Ethic Inc. Increases Stock Holdings in Phillips 66 $PSX

Ethic Inc. grew its position in Phillips 66 (NYSE:PSX) by 13.6% in the second quarter, HoldingsChannel reports. The institutional investor owned 13,347 shares of the oil and gas company’s stock after purchasing an additional 1,603 shares during the period. Ethic Inc.’s holdings in Phillips 66 were worth $1,592,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Elliott Investment Management L.P. increased its position in shares of Phillips 66 by 1,929.0% in the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock valued at $1,941,723,000 after buying an additional 14,950,000 shares in the last quarter. Chronos Wealth Management LLC acquired a new stake in shares of Phillips 66 during the second quarter valued at $281,000. Alta Advisers Ltd acquired a new stake in shares of Phillips 66 during the first quarter valued at $253,000. Sustainable Insight Capital Management LLC acquired a new stake in shares of Phillips 66 during the first quarter valued at $1,457,000. Finally, Evergreen Wealth Solutions LLC acquired a new stake in shares of Phillips 66 during the first quarter valued at $292,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PSX. Scotiabank reaffirmed a “sector perform” rating and set a $133.00 price objective on shares of Phillips 66 in a research note on Friday, July 11th. Bank of America lowered Phillips 66 from a “buy” rating to a “neutral” rating and increased their price objective for the company from $144.00 to $147.00 in a research note on Wednesday, September 3rd. Piper Sandler increased 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. Wall Street Zen raised Phillips 66 from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Finally, Zacks Research raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 26th. Three research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat.com, Phillips 66 has an average rating of “Moderate Buy” and an average price target of $141.50.

Insider Transactions at Phillips 66

In other news, Director Sigmund L. Cornelius acquired 500 shares of Phillips 66 stock in a transaction dated Thursday, July 31st. The shares were acquired at an average cost of $123.55 per share, with a total value of $61,775.00. Following the purchase, the director directly owned 21,543 shares of the company’s stock, valued at approximately $2,661,637.65. This trade represents a 2.38% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gregory Hayes acquired 8,350 shares of Phillips 66 stock in a transaction dated Thursday, August 14th. The stock was purchased at an average cost of $119.90 per share, for a total transaction of $1,001,165.00. Following the completion of the purchase, the director directly owned 29,423 shares in the company, valued at approximately $3,527,817.70. This represents a 39.62% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 9,850 shares of company stock valued at $1,188,910. 0.22% of the stock is currently owned by company insiders.

Phillips 66 Price Performance

PSX opened at $135.07 on Friday. The company’s 50 day simple moving average is $131.51 and its 200 day simple moving average is $122.00. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $142.35. The stock has a market capitalization of $54.58 billion, a PE ratio of 32.47, a P/E/G ratio of 1.77 and a beta of 1.11.

Phillips 66 (NYSE:PSX) last released its earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.59. The business had revenue of $33.77 billion for the quarter, compared to analysts’ expectations of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same period last year, the company earned $2.31 earnings per share. As a group, sell-side analysts expect that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be paid a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Monday, November 17th. Phillips 66’s payout ratio is currently 115.38%.

Phillips 66 Company Profile

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.