Convergence Investment Partners LLC Boosts Holdings in Phillips 66 (NYSE:PSX)

Convergence Investment Partners LLC lifted its position in shares of Phillips 66 (NYSE:PSX) by 62.1% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 29,266 shares of the oil and gas company’s stock after purchasing an additional 11,207 shares during the quarter. Convergence Investment Partners LLC’s holdings in Phillips 66 were worth $2,104,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of PSX. State Street Corp grew its holdings in shares of Phillips 66 by 7.7% during the 1st quarter. State Street Corp now owns 24,392,064 shares of the oil and gas company’s stock worth $1,308,634,000 after purchasing an additional 1,749,706 shares during the period. BlackRock Inc. lifted its position in Phillips 66 by 3.9% during the 1st quarter. BlackRock Inc. now owns 31,599,517 shares of the oil and gas company’s stock worth $1,695,316,000 after acquiring an additional 1,188,569 shares in the last quarter. APG Asset Management N.V. lifted its position in Phillips 66 by 60.6% during the 1st quarter. APG Asset Management N.V. now owns 2,612,596 shares of the oil and gas company’s stock worth $221,437,000 after acquiring an additional 985,864 shares in the last quarter. Eaton Vance Management lifted its position in Phillips 66 by 35.6% during the 1st quarter. Eaton Vance Management now owns 3,035,849 shares of the oil and gas company’s stock worth $164,360,000 after acquiring an additional 797,159 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in Phillips 66 by 41.9% during the 1st quarter. First Trust Advisors LP now owns 2,098,020 shares of the oil and gas company’s stock worth $112,559,000 after acquiring an additional 619,884 shares in the last quarter. Institutional investors and hedge funds own 66.79% of the company’s stock.

In other news, Director John E. Lowe purchased 1,500 shares of the business’s stock in a transaction dated Friday, June 26th. The shares were acquired at an average price of $68.43 per share, for a total transaction of $102,645.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gary Kramer Adams purchased 1,250 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were purchased at an average price of $76.40 per share, for a total transaction of $95,500.00. Following the acquisition, the director now directly owns 10,213 shares of the company’s stock, valued at $780,273.20. The disclosure for this purchase can be found here. Insiders purchased a total of 3,750 shares of company stock worth $268,305 over the last quarter. Insiders own 0.63% of the company’s stock.

Shares of NYSE PSX traded down $1.07 during midday trading on Friday, reaching $62.02. The company’s stock had a trading volume of 5,835,880 shares, compared to its average volume of 2,862,574. The company has a current ratio of 1.11, a quick ratio of 0.61 and a debt-to-equity ratio of 0.45. The company has a 50 day moving average price of $67.98 and a 200 day moving average price of $73.22. Phillips 66 has a one year low of $40.04 and a one year high of $119.92. The company has a market cap of $27.08 billion, a price-to-earnings ratio of 7.26, a price-to-earnings-growth ratio of 6.53 and a beta of 1.60.

Phillips 66 (NYSE:PSX) last released its earnings results on Friday, July 31st. The oil and gas company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.55). Phillips 66 had a return on equity of 14.90% and a net margin of 0.35%. During the same quarter in the prior year, the company earned $3.02 earnings per share. Research analysts anticipate that Phillips 66 will post 1.83 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be issued a $0.90 dividend. The ex-dividend date is Monday, August 17th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 5.80%. Phillips 66’s payout ratio is currently 44.72%.

PSX has been the topic of several recent research reports. Mizuho reduced their price target on Phillips 66 from $95.00 to $92.00 and set a “buy” rating on the stock in a research report on Wednesday, July 22nd. Barclays reissued a “buy” rating and set a $94.00 target price on shares of Phillips 66 in a research note on Wednesday, April 8th. ValuEngine raised shares of Phillips 66 from a “sell” rating to a “hold” rating in a research note on Monday, June 1st. Citigroup dropped their price target on shares of Phillips 66 from $103.00 to $94.00 and set a “buy” rating on the stock in a research report on Thursday, July 16th. Finally, Jefferies Financial Group upgraded shares of Phillips 66 from a “hold” rating to a “buy” rating and set a $73.00 price target on the stock in a research report on Monday, July 20th. Three equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Phillips 66 currently has a consensus rating of “Buy” and a consensus target price of $83.47.

About Phillips 66

Phillips 66 operates as an energy manufacturing and logistics company. 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 products to market; provides terminaling and storage services for crude oil and 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.

Further Reading: Limitations of the P/E Growth ratio

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Institutional Ownership by Quarter for Phillips 66 (NYSE:PSX)

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