Kingsview Wealth Management LLC Invests $7.33 Million in Phillips 66 $PSX

Kingsview Wealth Management LLC acquired a new stake in Phillips 66 (NYSE:PSX) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 43,343 shares of the oil and gas company’s stock, valued at approximately $7,327,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PSX. SWAN Capital LLC increased its holdings in Phillips 66 by 1,055.6% during the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 190 shares during the period. NFSG Corp lifted its holdings in Phillips 66 by 105.6% during the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after buying an additional 75 shares during the period. Axiom Investment Management LLC bought a new stake in Phillips 66 during the 1st quarter valued at $27,000. Compass Financial Management LLC bought a new stake in Phillips 66 during the 2nd quarter valued at $28,000. Finally, Kelleher Financial Advisors purchased a new position in shares of Phillips 66 in the 2nd quarter valued at $29,000. 76.93% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PSX. Jefferies Financial Group boosted their price target on Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a research report on Thursday, July 9th. Morgan Stanley lifted their target price on Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Guggenheim upgraded shares of Phillips 66 to an “outperform” rating in a report on Wednesday, May 27th. Weiss Ratings raised shares of Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. Finally, Zacks Research cut shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $206.56.

Phillips 66 Stock Performance

Shares of PSX opened at $244.50 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. The firm has a market cap of $97.56 billion, a PE ratio of 13.93, a P/E/G ratio of 0.18 and a beta of 0.68. Phillips 66 has a 12 month low of $126.74 and a 12 month high of $246.95. The stock has a fifty day moving average price of $206.11 and a 200-day moving average price of $182.58.

Phillips 66 (NYSE:PSX) last announced its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, topping the consensus estimate of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.The firm had revenue of $52.04 billion for the quarter, compared to the consensus estimate of $43.60 billion. During the same period in the previous year, the business earned $2.38 EPS. Equities research analysts predict that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.1%. Phillips 66’s payout ratio is presently 28.95%.

Phillips 66 announced that its board has approved a stock buyback program on Friday, July 31st that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the sale, the chief financial officer directly owned 97,376 shares in the company, valued at $18,504,361.28. This trade represents a 10.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the sale, the executive vice president directly owned 39,094 shares in the company, valued at approximately $8,747,673.44. This represents a 57.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 100,507 shares of company stock worth $21,770,810 over the last ninety days. Insiders own 0.40% of the company’s stock.

About Phillips 66

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.