First Foundation Advisors Grows Stock Position in Phillips 66 (NYSE:PSX)

First Foundation Advisors boosted its position in Phillips 66 (NYSE:PSX) by 8.4% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 4,786 shares of the oil and gas company’s stock after purchasing an additional 372 shares during the period. First Foundation Advisors’ holdings in Phillips 66 were worth $782,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Keener Financial Planning LLC purchased a new stake in Phillips 66 in the first quarter worth $26,000. Redmont Wealth Advisors LLC bought a new stake in shares of Phillips 66 during the first quarter valued at about $28,000. Ruedi Wealth Management Inc. increased its position in shares of Phillips 66 by 102.1% during the first quarter. Ruedi Wealth Management Inc. now owns 190 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 96 shares during the period. Ables Iannone Moore & Associates Inc. bought a new stake in shares of Phillips 66 during the fourth quarter valued at about $27,000. Finally, First United Bank & Trust bought a new stake in shares of Phillips 66 during the fourth quarter valued at about $31,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. decreased their price target on Phillips 66 from $165.00 to $162.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 2nd. Argus reiterated a “buy” rating and set a $167.00 price target on shares of Phillips 66 in a research report on Thursday, May 30th. TD Cowen decreased their price target on Phillips 66 from $164.00 to $155.00 and set a “buy” rating on the stock in a research report on Friday, June 21st. Wells Fargo & Company upped their price target on Phillips 66 from $179.00 to $191.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. 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 research report on Friday, June 14th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $158.23.

Insiders Place Their Bets

In other news, EVP Timothy D. Roberts sold 37,742 shares of the stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $145.80, for a total transaction of $5,502,783.60. Following the completion of the sale, the executive vice president now owns 48,365 shares of the company’s stock, valued at $7,051,617. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.22% of the stock is owned by insiders.

Phillips 66 Price Performance

PSX traded up $0.77 during midday trading on Friday, hitting $138.47. The stock had a trading volume of 1,787,005 shares, compared to its average volume of 2,415,453. The company has a market cap of $58.70 billion, a P/E ratio of 10.65, a price-to-earnings-growth ratio of 2.27 and a beta of 1.34. The business has a fifty day moving average of $139.72 and a 200 day moving average of $145.29. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.82 and a current ratio of 1.17. Phillips 66 has a 1 year low of $103.12 and a 1 year high of $174.08.

Phillips 66 (NYSE:PSX) last issued its earnings results on Friday, April 26th. The oil and gas company reported $1.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($0.15). The firm had revenue of $36.44 billion during the quarter, compared to analysts’ expectations of $35.87 billion. Phillips 66 had a return on equity of 19.19% and a net margin of 3.84%. During the same period in the prior year, the company earned $4.21 EPS. As a group, equities analysts forecast that Phillips 66 will post 10.06 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th will be paid a $1.15 dividend. This represents a $4.60 annualized dividend and a yield of 3.32%. The ex-dividend date of this dividend is Tuesday, August 20th. Phillips 66’s dividend payout ratio is currently 35.38%.

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.