Park Avenue Securities LLC Takes Position in Phillips 66 (PSX)

Park Avenue Securities LLC acquired a new stake in Phillips 66 (NYSE:PSX) in the first quarter, Holdings Channel reports. The firm acquired 5,062 shares of the oil and gas company’s stock, valued at approximately $481,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PSX. Martingale Asset Management L P lifted its stake in Phillips 66 by 513.4% during the third quarter. Martingale Asset Management L P now owns 16,622 shares of the oil and gas company’s stock worth $1,874,000 after purchasing an additional 13,912 shares during the last quarter. Legal & General Group Plc lifted its stake in Phillips 66 by 8.5% during the third quarter. Legal & General Group Plc now owns 2,627,034 shares of the oil and gas company’s stock worth $296,101,000 after purchasing an additional 205,070 shares during the last quarter. Morgan Stanley lifted its stake in Phillips 66 by 3.0% during the third quarter. Morgan Stanley now owns 3,445,696 shares of the oil and gas company’s stock worth $388,399,000 after purchasing an additional 100,046 shares during the last quarter. Vanguard Group Inc lifted its stake in Phillips 66 by 2.8% during the third quarter. Vanguard Group Inc now owns 32,998,567 shares of the oil and gas company’s stock worth $3,719,598,000 after purchasing an additional 885,979 shares during the last quarter. Finally, Federated Investors Inc. PA lifted its stake in Phillips 66 by 282.7% during the third quarter. Federated Investors Inc. PA now owns 172,642 shares of the oil and gas company’s stock worth $19,461,000 after purchasing an additional 127,532 shares during the last quarter. Institutional investors own 71.33% of the company’s stock.

NYSE PSX traded up $0.18 on Wednesday, reaching $86.73. The stock had a trading volume of 11,917 shares, compared to its average volume of 2,665,415. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.42. Phillips 66 has a 12-month low of $78.44 and a 12-month high of $123.97. The stock has a market cap of $40.62 billion, a P/E ratio of 7.35, a P/E/G ratio of 1.41 and a beta of 0.91.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Tuesday, April 30th. The oil and gas company reported $0.40 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.06. Phillips 66 had a return on equity of 19.96% and a net margin of 4.63%. The company had revenue of $23.66 billion during the quarter, compared to analysts’ expectations of $24.66 billion. During the same quarter in the previous year, the business earned $1.04 earnings per share. As a group, research analysts predict that Phillips 66 will post 7.45 earnings per share for the current year.

Several research firms recently weighed in on PSX. Jefferies Financial Group cut Phillips 66 from a “buy” rating to a “hold” rating and boosted their target price for the stock from $105.00 to $107.00 in a research note on Monday, April 15th. Citigroup boosted their target price on Phillips 66 from $100.00 to $102.00 and gave the stock a “neutral” rating in a research note on Monday, March 4th. ValuEngine cut Phillips 66 from a “hold” rating to a “sell” rating in a research note on Monday, April 15th. Argus reduced their price objective on Phillips 66 to $116.00 and set a “buy” rating for the company in a research note on Thursday, February 14th. Finally, Bank of America upgraded Phillips 66 from a “neutral” rating to a “buy” rating and set a $126.00 price objective for the company in a research note on Monday, April 29th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $120.67.

In related news, Chairman Greg C. Garland sold 42,728 shares of the company’s stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $97.61, for a total transaction of $4,170,680.08. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.13% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: “Park Avenue Securities LLC Takes Position in Phillips 66 (PSX)” was posted by Baseball Daily News and is the sole property of of Baseball Daily News. If you are accessing this story on another publication, it was illegally copied and reposted in violation of U.S. and international copyright and trademark legislation. The legal version of this story can be read at https://www.baseballdailydigest.com/news/2019/05/08/park-avenue-securities-llc-takes-position-in-phillips-66-psx.html.

Phillips 66 Profile

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.

Recommended Story: Insider Trading

Want to see what other hedge funds are holding PSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Phillips 66 (NYSE:PSX).

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

Receive News & Ratings for Phillips 66 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Phillips 66 and related companies with MarketBeat.com's FREE daily email newsletter.