Align Wealth Management LLC Makes New Investment in Phillips 66 (NYSE:PSX)

Align Wealth Management LLC purchased a new position in shares of Phillips 66 (NYSE:PSX – Get Rating) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 352 shares of the oil and gas company’s stock, valued at approximately $28,000.

A number of other large investors have also recently bought and sold shares of PSX. Bornite Capital Management LP bought a new position in shares of Phillips 66 during the 1st quarter worth about $8,639,000. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Phillips 66 by 316.2% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,597 shares of the oil and gas company’s stock worth $570,000 after purchasing an additional 5,012 shares in the last quarter. Synovus Financial Corp boosted its position in shares of Phillips 66 by 5.1% during the 1st quarter. Synovus Financial Corp now owns 16,257 shares of the oil and gas company’s stock worth $1,405,000 after purchasing an additional 788 shares in the last quarter. Cibc World Market Inc. lifted its position in Phillips 66 by 61.9% in the 1st quarter. Cibc World Market Inc. now owns 7,236 shares of the oil and gas company’s stock valued at $625,000 after acquiring an additional 2,766 shares in the last quarter. Finally, Blair William & Co. IL lifted its position in Phillips 66 by 103.8% in the 1st quarter. Blair William & Co. IL now owns 53,538 shares of the oil and gas company’s stock valued at $4,625,000 after acquiring an additional 27,267 shares in the last quarter. 70.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PSX. Mizuho dropped their price target on shares of Phillips 66 from $121.00 to $120.00 in a research report on Friday, March 10th. Morgan Stanley raised their price target on shares of Phillips 66 from $115.00 to $125.00 and gave the company an “equal weight” rating in a research report on Friday, January 20th. Piper Sandler dropped their price target on shares of Phillips 66 from $155.00 to $137.00 and set an “overweight” rating on the stock in a research report on Monday, December 19th. StockNews.com began coverage on shares of Phillips 66 in a research report on Thursday. They issued a “buy” rating on the stock. Finally, Royal Bank of Canada raised their price target on shares of Phillips 66 from $130.00 to $132.00 and gave the company an “outperform” rating in a research report on Wednesday, February 8th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $121.27.

Phillips 66 Trading Down 0.3 %

Shares of PSX stock opened at $94.72 on Friday. The company has a 50 day moving average of $102.53 and a 200-day moving average of $99.39. The company has a quick ratio of 1.17, a current ratio of 1.38 and a debt-to-equity ratio of 0.49. Phillips 66 has a 12-month low of $74.02 and a 12-month high of $113.53. The firm has a market cap of $43.94 billion, a P/E ratio of 4.13, a PEG ratio of 0.33 and a beta of 1.37.

Phillips 66 (NYSE:PSX – Get Rating) last issued its quarterly earnings results on Tuesday, January 31st. The oil and gas company reported $4.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.35 by ($0.35). Phillips 66 had a return on equity of 31.20% and a net margin of 6.27%. The company had revenue of $40.91 billion for the quarter, compared to analysts’ expectations of $34.30 billion. During the same quarter in the previous year, the business earned $2.94 EPS. Sell-side analysts anticipate that Phillips 66 will post 15.68 earnings per share for the current year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 1st. Investors of record on Tuesday, February 21st were paid a $1.05 dividend. This represents a $4.20 dividend on an annualized basis and a yield of 4.43%. This is a positive change from Phillips 66’s previous quarterly dividend of $0.97. The ex-dividend date of this dividend was Friday, February 17th. Phillips 66’s payout ratio is currently 18.30%.

Insider Activity at Phillips 66

In other news, Director Gregory Hayes purchased 10,250 shares of Phillips 66 stock in a transaction dated Thursday, February 2nd. The stock was purchased at an average cost of $97.75 per share, for a total transaction of $1,001,937.50. Following the transaction, the director now directly owns 14,299 shares of the company’s stock, valued at $1,397,727.25. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 0.74% of the stock is owned by company insiders.

Phillips 66 Company Profile

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Phillips 66 engages in the processing, transportation, storage, and marketing of fuels and other related products. The company operates through the following segments: Midstream, Chemicals, Refining and Marketing & Specialties. The Midstream segment provides crude oil and refined products transportation, terminaling and processing services, as well as natural gas, natural gas liquids and liquefied petroleum gas transportation, storage, processing and marketing services.