- TortoiseEcofin Provides Additional Information Regarding TPAYMENT Index Rebalance for First Quarter 2022
Mar 16, 2022
OVERLAND PARK, KS / ACCESSWIRE / March 16, 2022 / TortoiseEcofin today released additional information regarding the Ecofin Global Digital Payments Infrastructure Index quarterly rebalance for the first quarter of 2022. In addition to the announced changes on March 11, 2022, QIWI Plc will be removed from the index following the close of trading on March 18, 2022. In total, the following changes will become effective.
Ecofin Global Digital Payments Infrastructure Index SM (TPMT/TPAYMENT) Action Company Ticker Deletion Yiren Digital Ltd YRD US Deletion Boku Inc BOKU LN Deletion QIWI Plc QIWI US Addition Wise PLC WISE LN
Full constituent list for TPAYMENT Index from the previous quarter rebalance can be found here:
Ecofin Global Digital Payments Infrastructure Index SM (TPMT): https://tortoiseecofin.com/media/1539/tpmt-constituent-overview-121721.pdf
About TortoiseEcofin
TortoiseEcofin focuses on essential assets - those assets and services that are indispensable to the economy and society. We strive to make a positive impact on clients and communities by investing in energy infrastructure and the transition to cleaner energy and by providing capital for social impact projects focused on education and senior living. TortoiseEcofin brings together strong legacies from Tortoise, with expertise investing across the energy value chain for more than 20 years, and from Ecofin, which unites ecology and finance and has roots back to the early 1990s. To learn more, visit www.TortoiseEcofin.com.
The Ecofin Global Digital Payments Infrastructure Index SMrepresents the existing global digital payments landscape. It is a proprietary, rules-based, modified market capitalization-weighted, float-adjusted index comprised of companies that are materially engaged in digital payments, including merchant processing and settlement, real time record keeping, settlement networks, and Fintech products/ services that facilitate the ease, efficiency, and speed of electronic transactions. This includes companies whose primary business is comprised of one or a combination of the following categories: credit card networks, electronic transaction processing and associated products/services, credit card issuers, electronic transaction processing software (payments Fintech) or online financial services market places.
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The index mentioned above is the exclusive property of TIS Advisors and is calculated by Solactive AG ("Solactive"). The financial instruments that are based on the Index are not sponsored, endorsed, promoted or sold by Solactive AG ("Solactive") in any way and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the financial instruments; (b) the quality, accuracy and/or the completeness of the Index or the calculations thereof; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index.
This data is provided for informational purposes only and is not intended for trading purposes. This document shall not constitute an offering of any security, product or service. The addition, removal or inclusion of a security in the index is not a recommendation to buy, sell or hold that security, nor is it investment advice. The information contained in this document is current as of the publication date. TortoiseEcofin makes no representations with respect to the accuracy or completeness of these materials and will not accept responsibility for damages, direct or indirect, resulting from an error or omission in this document. The methodology involves rebalancing and maintenance of the index that is made periodically during each year and may not, therefore, reflect real time information.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Contact Information
For more information contact Jen Ashlock at (913) 981-1020 or info@tortoiseecofin.com
SOURCE: TortoiseEcofin
View source version on accesswire.com:
https://www.accesswire.com/693418/TortoiseEcofin-Provides-Additional-Information-Regarding-TPAYMENT-Index-Rebalance-for-First-Quarter-2022
- TortoiseEcofin Announces Index Updates for First Quarter 2022
Mar 11, 2022
OVERLAND PARK, KS / ACCESSWIRE / March 11, 2022 / TortoiseEcofin today announced upcoming additions and deletions to its indices as part of its regular quarterly rebalancing for the first quarter of 2022. Following the close of trading on March 18, 2022, the indices will be rebalanced and as a result, the following changes will become effective.
Ecofin Global Water ESG Index SM (EGWESG/EGWESGT) Action Company Ticker Deletion Aalberts NV AALB NA Deletion Sulzer AG SUN SW Addition Kitz Corp 6498 JP Addition Lixil Corp 5938 JP
Ecofin Global Digital Payments Infrastructure Index SM (TPMT/TPAYMENT) Action Company Ticker Deletion Yiren Digital Ltd YRD US Deletion Boku Inc BOKU LN Addition Wise PLC WISE LN
Tortoise Decarbonization Infrastructure Index SM (DCRBN/DCRBNT) Action Company Ticker Deletion Eos Energy Enterprises Inc EOSE US Deletion Romeo Power Inc RMO US
There are no changes to Tortoise MLP Index ® ,Tortoise North American Pipeline Index SM , Tortoise Recycling Decarbonization Index SM and Tortoise Recycling Decarbonization UCITS SM Index in the current rebalance.
Full constituent lists for each index from the previous quarter rebalance can be found here:
Tortoise MLP Index ® (TMLP):
https://tortoiseecofin.com/media/1528/tmlp-constituent-overview-121721.pdf
Tortoise North American Pipeline Index SM (TNAP):
https://tortoiseecofin.com/media/1530/tnap-constituent-overview-121721.pdf
Ecofin Global Water ESG Index SM (EGWESG):
https://tortoiseecofin.com/media/1260/egwesg-constituent-overview-121721.pdf
Ecofin Global Digital Payments Infrastructure Index SM (TPMT): https://tortoiseecofin.com/media/1539/tpmt-constituent-overview-121721.pdf
Full constituent lists for the newly launched indexes can be found here:
Tortoise Recycling Decarbonization Index SM (RCYCL)
https://tortoiseecofin.com/media/4928/rcycl-constituent-overview-12722.pdf
Tortoise Recycling Decarbonization UCITS Index SM (RECYCLE)
https://tortoiseecofin.com/media/4927/recycle-constituent-overview-12722.pdf
Tortoise Decarbonization Infrastructure Index SM (DCRBN)
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https://tortoiseecofin.com/media/4984/dcrbn-constituent-overview-123121-002.pdf
About TortoiseEcofin
TortoiseEcofin focuses on essential assets - those assets and services that are indispensable to the economy and society. We strive to make a positive impact on clients and communities by investing in energy infrastructure and the transition to cleaner energy and by providing capital for social impact projects focused on education and senior living. TortoiseEcofin brings together strong legacies from Tortoise, with expertise investing across the energy value chain for more than 20 years, and from Ecofin, which unites ecology and finance and has roots back to the early 1990s. To learn more, visit www.TortoiseEcofin.com .
The Tortoise MLP Index ®is a float-adjusted, capitalization weighted index of energy master limited partnerships (MLPs). The index is comprised of publicly traded companies organized in the form of limited partnerships or limited liability companies engaged in transportation, production, processing and/or storage of energy commodities.
The Tortoise North American Pipeline Index SMis a float-adjusted, capitalization weighted index of pipeline companies that are organized and have their principal place of business in the United States or Canada. A pipeline company is defined as a company that either 1) has been assigned a standard industrial classification ("SIC") system code that indicates the company operates in the energy pipeline industry or 2) has at least 50% of its assets, cash flow or revenue associated with the operation or ownership of energy pipelines. Pipeline companies engage in the business of transporting natural gas, crude oil and refined products, storing, gathering and processing such gas, oil and products and local gas distribution. The index includes pipeline companies structured as corporations, limited liability companies and master limited partnerships (MLPs).
