Bleakley Financial Group LLC Acquires New Holdings in Phillips 66 $PSX

Bleakley Financial Group LLC acquired a new stake in Phillips 66 (NYSE:PSX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 13,202 shares of the oil and gas company’s stock, valued at approximately $1,575,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Elliott Investment Management L.P. raised its stake in shares of Phillips 66 by 1,929.0% during the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock valued at $1,941,723,000 after acquiring an additional 14,950,000 shares during the last quarter. Valeo Financial Advisors LLC raised its stake in shares of Phillips 66 by 9,530.9% during the second quarter. Valeo Financial Advisors LLC now owns 1,446,469 shares of the oil and gas company’s stock valued at $172,564,000 after acquiring an additional 1,431,450 shares during the last quarter. Nuveen LLC bought a new position in shares of Phillips 66 during the first quarter valued at $156,482,000. Price T Rowe Associates Inc. MD raised its stake in shares of Phillips 66 by 11.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company’s stock valued at $828,442,000 after acquiring an additional 682,459 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Phillips 66 by 15.9% during the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company’s stock valued at $588,489,000 after acquiring an additional 653,248 shares during the last quarter. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Trading Down 0.5%

PSX opened at $135.07 on Friday. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $142.35. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. The company has a fifty day moving average of $131.51 and a 200-day moving average of $121.79. The stock has a market cap of $54.58 billion, a PE ratio of 32.47, a price-to-earnings-growth ratio of 1.78 and a beta of 1.11.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.59. The company had revenue of $33.77 billion during the quarter, compared to analysts’ expectations of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same period in the prior year, the company posted $2.31 earnings per share. On average, sell-side analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Monday, November 17th. Phillips 66’s dividend payout ratio (DPR) is presently 115.38%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on PSX shares. Mizuho raised their price target on shares of Phillips 66 from $140.00 to $142.00 and gave the company a “neutral” rating in a research note on Monday, September 15th. UBS Group raised their price target on shares of Phillips 66 from $143.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Morgan Stanley raised their price target on shares of Phillips 66 from $128.00 to $140.00 and gave the company an “equal weight” rating in a research note on Friday, October 3rd. Jefferies Financial Group increased their price objective on shares of Phillips 66 from $133.00 to $137.00 and gave the stock a “hold” rating in a research report on Friday, October 10th. Finally, Argus upgraded shares of Phillips 66 to a “strong-buy” rating in a research report on Thursday, July 31st. Three investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $141.50.

Insider Activity at Phillips 66

In related news, Director Gregory Hayes purchased 8,350 shares of Phillips 66 stock in a transaction on Thursday, August 14th. The stock was acquired at an average cost of $119.90 per share, for a total transaction of $1,001,165.00. Following the completion of the acquisition, the director owned 29,423 shares of the company’s stock, valued at $3,527,817.70. This trade represents a 39.62% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Michael A. Heim purchased 1,000 shares of Phillips 66 stock in a transaction on Wednesday, July 30th. The stock was bought at an average price of $125.97 per share, with a total value of $125,970.00. Following the completion of the acquisition, the director directly owned 12,043 shares of the company’s stock, valued at approximately $1,517,056.71. This trade represents a 9.06% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 9,850 shares of company stock valued at $1,188,910. Company insiders own 0.22% of the company’s stock.

About Phillips 66

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.