Bayforest Capital Ltd Boosts Holdings in Phillips 66 $PSX

Key Points

• Bayforest Capital Ltd increased its position in Phillips 66 by 318.5% in the second quarter, owning 7,190 shares valued at approximately $858,000.
• Phillips 66 recently announced a quarterly dividend of $1.20 per share, which will be paid on December 1st, reflecting an annual yield of 3.7%.
• Several hedge funds have made recent adjustments to their holdings, with 76.93% of Phillips 66's stock owned by institutional investors and hedge funds.

Bayforest Capital Ltd grew its position in Phillips 66 (NYSE:PSX - Free Report) by 318.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,190 shares of the oil and gas company's stock after purchasing an additional 5,472 shares during the period. Bayforest Capital Ltd's holdings in Phillips 66 were worth $858,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. WealthTrust Axiom LLC boosted its holdings in Phillips 66 by 1.1% in the 1st quarter. WealthTrust Axiom LLC now owns 7,241 shares of the oil and gas company's stock worth $894,000 after acquiring an additional 81 shares during the period. Wolff Wiese Magana LLC raised its position in shares of Phillips 66 by 62.1% in the 2nd quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company's stock valued at $26,000 after purchasing an additional 82 shares in the last quarter. Magnus Financial Group LLC raised its position in shares of Phillips 66 by 2.8% during the 2nd quarter. Magnus Financial Group LLC now owns 3,083 shares of the oil and gas company's stock valued at $368,000 after acquiring an additional 84 shares in the last quarter. Biltmore Wealth Management LLC raised its position in shares of Phillips 66 by 2.4% during the 2nd quarter. Biltmore Wealth Management LLC now owns 3,613 shares of the oil and gas company's stock valued at $431,000 after acquiring an additional 85 shares in the last quarter. Finally, XML Financial LLC raised its position in shares of Phillips 66 by 0.5% during the 2nd quarter. XML Financial LLC now owns 17,541 shares of the oil and gas company's stock valued at $2,093,000 after acquiring an additional 85 shares in the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Phillips 66

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

Analyst Ratings Changes

PSX has been the topic of several research reports. JPMorgan Chase & Co. set a $115.00 price target on Phillips 66 in a research report on Wednesday, June 18th. Bank of America downgraded Phillips 66 from a "buy" rating to a "neutral" rating and upped their price objective for the stock from $144.00 to $147.00 in a research note on Wednesday, September 3rd. TD Cowen upped their price objective on Phillips 66 from $130.00 to $134.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Mizuho upped their price objective on Phillips 66 from $140.00 to $142.00 and gave the stock a "neutral" rating in a research note on Monday, September 15th. Finally, Scotiabank restated a "sector perform" rating and set a $133.00 price objective on shares of Phillips 66 in a research note on Friday, July 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and twelve have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $140.75.

Phillips 66 Stock Up 2.4%

Phillips 66 stock opened at $129.82 on Tuesday. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $142.35. The stock has a market cap of $52.46 billion, a price-to-earnings ratio of 31.21, a PEG ratio of 1.86 and a beta of 1.11. The company's 50-day moving average price is $129.67 and its two-hundred day moving average price is $120.61. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60.

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

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be paid a dividend of $1.20 per share. The ex-dividend date of this dividend is Monday, November 17th. This represents a $4.80 annualized dividend and a yield of 3.7%. Phillips 66's dividend payout ratio (DPR) is currently 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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