The Ecofin Global Water ESG Index SM is a proprietary, rules-based, modified capitalization-weighted, float-adjusted index comprised of companies that are materially engaged in the water infrastructure or water management industries.
The indices mentioned above are the exclusive property of TIS Advisors, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Tortoise MLP Index®, Tortoise North American Pipeline Index SM , and Ecofin Global Water ESG Index SM (the "Indices"). The Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by TIS Advisors and its affiliates. S&P ® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"), and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones").
The Ecofin Global Digital Payments Infrastructure Index SMrepresents the existing global digital payments landscape. It is a proprietary, rules-based, modified market capitalization-weighted, float-adjusted index comprised of companies that are materially engaged in digital payments, including merchant processing and settlement, real time record keeping, settlement networks, and Fintech products/ services that facilitate the ease, efficiency, and speed of electronic transactions. This includes companies whose primary business is comprised of one or a combination of the following categories: credit card networks, electronic transaction processing and associated products/services, credit card issuers, electronic transaction processing software (payments Fintech) or online financial services market places.
The Tortoise Decarbonization Infrastructure IndexSM is a float-adjusted, capitalization weighted index of decarbonizing infrastructure companies that are organized and have their principal place of business in the United States or Canada. We define a decarbonization infrastructure company as a company that primarily owns natural gas and/ or natural gas liquids infrastructure including pipelines and local distribution companies, electric generation, transmission and distribution, battery storage, electric charging infrastructure, residential rooftop solar facilities and/ or renewable fuels.
The Tortoise Recycling Decarbonization IndexSM is a modified capitalization weighted index that tracks the performance of companies involved in waste-to-energy and recycling technologies that trade on developed and developing market exchanges. Waste-to-Energy is the process of generating energy from waste such as garbage, animal manure, agriculture products and/or animal fats and thus includes companies that produce renewable natural gas and diesel as well as ethanol. Recycling includes companies that recycle plastic waste, lithium-ion batteries as well as carbon capture sequestration.
The Tortoise Recycling Decarbonization UCITS IndexSM is a modified capitalization weighted index that tracks the performance of companies involved in waste-to-energy and recycling technologies that trade on developed and developing market exchanges. The Index includes an assessment of environmental, social, and governance (ESG) considerations.Waste-to-Energy is the process of generating energy from waste such as garbage, animal manure, agriculture products and/or animal fats and thus includes companies that produce renewable natural gas and diesel as well as ethanol. Recycling includes companies that recycle plastic waste, lithium-ion batteries as well as carbon capture sequestration.
The indices mentioned above are the exclusive property of TIS Advisors and is calculated by Solactive AG ("Solactive"). The financial instruments that are based on the Index are not sponsored, endorsed, promoted or sold by Solactive AG ("Solactive") in any way and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the financial instruments; (b) the quality, accuracy and/or the completeness of the Index or the calculations thereof; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index.
This data is provided for informational purposes only and is not intended for trading purposes. This document shall not constitute an offering of any security, product or service. The addition, removal or inclusion of a security in the index is not a recommendation to buy, sell or hold that security, nor is it investment advice. The information contained in this document is current as of the publication date. TortoiseEcofin makes no representations with respect to the accuracy or completeness of these materials and will not accept responsibility for damages, direct or indirect, resulting from an error or omission in this document. The methodology involves rebalancing and maintenance of the index that is made periodically during each year and may not, therefore, reflect real time information.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Contact Information
For more information contact Jen Ashlock at (913) 981-1020 or info@tortoiseecofin.com
SOURCE: TortoiseEcofin
View source version on accesswire.com:
https://www.accesswire.com/692808/TortoiseEcofin-Announces-Index-Updates-for-First-Quarter-2022
- Valero Energy (VLO) Stock Jumps 7.8%: Will It Continue to Soar?
Mar 9, 2022
Valero Energy (VLO) shares rallied 7.8% in the last trading session to close at $90.54. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 6.3% loss over the past four weeks.
Increasing demand for gasoline and low-sulphur diesel is backing the company’s businesses related to ethanol and renewable diesel. The fact that Valero Energy’s dividend yield is higher than the yield of the composite stocks belonging to the industry is also aiding the stock.
This oil refiner is expected to post quarterly earnings of $1.50 per share in its upcoming report, which represents a year-over-year change of +186.7%. Revenues are expected to be $27.85 billion, up 33.9% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Valero Energy, the consensus EPS estimate for the quarter has been revised 4.6% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on VLO going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Valero Energy is a member of the Zacks Oil and Gas - Refining and Marketing industry. One other stock in the same industry, Phillips 66 (PSX), finished the last trading session 2.1% higher at $84.31. PSX has returned -8.5% over the past month.
Phillips 66's consensus EPS estimate for the upcoming report has changed +3.2% over the past month to $1.91. Compared to the company's year-ago EPS, this represents a change of +264.7%. Phillips 66 currently boasts a Zacks Rank of #3 (Hold).
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Zacks Investment Research
- UPDATE 1-Phillips 66 says refiners will need to find a way to mitigate carbon emissions
Mar 9, 2022
(Adds details, background)
HOUSTON, March 8 (Reuters) - Oil refiners will have to develop ways to mitigate carbon emissions in the future, the chief operating officer of U.S. refiner Phillips 66 said at an energy conference on Tuesday.
In remarks at the CERAWeek energy conference, Mark Lashier said renewable fuels will not replace diesel and jet fuels in the transportation fuel mix, requiring the industry to come up with a means of cutting carbon dioxide emissions.
"You're not going to able replace all the diesel and all the jet fuel the world uses with renewables," Lashier said.
Total renewable feedstocks are between 2.5 million and 3 million barrels per day (bpd) available to refiners with plants to process them, he said.
Phillips 66 is converting a crude oil refinery in Rodeo, California into a renewable fuels refinery that will produce about 50,000 bpd of fuels from sources like animal fats and used cooking oils. The conversion will cost $850 million. (Reporting by Erwin Seba in Houston; Editing by Lincoln Feast.)
- TortoiseEcofin Announces Constituent Changes Due to Corporate Action
Mar 8, 2022
LEAWOOD, KS / ACCESSWIRE / March 8, 2022 / TortoiseEcofin today announced that Phillips 66 Partners LP (NYSE:PSXP) will be removed from the Tortoise MLP Index® (TMLP), and the Tortoise North American Pipeline IndexSM (TNAP), as a result of the approved merger with Phillips 66 (NYSE:PSX). Due to the merger, PSXP will be removed from both indices at market open on Wednesday, March 9, 2022.
For both Tortoise MLP Index® (TMLP), and the Tortoise North American Pipeline IndexSM (TNAP), PSXP will be removed with a special rebalancing.
Special rebalancings in TMLP are triggered by corporate actions such as mergers, bankruptcies, liquidations, and conversions in which the resulting weight of a single constituent exceeds the index's 7.5% threshold and the target constituent weight exceeds certain weighting thresholds. Implementation of special rebalancings will be made in accordance with existing methodologies.
Special rebalancings in TNAP are triggered by corporate actions such as mergers, bankruptcies, liquidations, and conversions in which the resulting weight of a single constituent exceeds the index's 7.5% threshold and the target constituent weight exceeds certain weighting thresholds. Implementation of special rebalancings will be made in accordance with existing methodologies.
