Fifth Third Wealth Advisors LLC Raises Stock Holdings in Phillips 66 (NYSE:PSX)

Fifth Third Wealth Advisors LLC lifted its holdings in Phillips 66 (NYSE:PSX) by 227.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,397 shares of the oil and gas company’s stock after buying an additional 4,445 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Phillips 66 were worth $903,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Phillips 66 by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 41,271,077 shares of the oil and gas company’s stock worth $6,741,218,000 after purchasing an additional 1,578,669 shares during the period. Wellington Management Group LLP increased its holdings in Phillips 66 by 20.3% during the 4th quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock worth $1,451,643,000 after purchasing an additional 1,842,226 shares during the period. Bank of New York Mellon Corp increased its holdings in Phillips 66 by 38.0% during the 1st quarter. Bank of New York Mellon Corp now owns 8,019,795 shares of the oil and gas company’s stock worth $1,309,954,000 after purchasing an additional 2,209,043 shares during the period. Boston Partners increased its holdings in Phillips 66 by 41.4% during the 1st quarter. Boston Partners now owns 5,453,892 shares of the oil and gas company’s stock worth $889,214,000 after purchasing an additional 1,595,722 shares during the period. Finally, Norges Bank purchased a new position in Phillips 66 during the 4th quarter worth $559,435,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of Phillips 66 stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the completion of the sale, 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 legal filing with the SEC, which is accessible through this hyperlink. 0.22% of the stock is currently owned by insiders.

Phillips 66 Stock Up 1.1 %

Shares of Phillips 66 stock traded up $1.51 during trading on Wednesday, reaching $133.90. The company’s stock had a trading volume of 3,332,330 shares, compared to its average volume of 2,650,632. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56. The company has a market cap of $56.77 billion, a price-to-earnings ratio of 10.30, a P/E/G ratio of 2.41 and a beta of 1.34. Phillips 66 has a 1-year low of $107.85 and a 1-year high of $174.08. The company has a 50-day simple moving average of $138.04 and a two-hundred day simple moving average of $145.74.

Phillips 66 (NYSE:PSX) last posted 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. The firm had revenue of $38.91 billion during the quarter, compared to analysts’ expectations of $37.79 billion. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The business’s quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the firm earned $3.87 EPS. As a group, equities analysts forecast that Phillips 66 will post 9.53 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently declared 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 is Tuesday, August 20th. This represents a $4.60 dividend on an annualized basis and a yield of 3.44%. Phillips 66’s dividend payout ratio is currently 35.38%.

Analysts Set New Price Targets

Several research analysts have commented on PSX shares. JPMorgan Chase & Co. reduced their price objective on Phillips 66 from $165.00 to $162.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. Scotiabank dropped their target price on Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Piper Sandler dropped their target price on Phillips 66 from $170.00 to $151.00 and set an “overweight” rating on the stock in a research report on Friday, June 14th. TD Cowen increased their target price on Phillips 66 from $155.00 to $162.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, Argus reaffirmed a “buy” rating and set a $167.00 target price on shares of Phillips 66 in a research report on Thursday, May 30th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $157.38.

About Phillips 66

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.