D.A. Davidson & CO. Increases Position in Phillips 66 $PSX

D.A. Davidson & CO. increased its stake in Phillips 66 (NYSE:PSX) by 1.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 96,974 shares of the oil and gas company’s stock after acquiring an additional 917 shares during the period. D.A. Davidson & CO.’s holdings in Phillips 66 were worth $11,569,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Elliott Investment Management L.P. grew its position in 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 worth $1,941,723,000 after acquiring an additional 14,950,000 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Phillips 66 by 11.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company’s stock worth $828,442,000 after acquiring an additional 682,459 shares in the last quarter. Invesco Ltd. grew its position in Phillips 66 by 15.9% in the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company’s stock worth $588,489,000 after acquiring an additional 653,248 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Phillips 66 by 11.1% in the first quarter. Goldman Sachs Group Inc. now owns 3,781,064 shares of the oil and gas company’s stock worth $466,886,000 after acquiring an additional 377,132 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Phillips 66 by 3.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,103,316 shares of the oil and gas company’s stock worth $383,197,000 after acquiring an additional 100,321 shares in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Sigmund L. Cornelius purchased 500 shares of the firm’s stock in a transaction that occurred on Thursday, July 31st. The stock was bought at an average cost of $123.55 per share, with a total value of $61,775.00. Following the completion of the purchase, the director directly owned 21,543 shares in the company, valued at approximately $2,661,637.65. This represents a 2.38% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Gregory Hayes purchased 8,350 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The stock was bought at an average cost of $119.90 per share, with a total value of $1,001,165.00. Following the completion of the purchase, the director owned 29,423 shares of the company’s stock, valued at $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. In the last ninety days, insiders have purchased 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

PSX has been the subject of several research reports. Mizuho upped their target price on shares of Phillips 66 from $140.00 to $142.00 and gave the stock a “neutral” rating in a research report on Monday, September 15th. Barclays upped their price target on shares of Phillips 66 from $127.00 to $132.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 7th. Morgan Stanley upped their price target on shares of Phillips 66 from $128.00 to $140.00 and gave the company an “equal weight” rating in a research report on Friday, October 3rd. Weiss Ratings restated a “hold (c)” rating on shares of Phillips 66 in a research report on Wednesday, October 8th. Finally, Bank of America lowered shares of Phillips 66 from a “buy” rating to a “neutral” rating and upped their price target for the company from $144.00 to $147.00 in a research report on Wednesday, September 3rd. Three investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $141.50.

Phillips 66 Stock Performance

Phillips 66 stock opened at $131.23 on Thursday. 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 50-day moving average of $131.02 and a 200-day moving average of $121.23. The firm has a market cap of $53.03 billion, a P/E ratio of 31.55, a P/E/G ratio of 1.79 and a beta of 1.11. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $142.35.

Phillips 66 (NYSE:PSX) last posted its earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.79 by $0.59. The company 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 period in the prior year, the business 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. Stockholders of record on Monday, November 17th will be issued a dividend of $1.20 per share. 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 currently 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.