About TortoiseEcofin
TortoiseEcofin focuses on essential assets - those assets and services that are indispensable to the economy and society. We strive to make a positive impact on clients and communities by investing in energy infrastructure and the transition to cleaner energy and by providing capital for social impact projects focused on education and senior housing. TortoiseEcofin brings together strong legacies from Tortoise, with expertise investing across the energy value chain for more than 20 years, and from Ecofin, which unites ecology and finance and has roots back to the early 1990s. To learn more, visit www.TortoiseEcofin.com.
The Tortoise MLP Index® is a float-adjusted, capitalization weighted index of energy master limited partnerships (MLPs). The index is comprised of publicly traded companies organized in the form of limited partnerships or limited liability companies engaged in transportation, production, processing and/or storage of energy commodities.
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The Tortoise North American Pipeline IndexSM is a float-adjusted, capitalization weighted index of pipeline companies that are organized and have their principal place of business in the United States or Canada. A pipeline company is defined as a company that either 1) has been assigned a standard industrial classification ("SIC") system code that indicates the company operates in the energy pipeline industry or 2) has at least 50% of its assets, cash flow or revenue associated with the operation or ownership of energy pipelines. Pipeline companies engage in the business of transporting natural gas, crude oil and refined products, storing, gathering and processing such gas, oil and products and local gas distribution. The index includes pipeline companies structured as corporations, limited liability companies and master limited partnerships (MLPs).
The Tortoise MLP Index® and the Tortoise North American Pipeline IndexSM are the exclusive property of TIS Advisors, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Tortoise MLP Index® and the Tortoise North American Pipeline IndexSM (the "Indices"). The Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by TIS Advisors and its affiliates. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"), and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones").
This data is provided for informational purposes only and is not intended for trading purposes. This document shall not constitute an offering of any security, product or service. The addition, removal or inclusion of a security in the index is not a recommendation to buy, sell or hold that security, nor is it investment advice. The information contained in this document is current as of the publication date. Tortoise makes no representations with respect to the accuracy or completeness of these materials and will not accept responsibility for damages, direct or indirect, resulting from an error or omission in this document. The methodology involves rebalancing and maintenance of the index that is made periodically during each year and may not, therefore, reflect real time information.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Contact Information
For more information contact Jen Ashlock at (913) 981-1020 or info@tortoiseecofin.com
SOURCE: TortoiseEcofin
View source version on accesswire.com:
https://www.accesswire.com/692154/TortoiseEcofin-Announces-Constituent-Changes-Due-to-Corporate-Action
- 10 Latest Stock Picks of Billionaire Steve Cohen
Mar 7, 2022
In this article, we will discuss the 10 latest stock picks of billionaire Steve Cohen. You can skip our detailed analysis of Steve Cohen’s investment philosophy and his hedge fund performance over the years, and go directly to 5 Latest Stock Picks of Billionaire Steve Cohen.
Steven A. Cohen is an American billionaire hedge fund manager and also the majority owner of Major League Baseball's New York Mets. According to Forbes, as of March 2022, Mr. Cohen's net worth stands at $15.9 billion. In addition, he ranked 48th on the 2021 Forbes 400 list. As of the fourth quarter of 2021, Cohen manages over $25.04 billion in 13F securities through his hedge fund, Point72 Asset Management.
Mr. Cohen's Life Before Point72 Asset Management
Mr. Cohen went to the Wharton School at the University of Pennsylvania where he was an economics major. During this time, he opened a brokerage account with $1,000. In 1978, he graduated with a bachelor's degree in Economics. Upon graduating, Mr. Cohen landed a job as a junior trader at Gruntal & Co., where he made a profit of $8,000 on his very first day. By 1984, he was managing a $75 million portfolio, had six traders working under him, and was making his employer a profit in excess of $100,000 per day. Mr. Cohen was suspected of insider trading in the late 1980s after he put a bet on the merger between General Electric and RCA before it was announced.
S.A.C. Capital Advisors
In 1992, Steve Cohen founded his own hedge fund, S.A.C. Capital Advisors with $20 million. His initial strategy was centered around high-frequency and rapid-fire trading. In 2003, the New York Times reported that "S.A.C. is one of the biggest hedge funds and is known for frequent and rapid trading". Mr. Cohen has shown to be an intelligent and versatile investor. After profiting from his initial high-frequency trading strategies, he changed the pace at which he was trading and started trading long-short and fixed-income stocks.
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Point72 Asset Management
In 2014, Mr. Cohen founded Point72 Asset Management as a venture capital fund initially. The fund opened itself to outside money in 2018. Point72 Asset Management has had its fair share of ups and downs. The fund reported a 16% gain in 2020, which marked its best-performing year. The fund lost money during the GameStop short squeeze in 2021, reporting losses of between 10% and 15%. Despite the downturn, Point72 Asset Management has continued to expand its assets and portfolio. The fund's 13F portfolio for the fourth quarter of 2021 was valued at $25.04 billion, up from $22.7 billion in the third quarter of 2021.
Along with significantly upping his stakes in Amazon.com, Inc. (NASDAQ:AMZN) and many other stocks, Mr. Cohen also purchased several notable new securities as well. Among his top buys for the fourth quarter of 2021 were Micron Technology, Inc.(NASDAQ:MU), The Coca-Cola Company (NYSE:KO), and Atlassian Corporation Plc (NASDAQ:TEAM). 10 Latest Stock Picks of Billionaire Steve Cohen
Our Methodology
For our list of the 10 latest stock picks of billionaire Steve Cohen, we went through Point72 Asset Management’s 13F portfolio holdings as of December 31, 2021, according to the fund's latest 13F filing with the SEC. We ordered our selection by value and included new stocks that were not a part of the fund's portfolio at the end of Q3. We also included the overall hedge fund sentiment and analyst ratings for each stock.
Without further ado, let's look at the 10 latest stock picks of billionaire Steve Cohen.
10 Latest Stock Picks of Billionaire Steve Cohen
10. Mirati Therapeutics, Inc. (NASDAQ:MRTX)
Stake Value of Point72 Asset Management: $70,388,000
Percentage of Point72 Asset Management’s 13F Portfolio: 0.28%
Number of Hedge Fund Holders: 46
Mirati Therapeutics, Inc. (NASDAQ:MRTX) is an American targeted oncology company that focuses on the development of cancer therapeutics. The stock is one of the latest additions to Point72 Asset Management's 13F portfolio. As of the fourth quarter of 2021, the fund's stake in the company is valued at $70.38 million. The investment covers 0.28% of Point72 Asset Management's 13F portfolio.
This February, BofA analyst Jason Gerberry upgraded Mirati Therapeutics, Inc. (NASDAQ:MRTX) to 'Neutral' from 'Underperform' and gave the stock a $141 price target.
By the end of the fourth quarter of 2021, 46 hedge funds held positions in Mirati Therapeutics, Inc. (NASDAQ:MRTX), with the total stakes of these funds standing at $2.61 billion.
Like Micron Technology, Inc.(NASDAQ:MU), The Coca-Cola Company (NYSE:KO), and Atlassian Corporation Plc (NASDAQ:TEAM), Mirati Therapeutics, Inc. (NASDAQ:MRTX) is one of the positions initiated by Point72 Asset Management in the fourth quarter of 2021.
