Empyrean Capital Partners LP Has $43.03 Million Stock Holdings in Phillips 66 $PSX

Empyrean Capital Partners LP lowered its holdings in shares of Phillips 66 (NYSE:PSX) by 10.8% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 236,200 shares of the oil and gas company’s stock after selling 28,600 shares during the period. Phillips 66 comprises about 1.4% of Empyrean Capital Partners LP’s portfolio, making the stock its 21st biggest holding. Empyrean Capital Partners LP owned about 0.06% of Phillips 66 worth $43,031,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Brighton Jones LLC grew its position in Phillips 66 by 238.5% in the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock valued at $1,166,000 after acquiring an additional 7,214 shares during the last quarter. Woodline Partners LP lifted its holdings in shares of Phillips 66 by 40.7% in the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock worth $4,308,000 after acquiring an additional 10,089 shares during the last quarter. Sei Investments Co. lifted its holdings in shares of Phillips 66 by 28.3% in the second quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company’s stock worth $18,788,000 after acquiring an additional 34,698 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Phillips 66 by 9.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company’s stock valued at $41,359,000 after purchasing an additional 28,988 shares in the last quarter. Finally, Glenview Trust co boosted its stake in shares of Phillips 66 by 2.6% in the 2nd quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company’s stock valued at $1,068,000 after purchasing an additional 229 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Phillips 66

In related news, Director Kevin Omar Meyers acquired 175 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The stock was acquired at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the acquisition, the director directly owned 16,799 shares of the company’s stock, valued at approximately $2,908,242.88. This trade represents a 1.05% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Kevin J. Mitchell sold 29,400 shares of the firm’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $170.00, for a total value of $4,998,000.00. Following the transaction, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at approximately $16,553,920. This represents a 23.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 41,021 shares of company stock valued at $7,195,257 in the last ninety days. Insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on PSX shares. BMO Capital Markets upped their price objective on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 13th. Wolfe Research raised their target price on shares of Phillips 66 from $187.00 to $193.00 and gave the company an “outperform” rating in a research report on Monday, April 6th. Piper Sandler reaffirmed a “neutral” rating and set a $208.00 target price on shares of Phillips 66 in a research note on Thursday, July 23rd. Wall Street Zen upgraded shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Sunday. Finally, Argus increased their price target on Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $201.72.

Phillips 66 Stock Performance

Phillips 66 stock opened at $207.72 on Tuesday. The business has a 50 day moving average of $183.09 and a 200-day moving average of $168.98. Phillips 66 has a 1 year low of $118.07 and a 1 year high of $216.08. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. The company has a market capitalization of $83.28 billion, a P/E ratio of 20.46, a P/E/G ratio of 0.16 and a beta of 0.69.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. During the same quarter last year, the business earned ($0.90) EPS. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. On average, equities research analysts predict that Phillips 66 will post 22.43 earnings per share for the current year.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.4%. Phillips 66’s dividend payout ratio (DPR) is presently 50.05%.

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.