078 shares, compared to its average volume of 3,366,205. The company has a current ratio of 1.33, a quick ratio of 0.90 and a debt-to-equity ratio of 0.61. Phillips 66 has a 52 week low of $74.02 and a 52 week high of $124.06. The stock has a market cap of $54.31 billion, a price-to-earnings ratio of 5.30, a PEG ratio of 0.41 and a beta of 1.37. The stock’s 50 day moving average price is $109.29 and its 200 day moving average price is $101.89.

Phillips 66 (NYSE:PSXGet Free Report) last posted its earnings results on Wednesday, August 2nd. The oil and gas company reported $3.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.54 by $0.33. Phillips 66 had a return on equity of 26.25% and a net margin of 6.81%. The firm had revenue of $35.74 billion for the quarter, compared to analysts’ expectations of $32.13 billion. During the same period in the previous year, the firm earned $6.77 earnings per share. As a group, equities research analysts expect that Phillips 66 will post 15.45 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 18th were paid a dividend of $1.05 per share. The ex-dividend date of this dividend was Thursday, August 17th. This represents a $4.20 annualized dividend and a dividend yield of 3.44%. Phillips 66’s dividend payout ratio (DPR) is presently 18.22%.

Insider Activity

In related news, VP Joseph Scott Pruitt sold 7,000 shares of the company’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $117.02, for a total value of $819,140.00. Following the sale, the vice president now directly owns 6,682 shares of the company’s stock, valued at $781,927.64. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Brian Mandell sold 3,000 shares of the company’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $111.84, for a total value of $335,520.00. Following the sale, the executive vice president now directly owns 46,451 shares of the company’s stock, valued at $5,195,079.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Joseph Scott Pruitt sold 7,000 shares of the business’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $117.02, for a total value of $819,140.00. Following the completion of the sale, the vice president now directly owns 6,682 shares in the company, valued at $781,927.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 316,878 shares of company stock valued at $36,056,897. Company insiders own 4.57% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Mizuho lifted their target price on Phillips 66 from $118.00 to $127.00 and gave the company a “neutral” rating in a report on Wednesday, August 16th. Piper Sandler lifted their target price on Phillips 66 from $130.00 to $136.00 in a report on Friday, August 4th. The Goldman Sachs Group lifted their target price on Phillips 66 from $125.00 to $141.00 and gave the company a “buy” rating in a report on Friday, September 1st. Wells Fargo & Company lifted their target price on Phillips 66 from $130.00 to $144.00 and gave the company an “overweight” rating in a report on Friday. Finally, Bank of America lowered Phillips 66 from a “buy” rating to a “neutral” rating and lifted their target price for the company from $132.00 to $141.00 in a report on Tuesday, August 15th. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Phillips 66 has an average rating of “Moderate Buy” and a consensus target price of $129.47.

Read Our Latest Research Report on Phillips 66

Phillips 66 Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Phillips 66 (NYSE:PSX)

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