Here is what Baron Funds had to say about Mirati Therapeutics, Inc. (NASDAQ:MRTX) in its third-quarter 2021 investor letter:
“We initiated a position in Mirati Therapeutics, Inc., a clinical-stage biotechnology company developing novel therapeutics targeting the genetic and immunologic drivers of cancer. The company’s lead drug, known as Adagrasib, targets a protein called KRAS that is a central node in driving tumor growth. We think Adagrasib has a best-in-class profile in a multibillion-dollar drug category. Currently, Amgen has a competing drug on the market, but clinical data on Adagrasib presented at the recent European Society of Medical Oncology meeting gives us confidence that Mirati’s drug has better attributes including residence time on target, efficacy response rates, longer duration of treatment, combinability opportunities, and blood brain barrier penetration.”
9. Phillips 66 (NYSE:PSX)
Stake Value of Point72 Asset Management: $84,311,000
Percentage of Point72 Asset Management’s 13F Portfolio: 0.33%
Number of Hedge Fund Holders: 41
This January, Phillips 66 (NYSE:PSX) announced its earnings for the fiscal fourth quarter of 2021, in which the company beat on both EPS (by $1.01) and revenue estimates. The company reported earnings per share of $2.94 and grew its revenue by 100.19% year-over-year to $33.57 billion, beating estimates by $6.17 billion. Phillips 66 (NYSE:PSX) shares have gained 22.05% over the past six months.
On February 1, 2022, RBC Capital analyst Elvira Scotto raised her price target on Phillips 66 (NYSE:PSX) to $101 from $97 and maintained an 'Outperform' rating on the shares, in light of the company's strong performance in Q4 2021.
Insider Monkey spotted Phillips 66 (NYSE:PSX) in 41 hedge fund portfolios at the end of the fourth quarter of 2021. The total value of the PSX stakes held by these funds was $927.41 million. Those figures are up from 34 long positions in the prior quarter, with total stakes valued at $409.38 million. Clearly, hedge funds like what they're seeing from Phillips 66 right now, and believe in the refiner's potential to have a big 2022 as oil prices rise.
8. Cisco Systems, Inc. (NASDAQ:CSCO)
Stake Value of Point72 Asset Management: $86,380,000
Percentage of Point72 Asset Management’s 13F Portfolio: 0.34%
Number of Hedge Fund Holders: 57
Point72 Asset Management added Cisco Systems, Inc. (NASDAQ:CSCO) to its 13F portfolio in the fourth quarter of 2021. The fund's stake in the company was valued at $86.38 million on December 31, which accounted for 0.34% of the value of its Q4 investment portfolio. There were 56 other hedge funds among those tracked by Insider Monkey, that held stakes in Cisco Systems, Inc. (NASDAQ:CSCO) at the end of Q4. All told, those 57 funds held close to $3.42 billion in CSCO shares.
This February, Cisco Systems, Inc. (NASDAQ:CSCO) reported its revenue and earnings per share for Q4 2021, for which the company beat estimates on both counts. Cisco's revenue for the quarter came in at $12.72 billion, beating estimates by $51.05 million. Cisco Systems, Inc. (NASDAQ:CSCO) also reported earnings per share of $0.84, beating estimates by $0.03.
On February 16, 2022, the company also announced that its board of directors declared a quarterly cash dividend of $0.38 per share, up 2.7% from the prior dividend of $0.37. The stock's forward dividend yield at the time was 2.8%, and the dividend was payable on April 27, 2022, to shareholders of record on April 6, 2022.
On February 17, 2022, Cowen analyst Paul Silverstein raised his price target on Cisco Systems, Inc. (NASDAQ:CSCO) to $66 from $61 and reiterated an 'Outperform' rating on the shares.
ClearBridge Investments, an investment management firm, recently published its third quarter 2021 investor letter in which it mentioned Cisco Systems, Inc. (NASDAQ:CSCO). Here's what the experts at ClearBridge had to say:
“We reinvested a portion of the proceeds into existing holding Cisco Systems, which also has highly valuable technology and an improving secular growth story with its leading position in core networking hardware, as well as in its growing software and services business. Cisco has refocused on winning share in the large and growing hyperscale market and has been investing aggressively in R&D to support growth. We believe Cisco has found new legs after previously ceding some growth opportunities in cloud while maintaining its strong presence in the carrier and enterprise markets. Cisco boasts a strong balance sheet and accelerating multiyear growth while trading at a modest multiple of earnings.”
7. Walgreens Boots Alliance, Inc. (NASDAQ:WBA)
Stake Value of Point72 Asset Management: $87,174,000
Percentage of Point72 Asset Management’s 13F Portfolio: 0.34%
Number of Hedge Fund Holders: 42
Hedge funds are also growing more bullish on Walgreens Boots Alliance, Inc. (NASDAQ:WBA), which was a part of 42 funds' portfolios at the end of Q4 2021, including Cohen's new position. The total value of those stakes stood in excess of $1 billion, up from the $850.17 million in shares that were owned by 37 hedge funds a quarter prior. Cohen's new stake, valued at approximately $87.17 million, represents 0.34% of Point72 Asset Management's Q4 2021 13F portfolio value.
On January 6, 2022, Walgreens Boots Alliance, Inc. (NASDAQ:WBA) released its earnings results for the fiscal first quarter of 2022 ended November 30. The company's EPS of $1.68 beat estimates by $0.34, while its revenue of $33.9 billion also beat estimates by $946.75 million.
Mizuho analyst Ann Hynes raised her price target on Walgreens Boots Alliance, Inc. (NASDAQ:WBA) to $56 from $51 in January, while maintaining a 'Neutral' rating on the shares.
Miller Howard Investments, an investment management firm, shared its thoughts on Walgreens Boots Alliance, Inc. (NASDAQ:WBA) in its Q3 2021 investor letter. Here's what the firm had to say:
“While optimistic about a recovery, we continue to balance our cyclical holdings with dividend-payers in stable, less economically-sensitive industries. We took a position in Walgreens (WBA) based on its low valuation, high dividend yield, and stable business model.”
6. Cigna Corporation (NYSE:CI)
Stake Value of Point72 Asset Management: $96,383,000
Percentage of Point72 Asset Management’s 13F Portfolio: 0.38%
Number of Hedge Fund Holders: 53
Cigna Corporation (NYSE:CI) provides insurance and related products and services in the United States. In February, the company announced its plans for capital deployment to enhance shareholder value as well as expand its share repurchase program. The company expects to generate over $12 billion of deployable capital in 2022.
Cigna's board of directors approved a total increase of $6 billion in incremental share repurchase authorization, upping the total share repurchase authority to $10 billion. The company expects to deploy more than $7 billion for share repurchase in 2022. Moreover, Cigna Corporation (NYSE:CI) declared a quarterly cash dividend of $1.12 per share, up 12% from the prior dividend of $1.00.
On March 2, 2022, Mizuho analyst Ann Hynes raised her price target on Cigna Corporation (NYSE:CI) to $266 from $245 and maintained a 'Buy' rating on the shares.
