Sierra Summit Advisors LLC Invests $6.26 Million in Phillips 66 (NYSE:PSX)

Sierra Summit Advisors LLC bought a new position in Phillips 66 (NYSE:PSX) in the 2nd quarter, Holdings Channel.com reports. The firm bought 44,356 shares of the oil and gas company’s stock, valued at approximately $6,262,000. Phillips 66 comprises approximately 1.6% of Sierra Summit Advisors LLC’s holdings, making the stock its 27th biggest holding.

A number of other large investors have also added to or reduced their stakes in PSX. Gryphon Financial Partners LLC increased its position in shares of Phillips 66 by 11.4% during the 4th quarter. Gryphon Financial Partners LLC now owns 4,166 shares of the oil and gas company’s stock valued at $546,000 after purchasing an additional 426 shares during the last quarter. Meridian Wealth Management LLC bought a new stake in Phillips 66 in the fourth quarter worth $213,000. Brown Advisory Inc. boosted its position in Phillips 66 by 1.8% during the fourth quarter. Brown Advisory Inc. now owns 57,201 shares of the oil and gas company’s stock valued at $7,616,000 after buying an additional 984 shares during the period. TrinityPoint Wealth LLC grew its stake in shares of Phillips 66 by 14.9% during the fourth quarter. TrinityPoint Wealth LLC now owns 5,170 shares of the oil and gas company’s stock valued at $688,000 after buying an additional 672 shares during the last quarter. Finally, Sheaff Brock Investment Advisors LLC increased its holdings in shares of Phillips 66 by 5.8% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 4,694 shares of the oil and gas company’s stock worth $625,000 after buying an additional 259 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insider Transactions at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of Phillips 66 stock in a transaction dated 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 completion of the transaction, the chief financial officer now directly owns 81,937 shares of the company’s stock, valued at approximately $11,390,062.37. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.22% of the company’s stock.

Phillips 66 Stock Performance

Shares of PSX opened at $126.70 on Monday. The company has a 50-day simple moving average of $135.79 and a two-hundred day simple moving average of $144.18. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.14 and a quick ratio of 0.79. The firm has a market capitalization 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. Phillips 66 has a one year low of $107.85 and a one year high of $174.08.

Phillips 66 (NYSE:PSX) last released its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 EPS 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 company had revenue of $38.91 billion during the quarter, compared to analysts’ expectations of $37.79 billion. During the same quarter last year, the business posted $3.87 EPS. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. On average, analysts anticipate that Phillips 66 will post 9.25 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th were issued a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date was Tuesday, August 20th. Phillips 66’s dividend payout ratio (DPR) is presently 35.38%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. reduced 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. Mizuho cut their target price on shares of Phillips 66 from $162.00 to $160.00 and set a “neutral” rating on the stock in a report on Thursday, June 20th. Wolfe Research began coverage on shares of Phillips 66 in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Scotiabank dropped their price target 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, Wells Fargo & Company boosted their price objective on shares of Phillips 66 from $176.00 to $182.00 and gave the company an “overweight” rating in a research report on Tuesday, September 3rd. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $156.92.

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.