Phillips 66 (NYSE:PSX) Shares Purchased by SouthState Corp

SouthState Corp boosted its position in Phillips 66 (NYSE:PSX) by 60.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,628 shares of the oil and gas company’s stock after acquiring an additional 5,918 shares during the quarter. SouthState Corp’s holdings in Phillips 66 were worth $1,930,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its stake in shares of Phillips 66 by 238.5% during the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock worth $1,166,000 after purchasing an additional 7,214 shares in the last quarter. Nicolet Bankshares Inc. lifted its stake in shares of Phillips 66 by 11.2% during the fourth quarter. Nicolet Bankshares Inc. now owns 1,971 shares of the oil and gas company’s stock worth $225,000 after purchasing an additional 198 shares in the last quarter. Townsquare Capital LLC lifted its stake in shares of Phillips 66 by 9.7% during the fourth quarter. Townsquare Capital LLC now owns 26,474 shares of the oil and gas company’s stock worth $3,016,000 after purchasing an additional 2,349 shares in the last quarter. Sagespring Wealth Partners LLC acquired a new position in shares of Phillips 66 during the fourth quarter worth about $292,000. Finally, Advisors Capital Management LLC lifted its stake in shares of Phillips 66 by 3.5% during the fourth quarter. Advisors Capital Management LLC now owns 59,431 shares of the oil and gas company’s stock worth $6,771,000 after purchasing an additional 2,019 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

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 stock was bought at an average cost 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 trade represents a 9.06% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sigmund L. Cornelius bought 500 shares of the stock in a transaction dated Thursday, July 31st. The shares were bought at an average cost of $123.55 per share, with a total value of $61,775.00. Following the completion of the acquisition, the director directly owned 21,543 shares of the company’s stock, valued at approximately $2,661,637.65. The trade was a 2.38% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders purchased 1,939 shares of company stock valued at $237,725. 0.22% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PSX. TD Cowen boosted their price objective on Phillips 66 from $130.00 to $134.00 and gave the stock a “buy” rating in a research note on Monday, July 28th. UBS Group boosted their price objective on Phillips 66 from $141.00 to $143.00 and gave the stock a “buy” rating in a research note on Monday, July 28th. Wells Fargo & Company reduced their price objective on Phillips 66 from $149.00 to $147.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 11th. Evercore ISI began coverage on Phillips 66 in a research note on Wednesday, June 18th. They set an “outperform” rating and a $130.00 price objective on the stock. Finally, Barclays boosted their price objective on Phillips 66 from $115.00 to $127.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 9th. Ten equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Phillips 66 has an average rating of “Moderate Buy” and a consensus target price of $136.20.

Phillips 66 Stock Down 0.1%

PSX stock opened at $119.14 on Monday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $140.85. The firm has a fifty day moving average price of $123.09 and a two-hundred day moving average price of $118.88. The firm has a market cap of $48.15 billion, a price-to-earnings ratio of 28.64, a PEG ratio of 1.61 and a beta of 1.09.

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

Phillips 66 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th will be issued a dividend of $1.20 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $4.80 annualized dividend and a dividend yield of 4.0%. Phillips 66’s dividend payout ratio is 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.