At the end of the fourth quarter of 2021, 53 hedge funds held stakes in Cigna Corporation (NYSE:CI) worth $1.92 billion. One of those 53 stakes was Point72 Asset Management's new position, which was valued at $96.38 million. The investment accounts for 0.38% of the value of Point72's 13F portfolio as of December 31.
Dodge & Cox Stock Fund mentioned Cigna Corporation (NYSE:CI) in its third-quarter 2021 investor letter. Here's what the firm had to say:
“Cigna (2.5% position) is one of the largest and most diversified health care services organizations in the United States. The stock has underperformed recently due to weak financial results, which included higher than expected medical costs. Nevertheless, the company continues to work towards its 10-13% annual earnings growth target, generates significant cash flow, and has plans to deploy capital to shareholders through debt repayments, share buybacks, and a newly announced dividend program. Cigna trades at an attractive valuation of nine times forward earnings.”
In the second half of this article we'll look at Cohen's purchases of Micron Technology, Inc.(NASDAQ:MU), The Coca-Cola Company (NYSE:KO), and Atlassian Corporation Plc (NASDAQ:TEAM), among other compelling stocks.
Click to continue reading and see 5 Latest Stock Picks of Billionaire Steve Cohen.
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- Phillips 66 Partners (PSXP) Dips Despite Q4 Earnings Beat
Mar 3, 2022
Phillips 66 Partners LP’s PSXP units have declined marginally despite reporting strong fourth-quarter 2021 earnings on Jan 28. This probably occurred because investors expect refining margins and utilization to remain under pressure as the pandemic continues to wreak havoc on the oil-producing province.
The partnership reported fourth-quarter adjusted 2021 earnings per unit of $1.19, beating the Zacks Consensus Estimate of $1.02. The bottom line increased from the year-ago profit of 71 cents per unit.
Total quarterly revenues of $503 million increased from $390 million in the year-ago quarter. The top line also beat the Zacks Consensus Estimate of $433 million.
The strong quarterly results were primarily driven by higher terminal throughput and refined product volumes.
Phillips 66 Partners LP Price, Consensus and EPS Surprise Phillips 66 Partners LP Price, Consensus and EPS Surprise
Phillips 66 Partners LP price-consensus-eps-surprise-chart | Phillips 66 Partners LP Quote
PSXP’s Operating Information
The partnership provides services through Pipelines, Terminals, and Storage Processing & Other activities.
Pipelines: For fourth-quarter 2021, the partnership generated revenues of $144 million, up from $111 million in the prior-year period. An increase in pipeline volumes of crude oil, and refined petroleum products and NGL aided the segment.
Pipeline volumes of 2,053 thousand barrels per day (Mbpd) rose from the year-ago figure of 1,720 Mbpd. Also, average pipeline revenues of 76 cents per barrel increased from 70 cents in the year-ago quarter.
Terminals: The partnership generated $53 million in revenues, up from $41 million in the year-ago quarter primarily due to higher throughput volumes of crude oil and refined petroleum products. Terminal throughput volumes were 1,280 Mbpd, up from the year-ago period’s 994 Mbpd.
Average terminaling revenues per barrel were 44 cents for the quarter, in line with the year-ago quarter’s level.
Storage, Processing & Other activities: Through the activities, the partnership generated revenues of $134 million, up from $113 million in the year-ago quarter.
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Costs & Expenses
For the December-end quarter of 2021, it reported operating and maintenance expenses of $106 million, up from $85 million in the year-ago period. Yet, total costs and expenses decreased to $201 million in fourth-quarter 2021 from the year-ago level of $278 million.
Balance Sheet & Capex
As of Dec 31, 2021, the partnership recorded cash and cash equivalents of $62 million, down from the third quarter’s $71 million. Total debt at the end of the quarter under review was $3,897 million. It has $749 million available under the revolving credit facility.
Capital expenditure and investment for the fourth quarter totaled $74 million.
Outlook
For 2022, Phillips 66 Partners plans its capital budget at $338 million.
The capital budget involves expansion capital of $203 million, which will be allocated toward pipeline operations, completing optimization and near-term projects, and repayment of its 25% share of Dakota Access’ debt due in 2022. It also includes $135 million for maintenance projects to improve system reliability and pipeline integrity.
Zacks Rank & Stocks to Consider
Phillips 66 Partners currently carries a Zacks Rank #3 (Hold).
Meanwhile, investors interested in the energy space can consider some better-ranked companies like Centennial Resource Development, Inc. CDEV, Occidental Petroleum Corporation OXY and SM Energy Company SM. All the companies currently sport a Zacks Rank #1 (Strong Buy).
You can see the complete list of today’s Zacks #1 Rank stocks here.
Centennial Resource reported fourth-quarter 2021 adjusted earnings of 39 cents per share, beating the Zacks Consensus Estimate of 30 cents. CDEV announced its proved reserves for 2021-end at 305 MMBoe, representing growth from 299 MMBoe at the end of the prior year.
Centennial Resource is expected to see earnings growth of 91.3% in 2022. CDEV announced the launch of its stock repurchase program of $350 million. The authorization of the plan is for two years.
Occidental Petroleum reported fourth-quarter 2021 earnings of $1.48 per share, beating the Zacks Consensus Estimate of $1.08 by 37%. OXY’s 2021-end proved reserves were 3.51 billion barrels of oil equivalent (Bboe), up 2.9 Bboe at 2020-end.
Occidental Petroleum is expected to see earnings growth of 74.1% in 2022. As of Dec 31, 2021, OXY’s had cash and cash equivalents of $2,764 million compared with $2,008 million in the corresponding period of 2020.
SM Energy reported fourth-quarter adjusted earnings of $1.14 per share, beating the Zacks Consensus Estimate of 82 cents. SM’s estimated its proved reserves at 2021-end at 492 MMBoe, increasing 22% year over year.
SM Energy is expected to see earnings growth of 257.8% in 2022. SM currently has a Zacks Style Score of A for Growth, and B for Value and Momentum. As of Dec 31, 2021, the company had cash and cash equivalents of $332.7 million.
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- 10 Oil Stocks To Buy Amid Ukraine Crisis
Feb 24, 2022
In this article, we discuss 10 oil stocks to buy amid the Ukraine crisis. If you want to skip our detailed analysis of these stocks, go directly to 5 Oil Stocks To Buy Amid Ukraine Crisis.
Oil prices have surged tremendously owing to the Ukraine-Russia tensions, since supply disruption worldwide is on the horizon. Brent crude oil, an international benchmark for oil prices, climbed to a seven-year peak of more than $99 a barrel after Russian president Vladimir Putin sent troops into Ukraine. On Thursday, Brent rose above $105 a barrel for the first time since 2014.
Joe Biden announced that the United States and its allies will impose "severe sanctions" on Russia in light of these attacks. Russia is the second largest oil exporter after Saudi Arabia and the biggest global producer of natural gas, and the sanctions will impact Russian financial institutions, businesses, and other government entities, in an attempt to limit the Russian government's capacity to raise money from Western financial markets. According to President Biden, defending NATO territory could directly impact the public in terms of higher energy prices.
"Simply No Alternatives"
Troy Vincent, senior market analyst at DTN Markets, toldCNBC “there are simply no alternatives” to Russian supplies of oil and gas “that do not entail far higher prices and potentially the development of severe shortages”.
