Secure Asset Management LLC Grows Position in Phillips 66 (NYSE:PSX)

Secure Asset Management LLC lifted its holdings in shares of Phillips 66 (NYSE:PSX) by 33.0% in the second quarter, HoldingsChannel.com reports. The fund owned 2,017 shares of the oil and gas company’s stock after acquiring an additional 501 shares during the period. Secure Asset Management LLC’s holdings in Phillips 66 were worth $285,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of PSX. Manning & Napier Advisors LLC bought a new stake in shares of Phillips 66 in the second quarter valued at approximately $17,670,000. M&G Plc purchased a new stake in shares of Phillips 66 during the second quarter worth $3,596,000. Duality Advisers LP bought a new position in shares of Phillips 66 in the first quarter worth $3,596,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Phillips 66 by 42.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 133,736 shares of the oil and gas company’s stock valued at $21,844,000 after purchasing an additional 39,775 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky raised its stake in shares of Phillips 66 by 14.3% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 289,395 shares of the oil and gas company’s stock valued at $38,530,000 after purchasing an additional 36,116 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Analyst Upgrades and Downgrades

PSX has been the topic of several analyst reports. Wells Fargo & Company decreased their price target on Phillips 66 from $180.00 to $176.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Argus reissued a “buy” rating and issued a $167.00 price target on shares of Phillips 66 in a report on Thursday, May 30th. TD Cowen upped their price target on shares of Phillips 66 from $155.00 to $162.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Mizuho dropped their target price on shares of Phillips 66 from $162.00 to $160.00 and set a “neutral” rating for the company in a research report on Thursday, June 20th. Finally, JPMorgan Chase & Co. decreased 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. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $157.38.

Phillips 66 Stock Up 1.7 %

PSX stock traded up $2.21 during trading on Friday, hitting $135.37. 1,911,904 shares of the stock traded hands, compared to its average volume of 2,640,957. 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 stock has a market cap of $57.39 billion, a price-to-earnings ratio of 10.41, a price-to-earnings-growth ratio of 2.43 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 firm’s 50 day moving average is $137.92 and its two-hundred day moving average is $145.57.

Phillips 66 (NYSE:PSX) last announced 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. 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 during the quarter, compared to analyst estimates of $37.79 billion. During the same period in the previous year, the business earned $3.87 EPS. The firm’s revenue for the quarter was up 8.9% on a year-over-year basis. On average, sell-side analysts anticipate that Phillips 66 will post 9.53 EPS for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th will be paid a $1.15 dividend. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.40%. Phillips 66’s dividend payout ratio is presently 35.38%.

Insider Activity

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction dated 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 transaction, the chief financial officer now owns 81,937 shares of the company’s stock, valued at $11,390,062.37. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.22% of the stock is owned by corporate insiders.

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.