Top 5 Stock Picks of Cinctive Capital Management

1. Phillips 66 (NYSE:PSX)

Cinctive Capital Management’s Stake Value: $49,788,000
Percentage of Cinctive Capital Management’s 13F Portfolio: 1.85%
Number of Hedge Fund Holders: 41

Phillips 66 (NYSE:PSX) is one of the significant American refiners, with a crude throughput capacity of 2 million bpd. Its four business segments are Midstream, Chemicals, Refining, Marketing, and Specialties. According to Insider Monkey’s first quarter database, 41 hedge funds placed long bets on Phillips 66 (NYSE:PSX). The total stakes owned in the first quarter amounted to $1.38 billion.

On July 29, Phillips 66 (NYSE:PSX) announced an increase in second-quarter earnings as the American refiner benefited from soaring demand for gasoline and refined goods in the face of limited supply. As a result, realized refining margins increased from $10.55 per barrel in the first quarter to $28.31 per barrel in the second quarter. In addition, Phillips 66 (NYSE:PSX)’s EPS came in at $6.77, beating the market predictions by $1.01.

Jim Simons’ Renaissance Technologies is a prominent shareholder of Phillips 66 (NYSE:PSX), with 2.29 million shares worth approximately $187.81 million. In addition, Cinctive Capital Management loaded up on Phillips 66 (NYSE:PSX) in the first quarter, increasing its hold on the company by an impressive 246%. The hedge fund owns 576,315 shares of the company, worth $49.79 million.

On July 6, Theresa Chen of Barclays boosted her price objective on Phillips 66 (NYSE:PSX) from $95 to $113 while maintaining an ‘Overweight’ rating. The analyst raised her Q2 earnings per share prediction to $6.11, above the consensus of $4.81, owing mostly to a much larger contribution from refining.

You can also take a peek at Top 10 Stock Picks of Mark Gallogly’s Centerbridge Partners and Top 10 Stock Picks of Eli Casdin’s Casdin Capital.

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