Phillips 66 $PSX Stock Position Raised by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC raised its position in shares of Phillips 66 (NYSE:PSX) by 2.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,082 shares of the oil and gas company’s stock after purchasing an additional 126 shares during the period. Cornerstone Wealth Group LLC’s holdings in Phillips 66 were worth $606,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Elliott Investment Management L.P. raised its stake in shares of Phillips 66 by 1,929.0% during the 1st quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock worth $1,941,723,000 after purchasing an additional 14,950,000 shares in the last quarter. Chronos Wealth Management LLC purchased a new stake in shares of Phillips 66 during the 2nd quarter worth about $281,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of Phillips 66 by 20.3% in 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 acquiring an additional 26,825 shares in the last quarter. Alta Advisers Ltd bought a new position in shares of Phillips 66 in the 1st quarter valued at approximately $253,000. Finally, Sustainable Insight Capital Management LLC bought a new position in shares of Phillips 66 in the 1st quarter valued at approximately $1,457,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Phillips 66

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 4,393 shares of the company’s stock in a transaction on Friday, September 26th. The stock was sold at an average price of $140.00, for a total value of $615,020.00. Following the sale, the executive vice president directly owned 34,587 shares in the company, valued at $4,842,180. This represents a 11.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael A. Heim purchased 1,000 shares of the stock in a transaction on Wednesday, July 30th. The stock was bought at an average price of $125.97 per share, for a total transaction of $125,970.00. Following the completion of the transaction, the director directly owned 12,043 shares of the company’s stock, valued at approximately $1,517,056.71. This trade represents a 9.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 9,850 shares of company stock valued at $1,188,910. Company insiders own 0.22% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PSX shares. Compass Point started coverage on Phillips 66 in a research note on Wednesday, June 18th. They issued a “buy” rating on the stock. Zacks Research raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 26th. Evercore ISI raised 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. Piper Sandler raised their price objective on Phillips 66 from $154.00 to $155.00 and gave the company a “neutral” rating in a research note on Monday, September 29th. Finally, JPMorgan Chase & Co. set a $115.00 price target on Phillips 66 in a research report on Wednesday, June 18th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and twelve have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $140.75.

Phillips 66 Stock Performance

Shares of NYSE PSX opened at $130.92 on Wednesday. The business has a fifty day simple moving average of $129.85 and a 200 day simple moving average of $120.68. 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 firm 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 one year low of $91.01 and a one year high of $142.35.

Phillips 66 (NYSE:PSX) last issued its earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $0.59. The business had revenue of $33.77 billion during the quarter, compared to analyst estimates 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 company posted $2.31 earnings per share. Sell-side analysts expect that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The company 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 $1.20 dividend. 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%.

About Phillips 66

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.