Avidian Wealth Enterprises LLC Boosts Stock Position in Phillips 66 $PSX

Avidian Wealth Enterprises LLC raised its holdings in shares of Phillips 66 (NYSE:PSX) by 12.0% in the second quarter, HoldingsChannel reports. The firm owned 9,669 shares of the oil and gas company’s stock after buying an additional 1,034 shares during the quarter. Avidian Wealth Enterprises LLC’s holdings in Phillips 66 were worth $1,154,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in PSX. Drive Wealth Management LLC raised its holdings in shares of Phillips 66 by 13.4% during the second quarter. Drive Wealth Management LLC now owns 4,179 shares of the oil and gas company’s stock valued at $499,000 after acquiring an additional 493 shares in the last quarter. Uhlmann Price Securities LLC increased its position in Phillips 66 by 42.0% during the 2nd quarter. Uhlmann Price Securities LLC now owns 3,268 shares of the oil and gas company’s stock valued at $390,000 after purchasing an additional 966 shares during the period. Cidel Asset Management Inc. raised its holdings in Phillips 66 by 8.9% in the 2nd quarter. Cidel Asset Management Inc. now owns 7,712 shares of the oil and gas company’s stock worth $920,000 after purchasing an additional 628 shares in the last quarter. Chicago Partners Investment Group LLC lifted its position in Phillips 66 by 7.3% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 8,004 shares of the oil and gas company’s stock valued at $1,023,000 after acquiring an additional 544 shares during the period. Finally, Signature Estate & Investment Advisors LLC boosted its stake in Phillips 66 by 5.6% during the second quarter. Signature Estate & Investment Advisors LLC now owns 1,867 shares of the oil and gas company’s stock worth $223,000 after acquiring an additional 99 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Barclays raised their target price on shares of Phillips 66 from $127.00 to $132.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 7th. Wall Street Zen raised Phillips 66 from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. Wells Fargo & Company assumed coverage on Phillips 66 in a research note on Friday, October 17th. They set an “overweight” rating and a $154.00 price objective for the company. Bank of America cut Phillips 66 from a “buy” rating to a “neutral” rating and increased their target price for the stock from $144.00 to $147.00 in a research note on Wednesday, September 3rd. Finally, Zacks Research upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a report on Friday, September 26th. Three research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat.com, Phillips 66 currently has a consensus rating of “Moderate Buy” and a consensus target price of $141.50.

Phillips 66 Stock Down 1.3%

Phillips 66 stock opened at $128.58 on Wednesday. Phillips 66 has a one year low of $91.01 and a one year high of $142.35. The stock has a fifty day moving average of $130.84 and a 200 day moving average of $121.16. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. The stock has a market cap of $51.96 billion, a PE ratio of 30.91, a price-to-earnings-growth ratio of 1.81 and a beta of 1.11.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The firm had revenue of $33.77 billion during the quarter, compared to the consensus estimate of $32.11 billion. During the same quarter in the previous year, the firm posted $2.31 EPS. As a group, sell-side analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Monday, November 17th. Phillips 66’s dividend payout ratio (DPR) is 115.38%.

Insider Activity at Phillips 66

In related news, Director Michael A. Heim bought 1,000 shares of the stock in a transaction dated Wednesday, July 30th. The shares were purchased at an average price of $125.97 per share, with a total value of $125,970.00. Following the completion of the acquisition, the director owned 12,043 shares of the company’s stock, valued at $1,517,056.71. This represents a 9.06% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gregory Hayes bought 8,350 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The shares were bought at an average price of $119.90 per share, with a total value of $1,001,165.00. Following the transaction, the director owned 29,423 shares of the company’s stock, valued at $3,527,817.70. The trade was a 39.62% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have bought 9,850 shares of company stock worth $1,188,910. 0.22% of the stock is currently owned by corporate insiders.

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.