Linscomb Wealth Inc. Raises Position in Phillips 66 (NYSE:PSX)

Linscomb Wealth Inc. lifted its position in shares of Phillips 66 (NYSE:PSX) by 1.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,199 shares of the oil and gas company’s stock after acquiring an additional 93 shares during the quarter. Linscomb Wealth Inc.’s holdings in Phillips 66 were worth $734,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Phillips 66 by 4.0% during the first quarter. Vanguard Group Inc. now owns 41,271,077 shares of the oil and gas company’s stock worth $6,741,218,000 after acquiring an additional 1,578,669 shares during the period. Wellington Management Group LLP increased its stake in shares of Phillips 66 by 20.3% during the fourth 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 acquiring an additional 1,842,226 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Phillips 66 by 5.0% during the second quarter. Bank of New York Mellon Corp now owns 8,422,720 shares of the oil and gas company’s stock worth $1,189,035,000 after acquiring an additional 402,925 shares during the period. Boston Partners increased its stake in shares of Phillips 66 by 41.4% during the first quarter. Boston Partners now owns 5,453,892 shares of the oil and gas company’s stock worth $889,214,000 after acquiring an additional 1,595,722 shares during the period. Finally, Norges Bank acquired a new position in shares of Phillips 66 during the fourth quarter worth about $559,435,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $139.01, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.22% of the company’s stock.

Phillips 66 Stock Performance

Shares of PSX opened at $125.00 on Thursday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.79 and a current ratio of 1.14. The company has a market capitalization of $52.99 billion, a price-to-earnings ratio of 9.62, a PEG ratio of 2.31 and a beta of 1.33. The company’s 50 day simple moving average is $136.32 and its 200 day simple moving average is $144.45. Phillips 66 has a 1 year low of $107.85 and a 1 year high of $174.08.

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 (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.33. The business had revenue of $38.91 billion for the quarter, compared to the consensus estimate of $37.79 billion. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.87 earnings per share. On average, sell-side analysts predict that Phillips 66 will post 9.25 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were paid a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 3.68%. The ex-dividend date of this dividend was Tuesday, August 20th. Phillips 66’s payout ratio is 35.38%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Argus reiterated a “buy” rating and set a $167.00 price target on shares of Phillips 66 in a research note on Thursday, May 30th. Barclays boosted their price objective on shares of Phillips 66 from $136.00 to $138.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. JPMorgan Chase & Co. decreased their price objective on shares of Phillips 66 from $165.00 to $162.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. Wolfe Research assumed coverage on shares of Phillips 66 in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, Piper Sandler decreased their price objective on shares of Phillips 66 from $170.00 to $151.00 and set an “overweight” rating on the stock in a report on Friday, June 14th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Phillips 66 presently has a consensus rating of “Moderate Buy” and a consensus target price of $156.92.

Phillips 66 Company 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.