Empyrean Capital Partners LP Acquires 48,000 Shares of Phillips 66 $PSX

Empyrean Capital Partners LP grew its holdings in shares of Phillips 66 (NYSE:PSX) by 22.1% during the fourth quarter, Holdings Channel reports. The firm owned 264,800 shares of the oil and gas company’s stock after purchasing an additional 48,000 shares during the period. Phillips 66 accounts for about 1.2% of Empyrean Capital Partners LP’s portfolio, making the stock its 28th largest position. Empyrean Capital Partners LP’s holdings in Phillips 66 were worth $34,170,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of PSX. Norges Bank bought a new position in Phillips 66 in the 4th quarter worth $640,206,000. M&T Bank Corp raised its holdings in Phillips 66 by 462.9% in the 4th quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock worth $352,007,000 after acquiring an additional 2,243,268 shares during the period. AQR Capital Management LLC raised its holdings in Phillips 66 by 424.7% in the 3rd quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock worth $257,512,000 after acquiring an additional 1,532,389 shares during the period. Worldquant Millennium Advisors LLC bought a new position in Phillips 66 in the 2nd quarter worth $107,967,000. Finally, Holocene Advisors LP raised its holdings in Phillips 66 by 2,433.1% in the 2nd quarter. Holocene Advisors LP now owns 711,599 shares of the oil and gas company’s stock worth $84,894,000 after acquiring an additional 683,507 shares during the period. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Performance

NYSE:PSX opened at $167.08 on Thursday. The firm’s 50-day moving average is $172.14 and its 200-day moving average is $158.68. Phillips 66 has a 52-week low of $118.00 and a 52-week high of $190.61. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. The company has a market cap of $66.99 billion, a price-to-earnings ratio of 16.46, a PEG ratio of 0.25 and a beta of 0.68.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (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 company had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. During the same quarter in the previous year, the firm posted ($0.90) EPS. The business’s revenue was up 6.9% compared to the same quarter last year. Equities research analysts anticipate that Phillips 66 will post 18.12 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were issued a dividend of $1.27 per share. The ex-dividend date was Monday, May 18th. This represents a $5.08 annualized dividend and a dividend yield of 3.0%. Phillips 66’s payout ratio is presently 50.05%.

Insider Activity

In related news, Director Kevin Omar Meyers acquired 175 shares of the company’s stock in a transaction dated Wednesday, May 6th. The shares were bought at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the acquisition, the director owned 16,799 shares in the company, valued at $2,908,242.88. This trade represents a 1.05% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kevin J. Mitchell sold 29,400 shares of the business’s stock in a transaction dated 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 transaction, the chief financial officer owned 97,376 shares in the company, valued at approximately $16,553,920. The trade was a 23.19% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 45,629 shares of company stock worth $8,071,540. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Scotiabank lifted their target price on shares of Phillips 66 from $140.00 to $151.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. Barclays lifted their target price on shares of Phillips 66 from $158.00 to $177.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 8th. Guggenheim upgraded shares of Phillips 66 to an “outperform” rating in a report on Wednesday, May 27th. UBS Group reiterated a “buy” rating and issued a $212.00 target price on shares of Phillips 66 in a report on Monday. Finally, TD Cowen lifted their target price on shares of Phillips 66 from $155.00 to $213.00 and gave the stock a “buy” rating in a report on Wednesday, April 1st. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $192.33.

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.