1,961 Shares in Phillips 66 $PSX Acquired by City Center Advisors LLC

Key Points

• City Center Advisors LLC acquired 1,961 shares of Phillips 66, valued at approximately $234,000, during the second quarter.
• Recent insider transactions include Director Sigmund L. Cornelius buying 500 shares, and Director Michael A. Heim purchasing 1,000 shares, indicating confidence from management in the company's prospects.
• The stock has experienced mixed analyst ratings, with one "strong buy" rating and others ranging from "buy" to "neutral", amidst a current average price target of $136.40.

City Center Advisors LLC acquired a new position in shares of Phillips 66 (NYSE:PSX - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 1,961 shares of the oil and gas company's stock, valued at approximately $234,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in PSX. Pacific Center for Financial Services acquired a new stake in shares of Phillips 66 during the 4th quarter worth approximately $27,000. von Borstel & Associates Inc. purchased a new position in shares of Phillips 66 during the 1st quarter valued at approximately $27,000. Olde Wealth Management LLC purchased a new position in shares of Phillips 66 during the 1st quarter valued at approximately $28,000. Wood Tarver Financial Group LLC purchased a new position in shares of Phillips 66 during the 4th quarter valued at approximately $29,000. Finally, Opal Wealth Advisors LLC purchased a new position in shares of Phillips 66 during the 1st quarter valued at approximately $29,000. Institutional investors and hedge funds own 76.93% of the company's stock.

Insiders Place Their Bets

In related news, Director Sigmund L. Cornelius bought 500 shares of the company's stock in a transaction dated Thursday, July 31st. The shares were acquired at an average price of $123.55 per share, with a total value of $61,775.00. Following the completion of the acquisition, the director owned 21,543 shares in the company, valued at approximately $2,661,637.65. This trade represents a 2.38% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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. In the last 90 days, insiders have acquired 9,850 shares of company stock valued at $1,188,910 and have sold 18,586 shares valued at $2,389,145. 0.22% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PSX has been the topic of a number of research reports. Argus upgraded Phillips 66 to a "strong-buy" rating in a report on Thursday, July 31st. Bank of America downgraded Phillips 66 from a "buy" rating to a "neutral" rating and raised their price objective for the stock from $144.00 to $147.00 in a research report on Wednesday, September 3rd. Cantor Fitzgerald initiated coverage on Phillips 66 in a research report on Wednesday, June 18th. They set a "neutral" rating for the company. Morgan Stanley lifted their target price on Phillips 66 from $122.00 to $128.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Finally, Scotiabank reissued a "sector perform" rating and set a $133.00 price objective on shares of Phillips 66 in a research report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, Phillips 66 currently has a consensus rating of "Moderate Buy" and an average price target of $136.40.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $130.77 on Friday. The stock has a market cap of $52.85 billion, a P/E ratio of 31.44, a P/E/G ratio of 2.06 and a beta of 1.15. 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 stock has a 50 day moving average of $126.95 and a two-hundred day moving average of $119.55. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $140.60.

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

Phillips 66 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were issued a $1.20 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.7%. Phillips 66's payout ratio is presently 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.

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