Phillips 66 (NYSE:PSX) Shares Acquired by EverSource Wealth Advisors LLC

EverSource Wealth Advisors LLC lifted its position in shares of Phillips 66 (NYSE:PSX) by 2.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,811 shares of the oil and gas company’s stock after buying an additional 104 shares during the period. EverSource Wealth Advisors LLC’s holdings in Phillips 66 were worth $786,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in PSX. Norges Bank purchased a new position in shares of Phillips 66 during the 4th quarter worth approximately $559,435,000. Boston Partners raised its holdings in shares of Phillips 66 by 962.0% in the 4th quarter. Boston Partners now owns 3,858,170 shares of the oil and gas company’s stock valued at $513,327,000 after purchasing an additional 3,494,878 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Phillips 66 by 38.0% in the 1st quarter. Bank of New York Mellon Corp now owns 8,019,795 shares of the oil and gas company’s stock valued at $1,309,954,000 after purchasing an additional 2,209,043 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Phillips 66 in the 4th quarter valued at $254,336,000. Finally, Wellington Management Group LLP raised its holdings in shares of Phillips 66 by 20.3% in the 4th quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock valued at $1,451,643,000 after purchasing an additional 1,842,226 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Argus restated a “buy” rating and issued a $167.00 price objective on shares of Phillips 66 in a report on Thursday, May 30th. Piper Sandler cut their price target on shares of Phillips 66 from $170.00 to $151.00 and set an “overweight” rating on the stock in a research note on Friday, June 14th. Mizuho cut their price target on shares of Phillips 66 from $162.00 to $160.00 and set a “neutral” rating on the stock in a research note on Thursday, June 20th. Scotiabank cut their price target 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. Finally, Wells Fargo & Company cut their price target on shares of Phillips 66 from $180.00 to $176.00 and set an “overweight” rating on the stock in a research note on Wednesday. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.23.

Insiders Place Their Bets

In other Phillips 66 news, EVP Timothy D. Roberts sold 37,742 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $145.80, for a total transaction of $5,502,783.60. Following the transaction, the executive vice president now directly owns 48,365 shares in the company, valued at $7,051,617. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.22% of the stock is currently owned by company insiders.

Phillips 66 Stock Performance

Shares of NYSE:PSX traded down $7.19 during midday trading on Friday, hitting $133.76. The stock had a trading volume of 4,078,997 shares, compared to its average volume of 2,094,396. The company has a current ratio of 1.14, a quick ratio of 0.82 and a debt-to-equity ratio of 0.56. The stock has a 50 day moving average price of $138.97 and a two-hundred day moving average price of $145.84. Phillips 66 has a 1 year low of $107.41 and a 1 year high of $174.08. The company has a market capitalization of $55.99 billion, a PE ratio of 10.29, a P/E/G ratio of 2.50 and a beta of 1.34.

Phillips 66 (NYSE:PSX) last issued its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, topping 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 company had revenue of $38.91 billion for the quarter, compared to analyst estimates of $37.79 billion. During the same period in the prior year, the business posted $3.87 earnings per share. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. As a group, equities analysts predict that Phillips 66 will post 9.4 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th will be given a dividend of $1.15 per share. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $4.60 annualized dividend and a yield of 3.44%. Phillips 66’s payout ratio is currently 35.38%.

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.