Encompass Capital Advisors LLC Invests $55.51 Million in Phillips 66 $PSX

Encompass Capital Advisors LLC bought a new stake in Phillips 66 (NYSE:PSX) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 304,700 shares of the oil and gas company’s stock, valued at approximately $55,510,000. Phillips 66 comprises approximately 1.7% of Encompass Capital Advisors LLC’s portfolio, making the stock its 15th largest holding.

Several other institutional investors and hedge funds have also modified their holdings of PSX. Energy Income Partners LLC grew its position in Phillips 66 by 443.7% during the 1st quarter. Energy Income Partners LLC now owns 73,405 shares of the oil and gas company’s stock worth $13,373,000 after acquiring an additional 59,904 shares during the last quarter. KCM Investment Advisors LLC raised its position in Phillips 66 by 10.1% in the 1st quarter. KCM Investment Advisors LLC now owns 5,063 shares of the oil and gas company’s stock valued at $922,000 after purchasing an additional 463 shares during the last quarter. Quantinno Capital Management LP boosted its stake in Phillips 66 by 9.9% in the first quarter. Quantinno Capital Management LP now owns 294,580 shares of the oil and gas company’s stock worth $53,667,000 after purchasing an additional 26,428 shares in the last quarter. Lazard Asset Management LLC acquired a new position in Phillips 66 in the first quarter worth $234,000. Finally, Family Manage LLC bought a new stake in shares of Phillips 66 during the first quarter worth $292,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 11,021 shares of the firm’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the transaction, the chief financial officer owned 97,376 shares in the company, valued at approximately $18,504,361.28. This trade represents a 10.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Omar Meyers bought 175 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The shares were bought at an average price of $173.12 per share, with a total value of $30,296.00. Following the completion of the transaction, 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 disclosure for this purchase is available in the SEC filing. Insiders sold 41,021 shares of company stock valued at $7,195,257 in the last quarter. 0.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PSX has been the subject of a number of research reports. Weiss Ratings lowered Phillips 66 from a “buy (b-)” rating to a “hold (c)” rating in a research note on Friday, May 1st. Zacks Research lowered shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Raymond James Financial raised their price objective on shares of Phillips 66 from $218.00 to $235.00 and gave the company an “outperform” rating in a research report on Monday, July 13th. Guggenheim raised shares of Phillips 66 to an “outperform” rating in a research note on Wednesday, May 27th. Finally, Wolfe Research upped their target price on shares of Phillips 66 from $187.00 to $193.00 and gave the stock an “outperform” rating in a research report on Monday, April 6th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $201.72.

Phillips 66 Trading Up 0.5%

Shares of NYSE PSX opened at $207.72 on Tuesday. Phillips 66 has a fifty-two week low of $118.07 and a fifty-two week high of $216.08. The firm has a market capitalization of $83.28 billion, a P/E ratio of 20.46, a P/E/G ratio of 0.16 and a beta of 0.69. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. The company’s 50 day simple moving average is $183.09 and its 200 day simple moving average is $168.98.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.03. The firm had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.90) EPS. On average, analysts predict that Phillips 66 will post 22.43 EPS for the current year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.4%. Phillips 66’s payout ratio is 50.05%.

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.