Mission Wealth Management LP lifted its stake in shares of Phillips 66 (NYSE:PSX – Get Rating) by 12.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,929 shares of the oil and gas company’s stock after acquiring an additional 788 shares during the quarter. Mission Wealth Management LP’s holdings in Phillips 66 were worth $559,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in PSX. WFA of San Diego LLC acquired a new position in shares of Phillips 66 during the second quarter valued at approximately $25,000. GoalVest Advisory LLC acquired a new position in shares of Phillips 66 during the second quarter valued at approximately $28,000. Heritage Financial Services LLC acquired a new position in shares of Phillips 66 during the second quarter valued at approximately $28,000. Horan Securities Inc. boosted its holdings in Phillips 66 by 210.6% during the third quarter. Horan Securities Inc. now owns 351 shares of the oil and gas company’s stock worth $28,000 after buying an additional 238 shares in the last quarter. Finally, FinTrust Capital Advisors LLC boosted its holdings in Phillips 66 by 79.2% during the second quarter. FinTrust Capital Advisors LLC now owns 362 shares of the oil and gas company’s stock worth $31,000 after buying an additional 160 shares in the last quarter. Institutional investors and hedge funds own 71.42% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on PSX shares. StockNews.com cut shares of Phillips 66 from a “buy” rating to a “hold” rating in a report on Friday. Piper Sandler raised their target price on shares of Phillips 66 from $116.00 to $155.00 and gave the stock an “overweight” rating in a report on Wednesday, November 9th. Royal Bank of Canada raised their target price on shares of Phillips 66 from $119.00 to $131.00 and gave the stock an “outperform” rating in a report on Thursday, November 10th. Jefferies Financial Group started coverage on shares of Phillips 66 in a report on Wednesday, October 19th. They set a “hold” rating and a $105.00 target price for the company. Finally, The Goldman Sachs Group raised their target price on shares of Phillips 66 to $123.00 in a report on Wednesday, November 16th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Phillips 66 presently has an average rating of “Moderate Buy” and an average price target of $116.73.
Insider Activity
In other news, VP Joseph Scott Pruitt sold 600 shares of the firm’s stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of $110.68, for a total transaction of $66,408.00. Following the transaction, the vice president now owns 15,302 shares in the company, valued at approximately $1,693,625.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.74% of the stock is owned by insiders.
Phillips 66 Trading Down 0.8 %
Shares of NYSE:PSX opened at $100.64 on Monday. The firm has a fifty day moving average of $103.51 and a two-hundred day moving average of $93.58. The firm has a market capitalization of $47.57 billion, a P/E ratio of 4.60, a price-to-earnings-growth ratio of 0.28 and a beta of 1.43. Phillips 66 has a 12-month low of $68.57 and a 12-month high of $113.53. The company has a quick ratio of 1.06, a current ratio of 1.30 and a debt-to-equity ratio of 0.50.
Phillips 66 (NYSE:PSX – Get Rating) last issued its earnings results on Tuesday, November 1st. The oil and gas company reported $6.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.98 by $1.48. The company had revenue of $48.76 billion during the quarter, compared to analyst estimates of $40.68 billion. Phillips 66 had a net margin of 6.18% and a return on equity of 32.66%. During the same quarter last year, the business posted $3.18 EPS. On average, equities analysts expect that Phillips 66 will post 19.94 EPS for the current fiscal year.
Phillips 66 Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, December 1st. Stockholders of record on Thursday, November 17th were issued a dividend of $0.97 per share. The ex-dividend date of this dividend was Wednesday, November 16th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 3.86%. Phillips 66’s dividend payout ratio is currently 17.75%.
About Phillips 66
Phillips 66 operates as an energy manufacturing and logistics company. 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.
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