Golden State Wealth Management LLC Boosts Stake in Phillips 66 (NYSE:PSX)

Golden State Wealth Management LLC boosted its stake in shares of Phillips 66 (NYSE:PSX) by 14.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 772 shares of the oil and gas company’s stock after buying an additional 97 shares during the period. Golden State Wealth Management LLC’s holdings in Phillips 66 were worth $95,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Forum Financial Management LP increased its holdings in Phillips 66 by 1.0% in the 4th quarter. Forum Financial Management LP now owns 7,486 shares of the oil and gas company’s stock valued at $853,000 after purchasing an additional 77 shares during the last quarter. Tortoise Investment Management LLC grew its stake in shares of Phillips 66 by 16.1% in the fourth quarter. Tortoise Investment Management LLC now owns 633 shares of the oil and gas company’s stock worth $72,000 after acquiring an additional 88 shares in the last quarter. Smith Moore & CO. grew its stake in shares of Phillips 66 by 0.9% in the fourth quarter. Smith Moore & CO. now owns 10,732 shares of the oil and gas company’s stock worth $1,223,000 after acquiring an additional 91 shares in the last quarter. CWC Advisors LLC. grew its stake in shares of Phillips 66 by 1.0% in the fourth quarter. CWC Advisors LLC. now owns 9,743 shares of the oil and gas company’s stock worth $1,110,000 after acquiring an additional 92 shares in the last quarter. Finally, Lantern Wealth Advisors LLC grew its stake in shares of Phillips 66 by 4.7% in the fourth quarter. Lantern Wealth Advisors LLC now owns 2,224 shares of the oil and gas company’s stock worth $253,000 after acquiring an additional 99 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Price Performance

Shares of PSX opened at $126.80 on Monday. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $150.12. The stock has a market cap of $51.66 billion, a PE ratio of 28.88, a price-to-earnings-growth ratio of 2.00 and a beta of 1.02. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.23 and a quick ratio of 0.88. The firm has a fifty day moving average price of $116.94 and a 200 day moving average price of $117.14.

Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.97). Phillips 66 had a net margin of 1.32% and a return on equity of 4.83%. The business had revenue of $31.92 billion during the quarter, compared to analysts’ expectations of $31.93 billion. During the same period in the previous year, the company posted $1.90 earnings per share. As a group, sell-side analysts anticipate that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.79%. This is a boost from Phillips 66’s previous quarterly dividend of $1.15. The ex-dividend date of this dividend was Monday, May 19th. Phillips 66’s dividend payout ratio is presently 109.34%.

Insider Transactions at Phillips 66

In related news, EVP Brian Mandell sold 9,800 shares of the stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the completion of the transaction, the executive vice president directly owned 56,838 shares of the company’s stock, valued at $7,104,750. This represents a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Robert W. Pease bought 439 shares of the company’s stock in a transaction on Thursday, May 22nd. The shares were acquired at an average price of $113.85 per share, for a total transaction of $49,980.15. Following the transaction, the director directly owned 4,091 shares in the company, valued at $465,760.35. This trade represents a 12.02% increase in their position. The disclosure for this purchase can be found here. 0.22% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on PSX shares. TD Cowen boosted their price target on shares of Phillips 66 from $114.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, May 13th. Raymond James Financial dropped their price target on shares of Phillips 66 from $150.00 to $140.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Scotiabank dropped their price target on shares of Phillips 66 from $136.00 to $133.00 and set a “sector outperform” rating for the company in a research note on Friday, April 11th. Cantor Fitzgerald initiated coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They set a “neutral” rating for the company. Finally, UBS Group decreased their price objective on shares of Phillips 66 from $144.00 to $140.00 and set a “buy” rating for the company in a research report on Monday, April 28th. Eight 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 stock presently has an average rating of “Moderate Buy” and a consensus price target of $133.93.

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.