Axxcess Wealth Management LLC Has $2.91 Million Position in Phillips 66 $PSX

Key Points

• Axxcess Wealth Management increased its Phillips 66 stake by 236.3% in the fourth quarter, ending with 22,570 shares valued at about $2.91 million.
• Phillips 66 reported better-than-expected earnings for the latest quarter, posting $0.49 EPS versus an expected loss, though revenue came in below estimates at $32.54 billion.
• The company recently declared a quarterly dividend of $1.27 per share and has seen mostly positive analyst sentiment, with a Moderate Buy consensus and a price target of $187.11.

Axxcess Wealth Management LLC boosted its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 236.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,570 shares of the oil and gas company's stock after buying an additional 15,858 shares during the quarter. Axxcess Wealth Management LLC's holdings in Phillips 66 were worth $2,912,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. BOK Financial Private Wealth Inc. acquired a new position in Phillips 66 during the 4th quarter worth about $37,000. Global Retirement Partners LLC lifted its holdings in Phillips 66 by 31.4% during the 4th quarter. Global Retirement Partners LLC now owns 11,681 shares of the oil and gas company's stock worth $1,507,000 after buying an additional 2,792 shares during the period. Twin Capital Management Inc. acquired a new position in Phillips 66 during the 4th quarter worth about $2,176,000. Trajan Wealth LLC lifted its holdings in Phillips 66 by 0.4% during the 4th quarter. Trajan Wealth LLC now owns 41,967 shares of the oil and gas company's stock worth $5,415,000 after buying an additional 183 shares during the period. Finally, Fi3 FINANCIAL ADVISORS LLC acquired a new position in Phillips 66 during the 4th quarter worth about $228,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Stock Performance

PSX stock opened at $178.03 on Monday. The stock has a 50-day moving average price of $172.12 and a 200-day moving average price of $153.41. Phillips 66 has a 1-year low of $111.19 and a 1-year high of $190.61. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The firm has a market cap of $71.38 billion, a PE ratio of 17.54, a price-to-earnings-growth ratio of 0.26 and a beta of 0.70.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, beating analysts' consensus estimates of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The business had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. During the same period in the previous year, the company posted ($0.90) EPS. The firm's revenue was up 6.9% compared to the same quarter last year. As a group, equities research analysts expect that Phillips 66 will post 17.64 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 18th will be given a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Monday, May 18th. Phillips 66's payout ratio is presently 50.05%.

Analyst Ratings Changes

Several research analysts have commented on PSX shares. UBS Group lifted their target price on Phillips 66 from $172.00 to $212.00 and gave the stock a "buy" rating in a report on Thursday, April 2nd. TD Cowen lifted their price objective on Phillips 66 from $155.00 to $213.00 and gave the stock a "buy" rating in a research report on Wednesday, April 1st. Citigroup lifted their price objective on Phillips 66 from $159.00 to $183.00 and gave the stock a "neutral" rating in a research report on Thursday, April 9th. Morgan Stanley reissued an "overweight" rating and issued a $180.00 price objective on shares of Phillips 66 in a research report on Thursday, April 30th. Finally, Wolfe Research lifted their price objective on Phillips 66 from $187.00 to $193.00 and gave the stock an "outperform" rating in a research report on Monday, April 6th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, Phillips 66 presently has a consensus rating of "Moderate Buy" and a consensus price target of $187.11.

Insider Transactions at Phillips 66

In other Phillips 66 news, EVP Brian Mandell sold 42,800 shares of the business's stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $169.53, for a total transaction of $7,255,884.00. Following the completion of the sale, the executive vice president directly owned 61,595 shares of the company's stock, valued at approximately $10,442,200.35. The trade was a 41.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Kevin J. Mitchell sold 600 shares of the business's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $171.56, for a total value of $102,936.00. Following the sale, the chief financial officer directly owned 97,376 shares of the company's stock, valued at $16,705,826.56. This represents a 0.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 114,029 shares of company stock valued at $19,641,455. 0.40% of the stock is currently owned by corporate insiders.

Phillips 66 Profile

Phillips 66 NYSE: PSX is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company's principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.

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