Sierra Summit Advisors LLC Acquires Shares of 44,356 Phillips 66 (NYSE:PSX)

Sierra Summit Advisors LLC acquired a new position in shares of Phillips 66 (NYSE:PSX) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 44,356 shares of the oil and gas company’s stock, valued at approximately $6,262,000. Phillips 66 comprises about 1.6% of Sierra Summit Advisors LLC’s portfolio, making the stock its 27th biggest holding.

Several other institutional investors have also recently made changes to their positions in PSX. Crewe Advisors LLC purchased a new position in Phillips 66 during the first quarter worth about $25,000. Keener Financial Planning LLC bought a new position in shares of Phillips 66 during the 1st quarter worth approximately $26,000. Strategic Financial Concepts LLC purchased a new position in shares of Phillips 66 in the 2nd quarter worth approximately $26,000. Ables Iannone Moore & Associates Inc. bought a new position in shares of Phillips 66 in the fourth quarter valued at approximately $27,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in shares of Phillips 66 during the first quarter valued at approximately $28,000. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $126.70 on Monday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.79 and a current ratio of 1.14. Phillips 66 has a fifty-two week low of $107.85 and a fifty-two week high of $174.08. The stock has a market cap of $53.71 billion, a PE ratio of 9.75, a price-to-earnings-growth ratio of 4.50 and a beta of 1.33. The stock has a fifty day moving average of $135.79 and a 200-day moving average of $144.18.

Phillips 66 (NYSE:PSX) last posted its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.98 by $0.33. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The business had revenue of $38.91 billion during the quarter, compared to analyst estimates of $37.79 billion. During the same quarter in the previous year, the firm earned $3.87 EPS. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. Equities research analysts anticipate that Phillips 66 will post 9.25 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were issued a $1.15 dividend. This represents a $4.60 annualized dividend and a yield of 3.63%. The ex-dividend date of this dividend was Tuesday, August 20th. Phillips 66’s payout ratio is 35.38%.

Analysts Set New Price Targets

A number of brokerages have issued reports on PSX. Wells Fargo & Company upped their price objective on Phillips 66 from $176.00 to $182.00 and gave the company an “overweight” rating in a research note on Tuesday, September 3rd. TD Cowen reduced their price target on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Mizuho lowered their price objective on shares of Phillips 66 from $162.00 to $160.00 and set a “neutral” rating on the stock in a research report on Thursday, June 20th. Scotiabank reduced their target price on shares of Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Finally, Barclays lifted their price target 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. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Phillips 66 presently has a consensus rating of “Moderate Buy” and an average price target of $156.92.

Insider Buying and Selling at Phillips 66

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were 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 legal filing with the SEC, which is available at the SEC website. Insiders own 0.22% of the company’s stock.

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.