New Wave Wealth Advisors LLC Purchases Shares of 2,027 Phillips 66 (NYSE:PSX)

New Wave Wealth Advisors LLC acquired a new position in Phillips 66 (NYSE:PSX) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 2,027 shares of the oil and gas company’s stock, valued at approximately $286,000.

Several other hedge funds also recently made changes to their positions in the business. Dorsey & Whitney Trust CO LLC lifted its position in shares of Phillips 66 by 15.7% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 2,684 shares of the oil and gas company’s stock valued at $357,000 after acquiring an additional 364 shares during the last quarter. Jones Financial Companies Lllp increased its stake in Phillips 66 by 17.8% in the 4th quarter. Jones Financial Companies Lllp now owns 2,320 shares of the oil and gas company’s stock worth $309,000 after purchasing an additional 350 shares in the last quarter. CWA Asset Management Group LLC increased its stake in Phillips 66 by 50.4% in the 4th quarter. CWA Asset Management Group LLC now owns 2,870 shares of the oil and gas company’s stock worth $382,000 after purchasing an additional 962 shares in the last quarter. NEOS Investment Management LLC raised its holdings in Phillips 66 by 38.8% during the 4th quarter. NEOS Investment Management LLC now owns 6,233 shares of the oil and gas company’s stock worth $830,000 after buying an additional 1,743 shares during the period. Finally, Peapack Gladstone Financial Corp lifted its stake in Phillips 66 by 2.6% during the fourth quarter. Peapack Gladstone Financial Corp now owns 9,525 shares of the oil and gas company’s stock valued at $1,268,000 after buying an additional 242 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insider Activity

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was 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 directly owns 81,937 shares of the company’s stock, valued at $11,390,062.37. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.22% of the stock is currently owned by company insiders.

Phillips 66 Price Performance

Shares of Phillips 66 stock opened at $131.45 on Tuesday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.14 and a quick ratio of 0.79. The company has a market cap of $55.73 billion, a PE ratio of 10.11, a price-to-earnings-growth ratio of 5.22 and a beta of 1.33. The firm has a fifty day moving average price of $134.13 and a two-hundred day moving average price of $142.78. Phillips 66 has a fifty-two week low of $107.85 and a fifty-two week high of $174.08.

Phillips 66 (NYSE:PSX) last released its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, beating the consensus estimate 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 quarter last year, the company earned $3.87 earnings per share. The firm’s revenue was up 8.9% on a year-over-year basis. Analysts expect that Phillips 66 will post 8.27 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th were issued a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 3.50%. The ex-dividend date of this dividend was Tuesday, August 20th. Phillips 66’s payout ratio is presently 35.38%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PSX. Raymond James boosted their price target on shares of Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Mizuho cut their target price on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Morgan Stanley decreased their target price on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. TD Cowen lowered their price target on Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Finally, JPMorgan Chase & Co. reduced their price objective on Phillips 66 from $165.00 to $162.00 and set an “overweight” rating for the company in a research note on Tuesday, July 2nd. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $154.21.

Phillips 66 Company 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.