Alpha Omega Wealth Management LLC Grows Position in Phillips 66 $PSX

Key Points

• Alpha Omega Wealth Management LLC increased its position in Phillips 66 by 16.6%, acquiring an additional 5,553 shares, bringing its total holdings to 39,048 shares valued at approximately $4.66 million.
• Phillips 66's stock has received a mix of ratings from analysts, with one Strong Buy, eight Buy, and eleven Hold ratings, resulting in an average target price of $139.38.
• The company recently declared a quarterly dividend of $1.20 per share, representing an annualized dividend yield of 3.7% despite having a high payout ratio of 115.38%.

Alpha Omega Wealth Management LLC boosted its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 16.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 39,048 shares of the oil and gas company's stock after purchasing an additional 5,553 shares during the period. Alpha Omega Wealth Management LLC's holdings in Phillips 66 were worth $4,658,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of PSX. Brighton Jones LLC lifted its position 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 valued at $1,166,000 after purchasing an additional 7,214 shares in the last quarter. Two Sigma Investments LP purchased a new position in Phillips 66 during the fourth quarter valued at $3,423,000. Mackenzie Financial Corp lifted its position in Phillips 66 by 14.1% during the fourth quarter. Mackenzie Financial Corp now owns 42,439 shares of the oil and gas company's stock valued at $4,835,000 after purchasing an additional 5,233 shares in the last quarter. Putney Financial Group LLC purchased a new position in Phillips 66 during the fourth quarter valued at $77,000. Finally, Great Valley Advisor Group Inc. lifted its position in Phillips 66 by 1.3% during the fourth quarter. Great Valley Advisor Group Inc. now owns 15,695 shares of the oil and gas company's stock valued at $1,788,000 after purchasing an additional 196 shares in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Piper Sandler lifted their target price on Phillips 66 from $144.00 to $154.00 and gave the company a "neutral" rating in a research report on Thursday, September 11th. Citigroup cut Phillips 66 from a "buy" rating to a "neutral" rating and raised their price target for the company from $126.00 to $130.00 in a report on Wednesday, July 16th. Bank of America cut Phillips 66 from a "buy" rating to a "neutral" rating and raised their price target for the company from $144.00 to $147.00 in a report on Wednesday, September 3rd. Argus raised Phillips 66 to a "strong-buy" rating in a report on Thursday, July 31st. Finally, JPMorgan Chase & Co. set a $115.00 price target on Phillips 66 in a report on Wednesday, June 18th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $139.38.

Insider Transactions at Phillips 66

In other news, Director Michael A. Heim purchased 1,000 shares of the stock in a transaction that occurred on Wednesday, July 30th. The stock was purchased at an average price of $125.97 per share, for a total transaction of $125,970.00. Following the completion of the acquisition, the director owned 12,043 shares of the company's stock, valued at approximately $1,517,056.71. This trade represents a 9.06% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Gregory Hayes purchased 8,350 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average price of $119.90 per share, with a total value of $1,001,165.00. Following the acquisition, the director directly owned 29,423 shares of the company's stock, valued at $3,527,817.70. This trade represents a 39.62% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 9,850 shares of company stock worth $1,188,910 over the last three months. Company insiders own 0.22% of the company's stock.

Phillips 66 Stock Up 0.1%

Shares of NYSE:PSX opened at $129.86 on Tuesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. The firm has a market capitalization of $52.48 billion, a PE ratio of 31.22, a price-to-earnings-growth ratio of 1.86 and a beta of 1.15. The business has a 50 day simple moving average of $127.06 and a two-hundred day simple moving average of $119.78. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $140.60.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly 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 firm had revenue of $33.77 billion during 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 business earned $2.31 earnings per share. On average, equities analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th were issued a $1.20 dividend. The ex-dividend date 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 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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