Atticus Wealth Management LLC Has $297,000 Stake in Phillips 66 $PSX

Key Points

• Atticus Wealth Management LLC significantly increased its holdings in Phillips 66 by 1,456.3% during the second quarter, acquiring an additional 2,330 shares to bring its total to 2,490 shares valued at $297,000.
• Phillips 66 reported earnings per share of $2.38 for the last quarter, exceeding the consensus estimate of $1.79, and had revenues of $33.77 billion against expectations of $32.11 billion.
• The company declared a quarterly dividend of $1.20 per share, translating to an annualized yield of 3.6% with a dividend payout ratio of 115.38%.

Atticus Wealth Management LLC grew its stake in Phillips 66 (NYSE:PSX - Free Report) by 1,456.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,490 shares of the oil and gas company's stock after purchasing an additional 2,330 shares during the period. Atticus Wealth Management LLC's holdings in Phillips 66 were worth $297,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of PSX. Elliott Investment Management L.P. raised its holdings in shares of 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 buying an additional 14,950,000 shares during the period. Nuveen LLC purchased a new stake in shares of Phillips 66 in the first quarter worth approximately $156,482,000. GAMMA Investing LLC raised its holdings in shares of Phillips 66 by 14,119.5% in the first quarter. GAMMA Investing LLC now owns 1,189,606 shares of the oil and gas company's stock worth $146,893,000 after buying an additional 1,181,240 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Phillips 66 by 11.3% during the 1st 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 purchasing an additional 682,459 shares during the period. Finally, Invesco Ltd. increased its holdings in Phillips 66 by 15.9% during the 1st quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock worth $588,489,000 after purchasing an additional 653,248 shares during the period. 76.93% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Gregory Hayes bought 8,350 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were acquired at an average price of $119.90 per share, for a total transaction of $1,001,165.00. Following the purchase, the director owned 29,423 shares in the company, valued at $3,527,817.70. This trade represents a 39.62% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $135.00, for a total transaction of $593,055.00. Following the completion of the transaction, the executive vice president owned 38,980 shares of the company's stock, valued at $5,262,300. This trade represents a 10.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have bought 9,850 shares of company stock valued at $1,188,910. 0.22% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on PSX. Tudor Pickering downgraded Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 22nd. Raymond James Financial lifted their price target on Phillips 66 from $142.00 to $145.00 and gave the company an "outperform" rating in a report on Tuesday, September 9th. Piper Sandler lifted their price target on Phillips 66 from $144.00 to $154.00 and gave the company a "neutral" rating in a report on Thursday, September 11th. Morgan Stanley lifted their price target on Phillips 66 from $122.00 to $128.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Finally, Argus upgraded Phillips 66 to a "strong-buy" rating in a research note on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $138.94.

Phillips 66 Price Performance

Shares of PSX stock traded down $1.96 during trading hours on Friday, reaching $129.39. The company had a trading volume of 9,244,717 shares, compared to its average volume of 2,133,701. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $140.60. The company has a market capitalization of $52.29 billion, a price-to-earnings ratio of 31.10, a PEG ratio of 1.88 and a beta of 1.15. The stock has a fifty day moving average of $127.04 and a 200-day moving average of $119.78. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07.

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

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were given 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 was Tuesday, August 19th. Phillips 66's dividend payout ratio (DPR) is presently 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.