Diversify Wealth Management LLC Buys Shares of 7,764 Phillips 66 $PSX

Diversify Wealth Management LLC purchased a new stake in Phillips 66 (NYSE:PSX) in the 1st quarter, HoldingsChannel.com reports. The institutional investor purchased 7,764 shares of the oil and gas company’s stock, valued at approximately $1,347,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in Phillips 66 in the fourth quarter valued at approximately $640,206,000. M&T Bank Corp increased its stake in Phillips 66 by 462.9% during the fourth quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock worth $352,007,000 after acquiring an additional 2,243,268 shares during the last quarter. AQR Capital Management LLC increased its stake in Phillips 66 by 424.7% during the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock worth $257,512,000 after acquiring an additional 1,532,389 shares during the last quarter. Worldquant Millennium Advisors LLC acquired a new stake in shares of Phillips 66 during the 2nd quarter worth about $107,967,000. Finally, NewEdge Advisors LLC raised its holdings in Phillips 66 by 732.0% in the 4th quarter. NewEdge Advisors LLC now owns 996,955 shares of the oil and gas company’s stock valued at $128,647,000 after buying an additional 877,131 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on PSX shares. Citigroup increased their target price on shares of Phillips 66 from $183.00 to $204.00 and gave the stock a “neutral” rating in a research note on Tuesday. Raymond James Financial lifted their target price on shares of Phillips 66 from $218.00 to $235.00 and gave the company an “outperform” rating in a report on Monday. TD Cowen upped their price target on Phillips 66 from $213.00 to $220.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. Barclays raised their price target on Phillips 66 from $177.00 to $183.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. Finally, Tudor Pickering raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $196.06.

Phillips 66 Trading Down 2.7%

NYSE:PSX opened at $195.94 on Thursday. Phillips 66 has a 12-month low of $118.07 and a 12-month high of $201.65. The firm has a market cap of $78.56 billion, a PE ratio of 19.30, a price-to-earnings-growth ratio of 0.26 and a beta of 0.69. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The stock has a fifty day moving average price of $177.66 and a 200 day moving average price of $164.68.

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

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Tuesday, August 18th. Phillips 66’s dividend payout ratio is presently 50.05%.

Phillips 66 News Roundup

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Phillips 66 continues to attract constructive analyst coverage, with recent price targets ranging from the high $180s to above $200, suggesting Wall Street still sees meaningful upside from current levels. Article Title
• Positive Sentiment: The company’s refining operations are still being viewed as a long-term strength, helped by low-cost crude access and an efficient network that could benefit if fuel demand and crack spreads improve. Article Title
• Positive Sentiment: Phillips 66 also has a recent quarterly dividend of $1.27 per share, underscoring continued cash-return strength for income-focused investors.

Insider Activity at Phillips 66

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 transaction, the chief financial officer owned 97,376 shares in the company, valued at $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Omar Meyers purchased 175 shares of the stock in a transaction on Wednesday, May 6th. The shares were purchased at an average price of $173.12 per share, with a total value of $30,296.00. Following the acquisition, the director directly owned 16,799 shares in the company, valued at $2,908,242.88. This represents a 1.05% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders sold 41,021 shares of company stock worth $7,195,257. 0.40% of the stock is owned by corporate insiders.

Phillips 66 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.