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

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT cut its stake in shares of Phillips 66 (NYSE:PSX) by 5.7% during the 1st quarter, Holdings Channel.com reports. The fund owned 180,100 shares of the oil and gas company’s stock after selling 10,800 shares during the period. Phillips 66 accounts for about 1.6% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s portfolio, making the stock its 17th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Phillips 66 were worth $32,811,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. MUFG Securities EMEA plc lifted its stake in shares of Phillips 66 by 113.5% during the 4th quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock valued at $2,131,000 after buying an additional 8,783 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in Phillips 66 by 17.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,371,804 shares of the oil and gas company’s stock valued at $177,018,000 after buying an additional 199,646 shares in the last quarter. Munich Reinsurance Co Stock Corp in Munich purchased a new position in Phillips 66 in the 3rd quarter valued at approximately $2,394,000. Truist Financial Corp raised its holdings in Phillips 66 by 1.6% during the 4th quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company’s stock valued at $87,113,000 after acquiring an additional 10,585 shares during the period. Finally, Horizon Investments LLC lifted its position in shares of Phillips 66 by 478.4% during the fourth quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company’s stock worth $8,167,000 after acquiring an additional 52,348 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PSX. Wolfe Research raised their price target on Phillips 66 from $187.00 to $193.00 and gave the stock an “outperform” rating in a report on Monday, April 6th. Morgan Stanley increased their price objective on Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. Argus raised their target price on Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Jefferies Financial Group lifted their target price on Phillips 66 from $173.00 to $191.00 and gave the company a “hold” rating in a report on Tuesday, May 26th. Finally, Zacks Research upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 27th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $192.72.

Phillips 66 Trading Down 0.0%

Shares of Phillips 66 stock opened at $176.40 on Monday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. Phillips 66 has a 1 year low of $118.07 and a 1 year high of $190.61. The firm has a market cap of $70.72 billion, a PE ratio of 17.38, a PEG ratio of 0.24 and a beta of 0.69. The company has a 50 day simple moving average of $174.43 and a two-hundred day simple moving average of $161.29.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.03. The firm had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.90) EPS. Analysts expect that Phillips 66 will post 19.27 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Monday, May 18th. Phillips 66’s dividend payout ratio is currently 50.05%.

Insider Transactions at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 600 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $171.56, for a total transaction of $102,936.00. Following the sale, the chief financial officer owned 97,376 shares in the company, valued at $16,705,826.56. This trade represents a 0.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kevin Omar Meyers purchased 175 shares of the company’s stock in a transaction on Wednesday, May 6th. The shares were purchased at an average cost of $173.12 per share, with a total value of $30,296.00. Following the purchase, the director owned 16,799 shares of the company’s stock, valued at approximately $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. Company insiders own 0.40% 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.