Mangrove Partners IM LLC Invests $919,000 in Phillips 66 $PSX

Mangrove Partners IM LLC acquired a new position in shares of Phillips 66 (NYSE:PSX) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 7,119 shares of the oil and gas company’s stock, valued at approximately $919,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in PSX. First National Bank of Omaha bought a new position in Phillips 66 in the 3rd quarter valued at about $2,357,000. TD Asset Management Inc lifted its position in Phillips 66 by 15.5% in the 3rd quarter. TD Asset Management Inc now owns 174,413 shares of the oil and gas company’s stock valued at $23,724,000 after acquiring an additional 23,364 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Phillips 66 by 5.1% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 818,025 shares of the oil and gas company’s stock valued at $111,268,000 after acquiring an additional 39,592 shares in the last quarter. Fiera Capital Corp bought a new position in Phillips 66 in the 3rd quarter valued at about $5,665,000. Finally, Massachusetts Financial Services Co. MA lifted its position 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 acquiring an additional 199,646 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on PSX shares. Raymond James Financial raised their price target on shares of Phillips 66 from $215.00 to $218.00 and gave the company an “outperform” rating in a research report on Wednesday, June 10th. Weiss Ratings cut shares of Phillips 66 from a “buy (b-)” rating to a “hold (c)” rating in a research report on Friday, May 1st. Morgan Stanley raised their price target on shares of Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research report on Friday. Wall Street Zen raised shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Finally, Piper Sandler lifted their target price on shares of Phillips 66 from $168.00 to $177.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 8th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $192.33.

Phillips 66 Price Performance

Phillips 66 stock opened at $172.07 on Wednesday. Phillips 66 has a 52 week low of $118.00 and a 52 week high of $190.61. The company’s 50 day moving average price is $172.34 and its two-hundred day moving average price is $158.45. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63. The stock has a market cap of $68.99 billion, a P/E ratio of 16.95, a P/E/G ratio of 0.25 and a beta of 0.68.

Phillips 66 (NYSE:PSX) last posted its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping the consensus estimate of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The firm had revenue of $32.54 billion for the quarter, compared to analysts’ expectations of $35.86 billion. During the same quarter last year, the firm earned ($0.90) EPS. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, equities analysts predict that Phillips 66 will post 18.25 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were given a dividend of $1.27 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $5.08 annualized dividend and a dividend yield of 3.0%. Phillips 66’s dividend payout ratio (DPR) is currently 50.05%.

Insider Activity at Phillips 66

In related news, Director Kevin Omar Meyers purchased 175 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The stock was bought at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the purchase, the director directly owned 16,799 shares in the company, valued at approximately $2,908,242.88. This trade represents a 1.05% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kevin J. Mitchell sold 29,400 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the sale, the chief financial officer owned 97,376 shares of the company’s stock, valued at approximately $16,553,920. The trade was a 23.19% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 45,629 shares of company stock worth $8,071,540. 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.