CCM Investment Group LLC Invests $5.08 Million in Phillips 66 (NYSE:PSX)

Key Points

• CCM Investment Group LLC has invested approximately $5.08 million in Phillips 66 (NYSE: PSX), acquiring 41,683 shares in the first quarter.
• Phillips 66's recent quarterly earnings surpassed expectations, reporting $2.38 EPS, exceeding the consensus estimate of $1.79.
• The company announced a quarterly dividend of $1.20 per share, scheduled for payment on September 2nd, with a yield of 4.0%.

CCM Investment Group LLC purchased a new position in shares of Phillips 66 (NYSE:PSX - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 41,683 shares of the oil and gas company's stock, valued at approximately $5,075,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. von Borstel & Associates Inc. bought a new position in Phillips 66 in the first quarter valued at approximately $27,000. Olde Wealth Management LLC bought a new stake in shares of Phillips 66 during the 1st quarter valued at $28,000. Opal Wealth Advisors LLC bought a new stake in shares of Phillips 66 during the 1st quarter worth $29,000. Pacific Center for Financial Services acquired a new position in Phillips 66 in the 4th quarter worth about $27,000. Finally, Smallwood Wealth Investment Management LLC acquired a new position in Phillips 66 in the 1st quarter worth about $29,000. Institutional investors and hedge funds own 76.93% of the company's stock.

Phillips 66 Trading Up 2.0%

PSX traded up $2.46 during midday trading on Wednesday, reaching $122.50. 2,359,149 shares of the company's stock traded hands, compared to its average volume of 3,388,524. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $140.85. The firm has a fifty day moving average of $123.25 and a two-hundred day moving average of $118.87. 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 stock has a market capitalization of $49.50 billion, a price-to-earnings ratio of 29.45, a P/E/G ratio of 1.63 and a beta of 1.09.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.59. The company had revenue of $33.77 billion for the quarter, compared to the consensus estimate 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 prior year, the business posted $2.31 EPS. On average, equities analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th will be given a dividend of $1.20 per share. The ex-dividend date is Tuesday, August 19th. This represents a $4.80 annualized dividend and a yield of 3.9%. Phillips 66's payout ratio is 115.38%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PSX. Piper Sandler reissued a "neutral" rating and issued a $145.00 price target (up previously from $144.00) on shares of Phillips 66 in a research note on Monday, August 4th. TD Cowen lifted their price target on shares of Phillips 66 from $130.00 to $134.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Evercore ISI assumed coverage on Phillips 66 in a report on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 target price on the stock. Cantor Fitzgerald assumed coverage on Phillips 66 in a report on Wednesday, June 18th. They set a "neutral" rating on the stock. Finally, Wall Street Zen raised Phillips 66 from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Ten analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $136.20.

Insider Activity at Phillips 66

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 4,393 shares of the firm's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $130.00, for a total transaction of $571,090.00. Following the sale, the executive vice president directly owned 43,373 shares of the company's stock, valued at $5,638,490. This trade represents a 9.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert W. Pease bought 439 shares of Phillips 66 stock in a transaction dated Thursday, May 22nd. The stock was purchased at an average cost of $113.85 per share, for a total transaction of $49,980.15. Following the completion of the acquisition, the director directly owned 4,091 shares of the company's stock, valued at approximately $465,760.35. The trade was a 12.02% increase in their position. The disclosure for this purchase can be found here. Insiders bought 1,939 shares of company stock valued at $237,725 in the last ninety days. Corporate insiders own 0.22% of the company's stock.

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.