WCM Investment Management LLC Boosts Stock Holdings in Phillips 66 (NYSE:PSX)

WCM Investment Management LLC raised its position in shares of Phillips 66 (NYSE:PSX) by 310.4% in the third quarter, Holdings Channel.com reports. The fund owned 9,890 shares of the oil and gas company’s stock after acquiring an additional 7,480 shares during the quarter. WCM Investment Management LLC’s holdings in Phillips 66 were worth $1,296,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Crewe Advisors LLC acquired a new position in Phillips 66 in the 1st quarter valued at $25,000. Strategic Financial Concepts LLC purchased a new stake in shares of Phillips 66 during the second quarter worth $26,000. nVerses Capital LLC acquired a new stake in shares of Phillips 66 in the third quarter valued at about $26,000. Values First Advisors Inc. purchased a new position in shares of Phillips 66 in the third quarter worth about $30,000. Finally, Bank & Trust Co purchased a new position in shares of Phillips 66 in the second quarter worth about $31,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Trading Down 0.2 %

PSX opened at $127.68 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. The firm has a market cap of $52.73 billion, a P/E ratio of 16.39, a P/E/G ratio of 4.19 and a beta of 1.33. Phillips 66 has a 52 week low of $111.90 and a 52 week high of $174.08. The business has a fifty day simple moving average of $129.87 and a 200-day simple moving average of $136.21.

Phillips 66 (NYSE:PSX) last announced its earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 EPS for the quarter, beating analysts’ consensus estimates of $1.63 by $0.41. The company had revenue of $36.16 billion during the quarter, compared to analysts’ expectations of $36.31 billion. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. Phillips 66’s revenue for the quarter was down 10.3% on a year-over-year basis. During the same period last year, the business posted $4.63 EPS. On average, equities analysts expect that Phillips 66 will post 7.63 earnings per share for the current year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be paid a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a yield of 3.60%. The ex-dividend date is Monday, November 18th. Phillips 66’s payout ratio is currently 59.05%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on PSX shares. Raymond James raised their target price on shares of Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Mizuho reduced their price objective on Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. JPMorgan Chase & Co. cut their target price on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Morgan Stanley lowered their price target on shares of Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Finally, Piper Sandler set a $144.00 price objective on shares of Phillips 66 in a research report on Thursday, October 17th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $149.69.

Insiders Place Their Bets

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction on 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 sale, the chief financial officer now owns 81,937 shares of the company’s stock, valued at approximately $11,390,062.37. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.22% of the stock is owned by company insiders.

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.