Polar Asset Management Partners Inc. Invests $22.44 Million in Phillips 66 (NYSE:PSX)

Polar Asset Management Partners Inc. bought a new stake in Phillips 66 (NYSE:PSX) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 197,000 shares of the oil and gas company’s stock, valued at approximately $22,444,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of PSX. Capital Investment Advisors LLC boosted its holdings in Phillips 66 by 41.3% in the 4th quarter. Capital Investment Advisors LLC now owns 4,145 shares of the oil and gas company’s stock valued at $472,000 after purchasing an additional 1,211 shares during the last quarter. Wedmont Private Capital grew its position in Phillips 66 by 14.1% in the 4th quarter. Wedmont Private Capital now owns 6,856 shares of the oil and gas company’s stock valued at $781,000 after acquiring an additional 847 shares in the last quarter. FNY Investment Advisers LLC acquired a new stake in Phillips 66 during the 4th quarter worth approximately $125,000. Oak Thistle LLC purchased a new position in Phillips 66 in the fourth quarter valued at $802,000. Finally, Fifth Third Wealth Advisors LLC grew its position in shares of Phillips 66 by 4.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 5,490 shares of the oil and gas company’s stock worth $625,000 after buying an additional 241 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on PSX shares. Raymond James cut their price target on shares of Phillips 66 from $150.00 to $140.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. UBS Group dropped their price objective on shares of Phillips 66 from $144.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, April 28th. Barclays raised their price target on Phillips 66 from $106.00 to $115.00 and gave the company an “equal weight” rating in a report on Monday. TD Cowen increased their target price on shares of Phillips 66 from $114.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Scotiabank dropped their price target on Phillips 66 from $136.00 to $133.00 and set a “sector outperform” rating for the company in a research report on Friday, April 11th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $137.86.

Phillips 66 Trading Down 1.0%

Shares of Phillips 66 stock opened at $124.35 on Thursday. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $150.12. The company has a market cap of $50.66 billion, a price-to-earnings ratio of 25.17, a PEG ratio of 4.84 and a beta of 1.01. The company has a current ratio of 1.21, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The company’s fifty day simple moving average is $111.60 and its 200-day simple moving average is $119.26.

Phillips 66 (NYSE:PSX) last posted its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.97). Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. The firm had revenue of $31.92 billion during the quarter, compared to the consensus estimate of $31.93 billion. During the same quarter last year, the firm posted $1.90 EPS. As a group, sell-side analysts expect that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 19th will be issued a dividend of $1.20 per share. The ex-dividend date of this dividend is Monday, May 19th. This is an increase from Phillips 66’s previous quarterly dividend of $1.15. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.86%. Phillips 66’s dividend payout ratio (DPR) is presently 109.34%.

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.