Energy prices rose close to 30% in Europe after these attacks since oil and gas is transmitted mainly through Ukraine, with Russia being the primary supplier. Similarly, if the major superpowers successfully isolate Russia and make oil deals with Iran instead, prices will rise globally since the influx of demand cannot be matched sufficiently as Iran cannot compete with Russia’s volumes of oil.
Rory Johnson, managing director and market economist at Toronto-based Price Street Inc., forecasted that in case of an all-out war between Russia and NATO forces, oil prices could skyrocket, reaching “$130, $150 – pick a number in the hundreds and you could very easily justify it”.
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Amid rising tensions, accelerating oil prices, and market uncertainty, some of the best oil names in the market include Chevron Corporation (NYSE:CVX), Exxon Mobil Corporation (NYSE:XOM), and Shell plc (NYSE:SHEL). 10 Oil Stocks To Buy Amid Ukraine Crisis
Photo by Zbynek Burival on Unsplash
Our Methodology
We selected oil stocks which were recently supported by positive analyst ratings amid an uncertain economic outlook and crashing stock markets. JPMorgan also ranked most of these stocks as “outperformers.”
A broader gain in oil prices will boost the fundamentals of these stocks in the months to come.
We have also mentioned the hedge fund sentiment around each stock, which was determined from the 924 elite funds tracked by Insider Monkey as of Q4 2021.
Oil Stocks To Buy Amid Ukraine Crisis
10. Valero Energy Corporation (NYSE:VLO)
Number of Hedge Fund Holders: 35
Valero Energy Corporation (NYSE:VLO) is a Texas-based oil and gas company that manufactures and markets gasoline, ethanol, diesel fuel, ultra-low-sulfur diesel, jet fuel, asphalt, petrochemicals, and lubricants. In the last six months, the stock has gained almost 33%.
On January 27, Valero Energy Corporation (NYSE:VLO) announced earnings for the fourth quarter. The company posted an EPS of $2.47, beating estimates by $0.63. Revenue for the period jumped 116.23% year-over-year to $35.90 billion, topping estimates by $7.89 billion.
Piper Sandler analyst Ryan Todd on January 25 raised the price target on Valero Energy Corporation (NYSE:VLO) to $95 from $83 and kept an Overweight rating on the shares. While the multi-year bull case for crude oil is now largely consensus, few in the market are convinced of a similar, multi-year setup for the U.S. refiners, the analyst told investors in a research note.
Valero Energy Corporation (NYSE:VLO) declared on January 20 a $0.98 per share quarterly dividend, in line with previous. The dividend will be paid on March 3, to shareholders of record on February 3. Valero Energy Corporation (NYSE:VLO) priced a public offering of $650 million aggregate principal amount of 4.0% Senior Notes due 2052 on February 2.
According to the fourth quarter database of Insider Monkey, 35 hedge funds were bullish on Valero Energy Corporation (NYSE:VLO), up from 32 funds in the prior quarter. Ken Griffin’s Citadel Investment Group held the largest stake in Valero Energy Corporation (NYSE:VLO), with 1.3 million shares worth $104.5 million.
Hedge fund sentiment was positive around Valero Energy Corporation (NYSE:VLO) in the fourth quarter of 2021, just like Chevron Corporation (NYSE:CVX), Exxon Mobil Corporation (NYSE:XOM), and Shell plc (NYSE:SHEL).
9. Marathon Oil Corporation (NYSE:MRO)
Number of Hedge Fund Holders: 40
Based in Houston, Texas, Marathon Oil Corporation (NYSE:MRO) is a successor of Standard Oil that produces petroleum, natural gas, and natural gas liquids. Publishing its Q4 earnings report on February 16, Marathon Oil Corporation (NYSE:MRO) posted an EPS of $0.77 and a $1.80 billion revenue, both above market consensus.
Marathon Oil Corporation (NYSE:MRO) declared on January 26 a per share quarterly dividend of $0.07, a 16.7% increase from its prior dividend of $0.06. The dividend is distributable on March 10, to shareholders of record on February 16.
On February 23, Piper Sandler analyst Mark Lear upgraded Marathon Oil Corporation (NYSE:MRO) to Overweight from Neutral with a price target of $27, up from $22. The company "abruptly shifted from balance sheet repair to shareholder return" in Q4, the analyst told investors in a bullish note. He upgraded Marathon Oil Corporation (NYSE:MRO) on the back of its "strong shareholder return message."
In Q4 2021, 40 hedge funds in the database of 924 elite funds tracked by Insider Monkey held long positions in Marathon Oil Corporation (NYSE:MRO), with combined stakes amounting to $969 million. Holocene Advisors was the biggest stakeholder of the company, with 9.3 million shares worth roughly $154 million.
8. Marathon Petroleum Corporation (NYSE:MPC)
Number of Hedge Fund Holders: 41
Marathon Petroleum Corporation (NYSE:MPC) is an American company engaged in oil refining, in addition to transporting petroleum, petrochemicals, and gasoline.
Marathon Petroleum Corporation (NYSE:MPC) announced its Q4 results on February 2, posting earnings per share of $1.30, exceeding estimates by $0.74. Revenue over the period increased almost 96% from the prior-year quarter, reaching $35.61 billion, outperforming estimates by $9.82 billion.
Cowen analyst Jason Gabelman raised the price target on Marathon Petroleum Corporation (NYSE:MPC) to $90 from $83 and kept an Outperform rating on the shares on February 3. The analyst said the shares should sustain earnings-day outperformance versus peers despite one-time tailwinds in results.
On January 27, Marathon Petroleum Corporation (NYSE:MPC) declared a quarterly dividend of $0.58, in line with previous. The dividend is payable on March 10, for shareholders of record on February 16.
Among the hedge funds tracked by Insider Monkey, 41 funds were bullish on Marathon Petroleum Corporation (NYSE:MPC), with total stakes valued at $2.2 billion. Paul Singer’s Elliott Management held the leading position in Marathon Petroleum Corporation (NYSE:MPC), with 10.5 million worth $676.3 million.
Here is what Clark Street Value has to say about Marathon Petroleum Corporation (NYSE:MPC) in its Q4 2021 investor letter:
“During the worst of covid, I bought some LEAPs on Marathon Petroleum (MPC) as a proxy for Par Pacific (PARR) since long dated options weren’t available on the later. Those MPC calls expire next month and I’ll take profits, with PARR I’ve reduced my position throughout the year and might sell the rest early next year, I’ve owned it for 6-7 years and it has gone nowhere, they haven’t touched the NOLs, just a difficult business that I probably don’t understand as well as I should.”
7. Shell plc (NYSE:SHEL)
Number of Hedge Fund Holders: 41
Shell plc (NYSE:SHEL) is a British multinational oil and gas supermajor that explores, transports, and refines LNG, lubricants, natural gas, petrochemicals, and petroleum.
Cowen analyst Jason Gabelman raised the price target on Shell plc (NYSE:SHEL) to $58 from $53 and kept an Outperform rating on the shares on February 3. The company is exploring ways to upgrade its cash return framework, which could come with the Q2 earnings, the analyst told investors, and believes the prospect of "upgrading an already attractive cash return story should be supportive" of the shares.
