CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Raises Stock Position in Phillips 66 $PSX

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in Phillips 66 (NYSE:PSX) by 5.0% during the third quarter, HoldingsChannel reports. The institutional investor owned 209,700 shares of the oil and gas company’s stock after acquiring an additional 10,000 shares during the period. Phillips 66 accounts for approximately 1.6% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s portfolio, making the stock its 21st biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Phillips 66 were worth $28,523,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Elliott Investment Management L.P. boosted its holdings 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 acquiring an additional 3,526,000 shares during the period. Vanguard Group Inc. increased its holdings in shares of Phillips 66 by 14.8% in the 2nd quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company’s stock valued at $5,531,702,000 after acquiring an additional 5,978,841 shares during the period. Chronos Wealth Management LLC purchased a new stake in Phillips 66 in the 2nd quarter valued at $281,000. Edgestream Partners L.P. acquired a new stake in Phillips 66 during the 2nd quarter worth $4,952,000. Finally, California Public Employees Retirement System boosted its stake in Phillips 66 by 3.9% during the 2nd quarter. California Public Employees Retirement System now owns 696,577 shares of the oil and gas company’s stock worth $83,102,000 after purchasing an additional 26,238 shares during the period. 76.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on PSX shares. Raymond James Financial dropped their price objective on shares of Phillips 66 from $169.00 to $160.00 and set an “outperform” rating on the stock in a research note on Monday, December 22nd. Piper Sandler boosted their price target on Phillips 66 from $170.00 to $171.00 and gave the company a “neutral” rating in a research report on Friday, December 5th. Mizuho upped their price objective on Phillips 66 from $145.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. Jefferies Financial Group lifted their target price on Phillips 66 from $133.00 to $137.00 and gave the company a “hold” rating in a research note on Friday, October 10th. Finally, Barclays boosted their target price on Phillips 66 from $132.00 to $141.00 and gave the company an “equal weight” rating in a report on Monday, November 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $147.82.

Phillips 66 Price Performance

Shares of PSX opened at $129.60 on Wednesday. The company has a current ratio of 1.23, a quick ratio of 0.87 and a debt-to-equity ratio of 0.68. The stock’s 50 day moving average is $135.72 and its two-hundred day moving average is $130.65. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $144.96. The firm has a market capitalization of $52.22 billion, a PE ratio of 35.41, a P/E/G ratio of 0.68 and a beta of 0.92.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 EPS for the quarter, beating the consensus estimate of $2.14 by $0.38. Phillips 66 had a return on equity of 5.53% and a net margin of 1.12%.The business had revenue of $33.69 billion during the quarter, compared to analysts’ expectations of $32.29 billion. During the same period last year, the firm earned $2.04 EPS. Research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, November 17th were given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Monday, November 17th. Phillips 66’s payout ratio is presently 131.15%.

Insider Buying and Selling at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the firm’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $138.00, for a total value of $4,140,000.00. Following the completion of the sale, the chief financial officer owned 89,771 shares in the company, valued at $12,388,398. This trade represents a 25.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Brian Mandell sold 25,500 shares of the company’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $140.04, for a total transaction of $3,571,020.00. Following the transaction, the executive vice president owned 56,838 shares in the company, valued at $7,959,593.52. The trade was a 30.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 81,700 shares of company stock worth $11,318,236 over the last 90 days. Insiders own 0.22% of the company’s stock.

Phillips 66 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.