Kingsview Wealth Management LLC Has $5.66 Million Position in Phillips 66 (NYSE:PSX)

Kingsview Wealth Management LLC lifted its holdings in Phillips 66 (NYSE:PSX) by 12.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 45,870 shares of the oil and gas company’s stock after buying an additional 5,075 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Phillips 66 were worth $5,664,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cohen & Steers Inc. increased its holdings in shares of Phillips 66 by 40.3% during the 4th quarter. Cohen & Steers Inc. now owns 91,663 shares of the oil and gas company’s stock worth $10,443,000 after acquiring an additional 26,318 shares during the last quarter. Cary Street Partners Financial LLC bought a new stake in shares of Phillips 66 during the fourth quarter valued at approximately $4,333,000. Resona Asset Management Co. Ltd. bought a new position in Phillips 66 during the 4th quarter valued at $15,203,000. Massachusetts Financial Services Co. MA boosted its position in Phillips 66 by 4.1% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,107,397 shares of the oil and gas company’s stock worth $126,166,000 after purchasing an additional 43,238 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Phillips 66 by 20.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 158,934 shares of the oil and gas company’s stock valued at $19,625,000 after buying an additional 26,825 shares during the last quarter. Institutional investors own 76.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Wall Street Zen upgraded Phillips 66 from a “sell” rating to a “hold” rating in a research note on Monday, April 28th. Compass Point assumed coverage on Phillips 66 in a report on Wednesday, June 18th. They set a “buy” rating for the company. Wells Fargo & Company dropped their price objective on Phillips 66 from $149.00 to $147.00 and set an “overweight” rating for the company in a report on Wednesday, June 11th. UBS Group decreased their target price on Phillips 66 from $144.00 to $140.00 and set a “buy” rating for the company in a research report on Monday, April 28th. Finally, Citigroup lowered Phillips 66 from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $126.00 to $130.00 in a report on Wednesday. Ten equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $135.27.

Insiders Place Their Bets

In related news, EVP Brian Mandell sold 9,800 shares of the firm’s stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total value of $1,225,000.00. Following the completion of the transaction, the executive vice president directly owned 56,838 shares of the company’s stock, valued at approximately $7,104,750. This trade represents a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert W. Pease bought 439 shares of the stock in a transaction on Thursday, May 22nd. The shares were acquired at an average cost of $113.85 per share, with a total value of $49,980.15. Following the purchase, the director owned 4,091 shares of the company’s stock, valued at approximately $465,760.35. This represents a 12.02% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.22% of the company’s stock.

Phillips 66 Trading Up 1.2%

Shares of NYSE:PSX opened at $125.20 on Friday. The company has a market cap of $51.01 billion, a PE ratio of 28.52, a P/E/G ratio of 1.99 and a beta of 1.02. The company has a quick ratio of 0.88, a current ratio of 1.23 and a debt-to-equity ratio of 0.63. The company’s 50-day moving average price is $121.05 and its 200 day moving average price is $118.13. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $150.12.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.97). Phillips 66 had a return on equity of 4.83% and a net margin of 1.32%. The company had revenue of $31.92 billion for the quarter, compared to analyst estimates of $31.93 billion. During the same quarter in the prior year, the business posted $1.90 earnings per share. Sell-side analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th will be given a $1.20 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.83%. Phillips 66’s dividend payout ratio is 109.34%.

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.