Cutler Investment Counsel LLC Makes New Investment in Phillips 66 $PSX

Cutler Investment Counsel LLC acquired a new position in shares of Phillips 66 (NYSE:PSX) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 39,285 shares of the oil and gas company’s stock, valued at approximately $7,157,000.

A number of other large investors have also recently made changes to their positions in the stock. MUFG Securities EMEA plc lifted its holdings in Phillips 66 by 113.5% during the fourth quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock valued at $2,131,000 after purchasing an additional 8,783 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Phillips 66 by 17.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,371,804 shares of the oil and gas company’s stock worth $177,018,000 after purchasing an additional 199,646 shares in the last quarter. Truist Financial Corp increased its stake in shares of Phillips 66 by 1.6% during the fourth quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company’s stock worth $87,113,000 after purchasing an additional 10,585 shares in the last quarter. Horizon Investments LLC raised its position in shares of Phillips 66 by 478.4% during the 4th quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company’s stock worth $8,167,000 after purchasing an additional 52,348 shares during the last quarter. Finally, Royal Fund Management LLC raised its position in shares of Phillips 66 by 20.6% during the 4th quarter. Royal Fund Management LLC now owns 53,901 shares of the oil and gas company’s stock worth $6,958,000 after purchasing an additional 9,214 shares during the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Stock Up 1.0%

Shares of NYSE:PSX opened at $208.85 on Tuesday. Phillips 66 has a 52-week low of $118.07 and a 52-week high of $211.05. The stock has a market cap of $83.73 billion, a P/E ratio of 20.58, a PEG ratio of 0.27 and a beta of 0.69. The business has a fifty day moving average of $179.71 and a two-hundred day moving average of $166.31. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping the consensus estimate of ($0.54) by $1.03. The business had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.90) EPS. On average, research analysts expect that Phillips 66 will post 19.84 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 2.4%. The ex-dividend date is Tuesday, August 18th. Phillips 66’s dividend payout ratio (DPR) is presently 50.05%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on PSX shares. Guggenheim upgraded Phillips 66 to an “outperform” rating in a report on Wednesday, May 27th. Jefferies Financial Group increased their target price on Phillips 66 from $191.00 to $207.00 and gave the company a “hold” rating in a report on Thursday, July 9th. Citigroup raised their target price on Phillips 66 from $183.00 to $204.00 and gave the company a “neutral” rating in a research report on Tuesday, July 14th. Weiss Ratings lowered Phillips 66 from a “buy (b-)” rating to a “hold (c)” rating in a research note on Friday, May 1st. Finally, The Goldman Sachs Group lifted their price target on Phillips 66 from $192.00 to $207.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 19th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $196.06.

Insider Transactions at Phillips 66

In other news, Director Kevin Omar Meyers bought 175 shares of Phillips 66 stock in a transaction on Wednesday, May 6th. The shares were bought at an average cost of $173.12 per share, with a total value of $30,296.00. Following the completion of the purchase, the director directly owned 16,799 shares of the company’s stock, valued at approximately $2,908,242.88. This trade represents a 1.05% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Kevin J. Mitchell sold 29,400 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the completion of the transaction, the chief financial officer owned 97,376 shares in the company, valued at $16,553,920. The trade was a 23.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 41,021 shares of company stock worth $7,195,257 over the last ninety days. 0.40% of the stock is owned by insiders.

Phillips 66 Company Profile

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.