HITE Hedge Asset Management LLC Makes New Investment in Phillips 66 (NYSE:PSX)

HITE Hedge Asset Management LLC acquired a new position in shares of 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 acquired 78,194 shares of the oil and gas company’s stock, valued at approximately $8,909,000.

Other hedge funds have also made changes to their positions in the company. Oppenheimer & Co. Inc. boosted its stake in Phillips 66 by 10.6% in the 4th quarter. Oppenheimer & Co. Inc. now owns 46,953 shares of the oil and gas company’s stock worth $5,349,000 after buying an additional 4,515 shares during the last quarter. Flavin Financial Services Inc. acquired a new stake in shares of Phillips 66 in the fourth quarter worth approximately $1,190,000. Everence Capital Management Inc. purchased a new stake in Phillips 66 in the fourth quarter valued at approximately $3,033,000. Donoghue Forlines LLC acquired a new position in Phillips 66 during the fourth quarter worth approximately $1,438,000. Finally, Smith Group Asset Management LLC acquired a new position in shares of Phillips 66 in the 4th quarter valued at $1,149,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on PSX. Wells Fargo & Company lifted their target price on Phillips 66 from $161.00 to $162.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Mizuho decreased their target price on Phillips 66 from $140.00 to $132.00 and set a “neutral” rating for the company in a report on Wednesday, April 9th. StockNews.com lowered shares of Phillips 66 from a “hold” rating to a “sell” rating in a report on Sunday, March 2nd. Barclays decreased their price objective on shares of Phillips 66 from $135.00 to $106.00 and set an “equal weight” rating for the company in a research note on Thursday, April 10th. Finally, Raymond James reduced their target price on shares of Phillips 66 from $150.00 to $140.00 and set an “outperform” rating on the stock in a report on Wednesday, April 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Phillips 66 currently has an average rating of “Moderate Buy” and a consensus target price of $142.00.

Phillips 66 Stock Performance

Shares of PSX opened at $98.88 on Friday. The firm has a market cap of $40.29 billion, a price-to-earnings ratio of 20.02, a PEG ratio of 4.84 and a beta of 1.17. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. The business’s 50 day moving average is $118.98 and its two-hundred day moving average is $122.67. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $159.25.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Friday, January 31st. The oil and gas company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($1.38). Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. During the same quarter in the prior year, the company earned $3.09 EPS. Analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were issued a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a yield of 4.65%. The ex-dividend date of this dividend was Monday, February 24th. Phillips 66’s dividend payout ratio is presently 93.12%.

Phillips 66 Company 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.