NorthRock Partners LLC Raises Stock Holdings in Phillips 66 $PSX

NorthRock Partners LLC boosted its holdings in Phillips 66 (NYSE:PSX) by 8.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,754 shares of the oil and gas company’s stock after purchasing an additional 511 shares during the period. NorthRock Partners LLC’s holdings in Phillips 66 were worth $806,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PSX. Elliott Investment Management L.P. boosted its holdings in Phillips 66 by 1,929.0% in the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock valued at $1,941,723,000 after purchasing an additional 14,950,000 shares during the last quarter. Valeo Financial Advisors LLC boosted its holdings in Phillips 66 by 9,530.9% in the second quarter. Valeo Financial Advisors LLC now owns 1,446,469 shares of the oil and gas company’s stock valued at $172,564,000 after purchasing an additional 1,431,450 shares during the last quarter. Nuveen LLC acquired a new stake in Phillips 66 during the first quarter valued at approximately $156,482,000. Price T Rowe Associates Inc. MD raised its stake in Phillips 66 by 11.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company’s stock valued at $828,442,000 after buying an additional 682,459 shares in the last quarter. Finally, Invesco Ltd. raised its stake in Phillips 66 by 15.9% during the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company’s stock valued at $588,489,000 after buying an additional 653,248 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insider Buying and Selling

In other Phillips 66 news, Director Sigmund L. Cornelius acquired 500 shares of the firm’s stock in a transaction that occurred on Thursday, July 31st. The stock was acquired at an average cost of $123.55 per share, with a total value of $61,775.00. Following the acquisition, the director directly owned 21,543 shares of the company’s stock, valued at $2,661,637.65. This represents a 2.38% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gregory Hayes acquired 8,350 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The stock was acquired at an average cost of $119.90 per share, with a total value of $1,001,165.00. Following the completion of the acquisition, the director directly owned 29,423 shares in the company, valued at approximately $3,527,817.70. This represents a 39.62% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 9,850 shares of company stock valued at $1,188,910 over the last quarter. Company insiders own 0.22% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on PSX. Raymond James Financial upped their price objective on Phillips 66 from $142.00 to $145.00 and gave the company an “outperform” rating in a research note on Tuesday, September 9th. TD Cowen upped their price objective on Phillips 66 from $130.00 to $134.00 and gave the company a “buy” rating in a research note on Monday, July 28th. Wall Street Zen upgraded Phillips 66 from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Evercore ISI upped their price objective on Phillips 66 from $130.00 to $170.00 and gave the company an “outperform” rating in a research note on Friday, September 19th. Finally, Scotiabank restated a “sector perform” rating and set a $133.00 price objective on shares of Phillips 66 in a research note on Friday, July 11th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat, Phillips 66 presently has an average rating of “Moderate Buy” and a consensus price target of $140.75.

Phillips 66 Stock Up 0.9%

Shares of Phillips 66 stock opened at $130.92 on Wednesday. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. The business’s 50 day simple moving average is $129.85 and its 200-day simple moving average is $120.68. The stock has a market capitalization of $52.91 billion, a price-to-earnings ratio of 31.47, a PEG ratio of 1.90 and a beta of 1.11. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $142.35.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.79 by $0.59. The business had revenue of $33.77 billion for the quarter, compared to analysts’ expectations of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.During the same period in the prior year, the firm earned $2.31 EPS. Equities research analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be given a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Monday, November 17th. Phillips 66’s dividend payout ratio is presently 115.38%.

Phillips 66 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.