Shell plc (NYSE:SHEL) reported on February 3 its fourth quarter results. The company posted an EPS of $1.66, surpassing estimates by $0.41. Shell plc (NYSE:SHEL)’s revenue jumped roughly 94% year-on-year to $85.28 billion, outperforming market consensus by $26.62 billion.
On February 3, Shell plc (NYSE:SHEL) declared a quarterly dividend of $0.48 per average diluted share, in line with previous. The dividend is payable on March 28, for shareholders of record on February 18. Share buybacks of $8.5 billion for the first half of 2022 were also announced by Shell plc (NYSE:SHEL).
The fourth quarter database suggested that 41 hedge funds were bullish on Shell plc (NYSE:SHEL), up from 33 funds in the preceding quarter. Fisher Asset Management owned the largest stake in Shell plc (NYSE:SHEL), with 18.7 million shares worth $813 million.
Here is what Goehring & Rozencwajg Associates has to say about Royal Dutch Shell plc (NYSE:SHEL) in its Q3 2021 investor letter:
“Royal Dutch Shell’s ESG challenges continue unabated. A Dutch court ruled in May that Royal Dutch Shell must cut its CO2 output by 45% by 2030 to align their policies with the Paris Climate Accord. In a statement issued after the verdict, a Shell spokesperson acknowledged that “urgent action is needed on climate change and the company is accelerating efforts to reduce emissions.” If the pressure from the Dutch court system was not enough, an activist shareholder has proposed breaking the company apart to address ESG concerns. On October 27th, Third Point Management announced the following.
“If Shell pursues this type of strategy it would probably lead to an acceleration of carbon dioxide reduction. […] Breaking Shell into two operating units would create a standalone legacy energy business (upstream, refining, and chemicals) that could slow capex beyond what it has already promised, sell assets, and prioritize return of cash to shareholders which can be reallocated into low-carbon areas of the market.”
Shell has already cut spending dramatically over the last decade. After having peaked at $39 bn in 2013, upstream capital spending fell to only $17 bn in 2020 – a drop of nearly 60%. Spending has barely recovered in the three quarters of 2021. A lack of spending has already impacted production. Proforma for the 2016 acquisition of BG Group, Shell’s total production has fallen 13% since capital spending peaked in 2013. These trends are accelerating: Shell’s production over the first nine months of 2021 have fallen 7% compared with the same period last year.
If Royal Dutch Shell’s upstream capital spending remains at today’s depressed levels, we estimate the company will only be able to replace 30% of production with new reserves and that production will fall 40% over the next nine years. If spending is further curtailed (as is being proposed), Shell’s oil and natural gas production would collapse – something that may have already started.”
6. Phillips 66 (NYSE:PSX)
Number of Hedge Fund Holders: 41
Phillips 66 (NYSE:PSX) is an American multinational oil and gas company supplying natural gas, petrochemicals, aviation fuels, motor fuels, and lubricants. Phillips 66 (NYSE:PSX) also offers oil refining and service stations.
Among the hedge funds tracked by Insider Monkey in Q4 2021, 41 hedge funds were bullish on Phillips 66 (NYSE:PSX), up from 34 funds in the quarter prior. Israel Englander’s Millennium Management owned the largest stake in Phillips 66 (NYSE:PSX), holding more than 3 million shares worth $228.5 million.
On January 28, Phillips 66 (NYSE:PSX)’s Q4 financial results were published. The company posted earnings per share of $2.94, beating consensus estimates by $1.01. Revenue over the period jumped over 100% year-on-year to $33.57 billion, exceeding market estimates by $6.17 billion.
Phillips 66 (NYSE:PSX) declared on February 9 a $0.92 per share quarterly dividend, payable on March 1, to shareholders of record on February 22, offering a forward yield of 4.11%.
RBC Capital analyst Elvira Scotto raised the price target on Phillips 66 (NYSE:PSX) to $101 from $97 and kept an Outperform rating on the shares on February 1. The analyst cited the company's Q4 earnings beat, with strong performance across all segments. He also pointed to the company's dividend increase during the quarter, along with its stated intention to resume share purchases in 2022.
In addition to Chevron Corporation (NYSE:CVX), Exxon Mobil Corporation (NYSE:XOM), and Shell plc (NYSE:SHEL), institutional investors are pouring into Phillips 66 (NYSE:PSX).
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- Ro Khanna Stock Portfolio: 10 Stocks To Consider
Feb 22, 2022
In this article, we discuss the 10 stocks to consider in the portfolio of Ro Khanna. If you want to skip our detailed analysis of these stocks, go directly to Ro Khanna Stock Portfolio: 5 Stocks To Consider.
Rohit Khanna, also called “Ro” Khanna, is a Pennsylvania-born lawyer, politician and academic. He is a member of the US House of Representatives from the seventeenth congressional district of California. Khanna has served in the position since 2017. Khanna has a net worth in the tens of millions and is one of the richest men in California. Khanna belongs to the Democratic Party and is one of the most active members of Congress on Wall Street. In the last twelve months, his family has been involved in 4,872 stock trades.
An initial glance at these trades reveals that they were disclosed by Khanna on behalf of his wife and children. A spokesperson for the lawmaker has previously said that the assets held by his wife and children are not in joint accounts and do not belong to Khanna. Of the over 4,000 trades made in the past year, 2,985 involved buying of stocks while 1,887 involved selling. The former were worth more than $43 million and the latter worth close to $26 million. The net spend around this period was $17 million.
According to public disclosures, Khanna and his family had been involved in stock trades worth $52 million in 2021. Many of these trades involve defense contractors. Since Khanna serves on the House Armed Services Committee, there has been a huge public outcry against these trades. In early February, Khanna appeared on news platform CNBC to say that he supported a move made by several lawmakers that would ban stock trading for Congress members. He clarified the ban should not extend to assets of family members, especially before marriage.
In the past few months, as inflation rises and the Fed prepares to raise interest rates, the attention of Khanna and his family has been on stocks in the finance sector. Some of the top stocks to consider in the portfolio of Ro Khanna include Berkshire Hathaway Inc. (NYSE:BRK-B), Citigroup Inc. (NYSE:C), and Morgan Stanley (NYSE:MS), among others discussed in detail below.
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The stocks listed below were picked from the Periodic Transaction Report(s) that Ro Khanna is obliged to file. It is important to clarify that the stocks listed below were picked from the public record of investments Khanna and his family have made in the past few months. The purchases may not have been made by Khanna himself but only disclosed on behalf of his family.
U.S. Congress/Eric Connolly - https://khanna.house.gov/sites/khanna.house.gov/files/featured_image/RepRoKhanna_CA17_hires.jpg
Hedge fund sentiment was included as a classifier as well. The hedge fund sentiment around each stock was calculated using the data of 867 hedge funds tracked by Insider Monkey.
Ro Khanna Stock Portfolio: Stocks To Consider
10. Cognizant Technology Solutions Corporation (NASDAQ:CTSH)
Number of Hedge Fund Holders: 29
Cognizant Technology Solutions Corporation (NASDAQ:CTSH) is a professional services company. Hedge funds have been offloading the stock in recent months. At the end of the third quarter of 2021, 29 hedge funds in the database of Insider Monkey held stakes worth $2.3 billion in Cognizant Technology Solutions Corporation (NASDAQ:CTSH), compared to 41 in the preceding quarter worth $2.9 billion.
