Entropy Technologies LP Invests $7.25 Million in Phillips 66 $PSX
Entropy Technologies LP invested $7.25 million in Phillips 66, acquiring 60,756 shares. Other hedge funds also increased their stakes in Phillips 66. Insiders sold shares worth $8,955,291. Analysts have mixed ratings, with an average target price of $145.71. Phillips 66's stock opened at $132.08, with a market cap of $53.22 billion.
Entropy Technologies LP bought a new position in Phillips 66 (NYSE:PSX - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 60,756 shares of the oil and gas company's stock, valued at approximately $7,248,000.
- The Midstream Energy Play That Keeps Powering Higher
Several other hedge funds have also bought and sold shares of the stock. Elliott Investment Management L.P. grew its stake in shares of Phillips 66 by 1,929.0% during the 1st 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 acquiring an additional 14,950,000 shares during the period. Chronos Wealth Management LLC purchased a new position in Phillips 66 during the second quarter valued at approximately $281,000. Sustainable Insight Capital Management LLC purchased a new position in Phillips 66 during the first quarter valued at approximately $1,457,000. Evergreen Wealth Solutions LLC bought a new position in shares of Phillips 66 in the first quarter worth approximately $292,000. Finally, Jump Financial LLC increased its stake in shares of Phillips 66 by 307.1% in the first quarter. Jump Financial LLC now owns 11,276 shares of the oil and gas company's stock worth $1,392,000 after purchasing an additional 8,506 shares in the last quarter. Institutional investors own 76.93% of the company's stock.
Insider Activity at Phillips 66
In other news, CFO Kevin J. Mitchell sold 30,000 shares of the firm's stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $138.00, for a total value of $4,140,000.00. Following the completion of the sale, the chief financial officer directly owned 89,771 shares of the company's stock, valued at $12,388,398. This trade represents a 25.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Brian Mandell sold 26,200 shares of Phillips 66 stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $137.68, for a total value of $3,607,216.00. Following the completion of the transaction, the executive vice president owned 56,838 shares of the company's stock, valued at approximately $7,825,455.84. This trade represents a 31.55% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 64,986 shares of company stock valued at $8,955,291. Insiders own 0.22% of the company's stock.
Wall Street Analysts Forecast Growth
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A number of research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Phillips 66 from a "hold" rating to a "buy" rating in a research note on Saturday, November 1st. UBS Group reiterated a "buy" rating and set a $160.00 target price on shares of Phillips 66 in a research report on Monday, November 10th. Bank of America cut Phillips 66 from a "buy" rating to a "neutral" rating and boosted their price target for the stock from $144.00 to $147.00 in a report on Wednesday, September 3rd. Mizuho increased their price objective on shares of Phillips 66 from $140.00 to $142.00 and gave the company a "neutral" rating in a report on Monday, September 15th. Finally, Cowen restated a "buy" rating on shares of Phillips 66 in a research report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and thirteen have given a Hold rating to the company. According to MarketBeat, Phillips 66 presently has an average rating of "Hold" and an average target price of $145.71.
Read Our Latest Stock Analysis on PSX
Phillips 66 Stock Down 1.8%
- Leading Oil Refiner's Stock Climbs Despite Market Volatility
Shares of PSX opened at $132.08 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. The stock has a market capitalization of $53.22 billion, a price-to-earnings ratio of 36.09, a price-to-earnings-growth ratio of 1.81 and a beta of 1.08. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $143.25. The business's 50 day simple moving average is $134.27 and its 200-day simple moving average is $126.74.
Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.38. The company had revenue of $33.69 billion for the quarter, compared to analysts' expectations of $32.29 billion. Phillips 66 had a net margin of 1.12% and a return on equity of 5.51%. During the same quarter in the previous year, the business posted $2.04 earnings per share. As a group, equities analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.
Phillips 66 Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Monday, November 17th. Phillips 66's dividend payout ratio is currently 131.15%.
Phillips 66 Company Profile
(Free Report)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.
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