DAVENPORT & Co LLC Boosts Position in Phillips 66 $PSX

DAVENPORT & Co LLC increased its holdings in shares of Phillips 66 (NYSE:PSX) by 6.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,678 shares of the oil and gas company’s stock after purchasing an additional 1,639 shares during the quarter. DAVENPORT & Co LLC’s holdings in Phillips 66 were worth $3,063,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in PSX. Brighton Jones LLC lifted its stake in 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 during the last quarter. Capital Investment Advisors LLC lifted its stake in Phillips 66 by 4.1% in the first quarter. Capital Investment Advisors LLC now owns 4,314 shares of the oil and gas company’s stock valued at $533,000 after buying an additional 169 shares during the last quarter. Portside Wealth Group LLC lifted its stake in Phillips 66 by 7.5% in the first quarter. Portside Wealth Group LLC now owns 1,910 shares of the oil and gas company’s stock valued at $236,000 after buying an additional 133 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in Phillips 66 by 65.6% in the first quarter. Farther Finance Advisors LLC now owns 13,558 shares of the oil and gas company’s stock valued at $1,686,000 after buying an additional 5,372 shares during the last quarter. Finally, Pallas Capital Advisors LLC lifted its stake in Phillips 66 by 63.2% in the first quarter. Pallas Capital Advisors LLC now owns 3,666 shares of the oil and gas company’s stock valued at $453,000 after buying an additional 1,419 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $131.31 on Thursday. The stock has a fifty day moving average price of $129.21 and a 200 day moving average price of $120.58. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $142.35. The company has a market cap of $53.07 billion, a PE ratio of 31.56, a P/E/G ratio of 1.93 and a beta of 1.11. 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 (NYSE:PSX) last announced its quarterly earnings data 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. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.The firm had revenue of $33.77 billion for the quarter, compared to analyst estimates of $32.11 billion. During the same quarter in the prior year, the company posted $2.31 earnings per share. Sell-side analysts forecast that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Investors 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 yield of 3.7%. Phillips 66’s dividend payout ratio is presently 115.38%.

Analyst Upgrades and Downgrades

PSX has been the subject of a number of research reports. Compass Point initiated coverage on Phillips 66 in a research note on Wednesday, June 18th. They issued a “buy” rating for the company. JPMorgan Chase & Co. set a $115.00 price objective on Phillips 66 in a research note on Wednesday, June 18th. Wall Street Zen upgraded Phillips 66 from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of Phillips 66 in a research note on Wednesday. Finally, TD Cowen boosted their price objective on Phillips 66 from $130.00 to $134.00 and gave the company a “buy” rating in a research note on Monday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat.com, Phillips 66 presently has an average rating of “Moderate Buy” and an average price target of $140.50.

Insiders Place Their Bets

In other Phillips 66 news, Director Gregory Hayes acquired 8,350 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The shares were purchased at an average price of $119.90 per share, with a total value of $1,001,165.00. Following the completion of the acquisition, the director directly owned 29,423 shares of the company’s stock, valued at approximately $3,527,817.70. The trade was a 39.62% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Michael A. Heim acquired 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 30th. The shares were acquired at an average cost of $125.97 per share, for a total transaction of $125,970.00. Following the acquisition, the director directly 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 disclosure for this purchase can be found here. Over the last ninety days, insiders bought 9,850 shares of company stock worth $1,188,910. Insiders own 0.22% of the company’s stock.

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.