Khanna disclosed two transactions related to Cognizant Technology Solutions Corporation (NASDAQ:CTSH) on behalf of his spouse on February 10. Both relate to sales and fall in the $1,000–$15,000 range. The transactions were made on January 31.
Just like Berkshire Hathaway Inc. (NYSE:BRK-B), Citigroup Inc. (NYSE:C), and Morgan Stanley (NYSE:MS), Cognizant Technology Solutions Corporation (NASDAQ:CTSH) is one of the stocks that investors are flocking to.
In its Q1 2020 investor letter, Diamond Hill Capital, an asset management firm, highlighted a few stocks and Cognizant Technology Solutions Corporation (NASDAQ:CTSH) was one of them. Here is what the fund said:
“Cognizant Technology Solutions Corp. (Cl A) is an information technology services company that has encountered challenges in its financial services and health care industry verticals, which combined represent over 60% of revenue. We are supportive of steps the company is taking to reaccelerate revenue growth after a period of overemphasizing operating margin expansion.”
9. Phillips 66 (NYSE:PSX)
Number of Hedge Fund Holders: 34
Phillips 66 (NYSE:PSX) is an energy manufacturing and logistics firm. Latest filings show that Khanna disclosed two transactions related to Phillips 66 (NYSE:PSX) stock on behalf of his spouse. Both involve selling the stock and are worth $15,000-$50,000 each.
Elite hedge funds hold large stakes in Phillips 66 (NYSE:PSX). Among the hedge funds being tracked by Insider Monkey, New York-based investment firm DE Shaw is a leading shareholder in Phillips 66 (NYSE:PSX) with 1.9 million shares worth more than $138 million.
In its Q3 2020 investor letter, Black Bear Value Partners, an asset management firm, highlighted a few stocks and Phillips 66 (NYSE:PSX) was one of them. Here is what the fund said:
“PSX has been a top 5 position in years past. Its long-term value is similar to when we last owned it but is down 50+% in price in sympathy with broader energy concerns.
PSX is an integrated energy company with 4 central divisions: refining, chemicals, midstream (pipelines etc.) and marketing (gas stations). Due to downstream demand destruction, the refining businesses is taking it on the chin. This could persist for the remainder of 2020 and into 2021. As in years past, a lot of focus is given to the refining business as it has historically been the lion’s share of the value for PSX. Management has invested in the non-refining businesses who now make up most of the value of the company.
Management is extremely thoughtful with capital allocation and has focused on a healthy balance sheet with opportunistic share repurchases. They do not spend capex on projects unless they meet a healthy margin of safety for returns.
PSX should be able to generate substantial amounts of cash in the coming years and generate a 15+% free cash flow yield on quarter-end pricing. If the stock remains low management will be buying in a lot of stock.”
8. The Hartford Financial Services Group, Inc. (NYSE:HIG)
Number of Hedge Fund Holders: 34
The Hartford Financial Services Group, Inc. (NYSE:HIG) provides insurance and financial services. Several top hedge funds hold bullish positions on the stock. At the end of the third quarter of 2021, 34 hedge funds in the database of Insider Monkey held stakes worth $941 million in The Hartford Financial Services Group, Inc. (NYSE:HIG), compared to 43 in the preceding quarter worth $1.4 billion.
Mandatory filings reveal that Khanna, on behalf of his wife, disclosed two transactions involving The Hartford Financial Services Group, Inc. (NYSE:HIG) stock on February 10. Both $1,000-$15,000 and were made on January 31.
In its Q3 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and The Hartford Financial Services Group, Inc. (NYSE:HIG) was one of them. Here is what the fund said:
“Financials continued to gain from the economic recovery from COVID-19. Insurance companies, such as Hartford Financial Services Group, benefited from rate increases and margin improvements during the quarter, as well as historically high retention and premium growth driving an improvement in ROE.”
7. Public Storage (NYSE:PSA)
Number of Hedge Fund Holders: 35
Public Storage (NYSE:PSA) is a real estate investment trust that owns and runs self-storage facilities. The family of Ro Khanna have been selling the stock, per new data. Disclosures made by the lawmaker on behalf of his children and his wife show four trades related to Public Storage (NYSE:PSA) made on January 27. The trades were worth $1,000-$15,000 each and all involved selling the stock.
There is positive hedge fund sentiment around Public Storage (NYSE:PSA). At the end of the third quarter of 2021, 35 hedge funds in the database of Insider Monkey held stakes worth $1.2 billion in Public Storage (NYSE:PSA), up from 27 in the preceding quarter worth $1 billion.
In its Q3 2020 investor letter, Third Avenue Management, an asset management firm, highlighted a few stocks and Public Storage (NYSE:PSA) was one of them. Here is what the fund said:
“During the period, the Fund reduced its exposure to the common stock of Public Storage, Incorporated.- The proceeds from this reduction was primarily used to fund a new investment position.”
6. Marsh & McLennan Companies, Inc. (NYSE:MMC)
Number of Hedge Fund Holders: 42
Marsh & McLennan Companies, Inc. (NYSE:MMC) is a professional services firm based in New York. It has witnessed a flurry of hedge fund activity in recent months. At the end of the third quarter of 2021, 42 hedge funds in the database of Insider Monkey held stakes worth $1.9 billion in Marsh & McLennan Companies, Inc. (NYSE:MMC), up from 41 in the preceding quarter worth $2.5 billion.
The wife of Ro Khanna was involved in two separate trades related to Marsh & McLennan Companies, Inc. (NYSE:MMC) stock on January 27, per latest filings by the lawmaker. Both purchases were worth $1,000-$15,000.
Along with Berkshire Hathaway Inc. (NYSE:BRK-B), Citigroup Inc. (NYSE:C), and Morgan Stanley (NYSE:MS), Marsh & McLennan Companies, Inc. (NYSE:MMC) is one of the stocks that hedge funds are buying.
Click to continue reading and see Ro Khanna Stock Portfolio: 5 Stocks To Consider.
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- Phillips 66 Partners Files 2021 Form 10-K
Feb 18, 2022
HOUSTON, February 18, 2022--(BUSINESS WIRE)--Phillips 66 Partners LP (NYSE: PSXP) ("the Partnership") has filed its annual report on Form 10-K for the fiscal year ended Dec. 31, 2021, with the Securities and Exchange Commission (SEC). The filing can be viewed through the "Investors" area of the Partnership’s website at www.phillips66partners.com by selecting the "SEC Filings" link under the "Financial Information" tab, as well as on the SEC’s website at www.sec.gov.
Unitholders may request a hard copy of the report, which includes the Partnership’s audited financial statements, free of charge. Requests should be submitted in writing to Phillips 66 – 411 S. Keeler Ave., Bartlesville, OK 74003.
About Phillips 66 Partners
Headquartered in Houston, Phillips 66 Partners is a master limited partnership formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines, terminals and other midstream assets. For more information, visit www.phillips66partners.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220218005539/en/
Contacts
Jeff Dietert (investors)
832-765-2297
jeff.dietert@p66.com
Shannon Holy (investors)
832-765-2297
shannon.m.holy@p66.com
Thaddeus Herrick (media)
855-841-2368
thaddeus.f.herrick@p66.com
