Raymond James & Associates Increases Position in Phillips 66 (NYSE:PSX)

Raymond James & Associates lifted its position in shares of Phillips 66 (NYSE:PSX) by 2.3% during the first quarter, HoldingsChannel reports. The fund owned 762,302 shares of the oil and gas company’s stock after acquiring an additional 17,261 shares during the quarter. Raymond James & Associates’ holdings in Phillips 66 were worth $124,514,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its holdings in shares of Phillips 66 by 20.3% in the fourth quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock valued at $1,451,643,000 after purchasing an additional 1,842,226 shares in the last quarter. Barclays PLC raised its stake in Phillips 66 by 4.2% during the third quarter. Barclays PLC now owns 7,760,709 shares of the oil and gas company’s stock worth $932,447,000 after purchasing an additional 309,239 shares during the period. Morgan Stanley raised its stake in Phillips 66 by 2.1% during the third quarter. Morgan Stanley now owns 6,768,960 shares of the oil and gas company’s stock worth $813,291,000 after purchasing an additional 138,646 shares during the period. Northern Trust Corp increased its position in shares of Phillips 66 by 6.2% in the third quarter. Northern Trust Corp now owns 4,881,094 shares of the oil and gas company’s stock worth $586,463,000 after acquiring an additional 283,010 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Phillips 66 by 12.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,570,590 shares of the oil and gas company’s stock valued at $549,156,000 after purchasing an additional 502,785 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Trading Down 5.6 %

Shares of NYSE:PSX traded down $8.45 during mid-day trading on Tuesday, reaching $143.09. The stock had a trading volume of 3,763,921 shares, compared to its average volume of 2,983,768. The company has a current ratio of 1.26, a quick ratio of 1.02 and a debt-to-equity ratio of 0.56. The firm has a market cap of $61.22 billion, a PE ratio of 11.01, a price-to-earnings-growth ratio of 1.83 and a beta of 1.37. The firm has a 50 day simple moving average of $155.74 and a two-hundred day simple moving average of $137.75. Phillips 66 has a twelve month low of $89.74 and a twelve month high of $174.08.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Friday, April 26th. The oil and gas company reported $1.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). Phillips 66 had a net margin of 3.84% and a return on equity of 19.07%. The business had revenue of $36.44 billion during the quarter, compared to analyst estimates of $35.87 billion. During the same quarter last year, the business earned $4.21 earnings per share. On average, research analysts predict that Phillips 66 will post 13.77 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 20th will be paid a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend is Friday, May 17th. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. Phillips 66’s payout ratio is 32.31%.

Insider Activity at Phillips 66

In related news, VP Joseph Scott Pruitt sold 7,200 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $157.26, for a total value of $1,132,272.00. Following the completion of the transaction, the vice president now owns 6,583 shares of the company’s stock, valued at $1,035,242.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, VP Joseph Scott Pruitt sold 7,200 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $157.26, for a total value of $1,132,272.00. Following the completion of the transaction, the vice president now owns 6,583 shares of the company’s stock, valued at $1,035,242.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert W. Pease bought 682 shares of Phillips 66 stock in a transaction that occurred on Thursday, February 15th. The stock was bought at an average price of $146.58 per share, for a total transaction of $99,967.56. Following the completion of the acquisition, the director now directly owns 1,900 shares of the company’s stock, valued at $278,502. The disclosure for this purchase can be found here. Insiders sold a total of 35,056 shares of company stock valued at $5,272,681 over the last quarter. 0.22% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on PSX shares. The Goldman Sachs Group raised their price objective on shares of Phillips 66 from $152.00 to $174.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Mizuho lowered their price objective on shares of Phillips 66 from $167.00 to $162.00 and set a “neutral” rating on the stock in a research note on Friday, April 12th. Piper Sandler lifted their target price on shares of Phillips 66 from $169.00 to $187.00 and gave the stock an “overweight” rating in a research report on Friday, April 5th. Raymond James raised their price target on shares of Phillips 66 from $140.00 to $155.00 and gave the stock an “outperform” rating in a report on Thursday, February 1st. Finally, Bank of America raised their price target on shares of Phillips 66 from $150.00 to $180.00 and gave the stock a “neutral” rating in a report on Friday, March 15th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $157.43.

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.