Invst LLC Raises Stock Holdings in Phillips 66 (NYSE:PSX)

Invst LLC lifted its holdings in shares of Phillips 66 (NYSE:PSX) by 6.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,056 shares of the oil and gas company’s stock after acquiring an additional 367 shares during the period. Invst LLC’s holdings in Phillips 66 were worth $854,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PSX. Crewe Advisors LLC purchased a new position in Phillips 66 during the 1st quarter worth $25,000. Keener Financial Planning LLC acquired a new stake in shares of Phillips 66 during the first quarter worth about $26,000. Redmont Wealth Advisors LLC purchased a new position in shares of Phillips 66 during the first quarter worth about $28,000. Ruedi Wealth Management Inc. increased its position in Phillips 66 by 102.1% in the 1st quarter. Ruedi Wealth Management Inc. now owns 190 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 96 shares during the period. Finally, Ables Iannone Moore & Associates Inc. purchased a new stake in Phillips 66 during the 4th quarter valued at approximately $27,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $131.05 on Monday. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.56. The stock has a market cap of $55.56 billion, a price-to-earnings ratio of 10.08, a PEG ratio of 5.22 and a beta of 1.33. The company’s 50-day moving average price is $134.30 and its 200 day moving average price is $142.94. Phillips 66 has a 52 week low of $107.85 and a 52 week high of $174.08.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $0.33. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The business had revenue of $38.91 billion during the quarter, compared to analysts’ expectations of $37.79 billion. During the same period last year, the company posted $3.87 EPS. The company’s revenue was up 8.9% on a year-over-year basis. As a group, research analysts forecast that Phillips 66 will post 8.27 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th were issued a $1.15 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.51%. Phillips 66’s dividend payout ratio (DPR) is 35.38%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Piper Sandler dropped their target price on Phillips 66 from $151.00 to $136.00 and set an “overweight” rating on the stock in a report on Friday, September 20th. Scotiabank dropped their price objective on shares of Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. JPMorgan Chase & Co. reduced their target price on shares of Phillips 66 from $165.00 to $162.00 and set an “overweight” rating for the company in a research note on Tuesday, July 2nd. Mizuho cut their price target on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Finally, Morgan Stanley lowered their price objective on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $154.21.

Insider Activity at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $139.01, for a total value of $4,170,300.00. Following the completion of the transaction, the chief financial officer now owns 81,937 shares of the company’s stock, valued at approximately $11,390,062.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.22% of the company’s stock.

Phillips 66 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.