Catalyst Capital Advisors LLC Raises Stock Position in Phillips 66 $PSX

Catalyst Capital Advisors LLC lifted its stake in shares of Phillips 66 (NYSE:PSX) by 72.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 907 shares of the oil and gas company’s stock after acquiring an additional 380 shares during the quarter. Catalyst Capital Advisors LLC’s holdings in Phillips 66 were worth $108,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of PSX. Elliott Investment Management L.P. boosted 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 purchasing an additional 14,950,000 shares in the last quarter. Chronos Wealth Management LLC bought a new position in shares of Phillips 66 during the second quarter valued at approximately $281,000. Alta Advisers Ltd bought a new position in shares of Phillips 66 during the first quarter valued at approximately $253,000. Sustainable Insight Capital Management LLC bought a new position in shares of Phillips 66 during the first quarter valued at approximately $1,457,000. Finally, Evergreen Wealth Solutions LLC bought a new position in shares of Phillips 66 during the first quarter valued at approximately $292,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Trading Down 0.5%

NYSE PSX opened at $135.07 on Friday. The company has a fifty day simple moving average of $131.51 and a two-hundred day simple moving average of $122.00. The stock has a market cap of $54.58 billion, a P/E ratio of 32.47, a P/E/G ratio of 1.77 and a beta of 1.11. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $142.35. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.59. The business 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 quarter last year, the company posted $2.31 earnings per share. On average, analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

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. The ex-dividend date of this dividend is Monday, November 17th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.6%. Phillips 66’s dividend payout ratio (DPR) is currently 115.38%.

Insider Activity at Phillips 66

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

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company assumed coverage on shares of Phillips 66 in a research note on Friday, October 17th. They set an “overweight” rating and a $154.00 price objective on the stock. Argus upgraded shares of Phillips 66 to a “strong-buy” rating in a research note on Thursday, July 31st. Jefferies Financial Group raised their target price on shares of Phillips 66 from $133.00 to $137.00 and gave the company a “hold” rating in a research note on Friday, October 10th. Raymond James Financial restated an “outperform” rating and issued a $150.00 target price (up from $145.00) on shares of Phillips 66 in a research note on Friday, October 17th. Finally, UBS Group raised their target price 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. Three analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $141.50.

Phillips 66 Profile

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.