Chronos Wealth Management LLC Acquires Shares of 2,359 Phillips 66 $PSX

Key Points

• Chronos Wealth Management LLC has acquired a new stake in Phillips 66, purchasing 2,359 shares valued at approximately $281,000 during the 2nd quarter.
• Notably, Elliott Investment Management L.P. increased its stake by 1,929%, owning now 15,725,000 shares valued at over $1.9 billion.
• The company has recently declared a dividend of $1.20 per share, resulting in an annualized dividend of $4.80 and a yield of 3.6%.

Chronos Wealth Management LLC acquired a new stake in Phillips 66 (NYSE:PSX - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 2,359 shares of the oil and gas company's stock, valued at approximately $281,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Elliott Investment Management L.P. increased 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 valued at $1,941,723,000 after purchasing an additional 14,950,000 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Phillips 66 by 20.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 158,934 shares of the oil and gas company's stock valued at $19,625,000 after acquiring an additional 26,825 shares in the last quarter. Alta Advisers Ltd acquired a new position in shares of Phillips 66 in the first quarter valued at about $253,000. Sustainable Insight Capital Management LLC acquired a new position in shares of Phillips 66 in the first quarter valued at about $1,457,000. Finally, Evergreen Wealth Solutions LLC acquired a new position in shares of Phillips 66 in the first quarter valued at about $292,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on PSX. JPMorgan Chase & Co. set a $115.00 price target on shares of Phillips 66 in a research note on Wednesday, June 18th. UBS Group upped their price target on shares of Phillips 66 from $143.00 to $150.00 and gave the company a "buy" rating in a research note on Monday. Scotiabank restated a "sector perform" rating and issued a $133.00 price target on shares of Phillips 66 in a research note on Friday, July 11th. Compass Point began coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They issued a "buy" rating on the stock. Finally, Cantor Fitzgerald began coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They issued a "neutral" rating on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $139.38.

Insider Activity at Phillips 66

In related news, Director Gregory Hayes acquired 8,350 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was acquired at an average cost of $119.90 per share, for a total transaction of $1,001,165.00. Following the transaction, the director directly owned 29,423 shares in the company, valued at $3,527,817.70. This trade represents a 39.62% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael A. Heim acquired 1,000 shares of the stock in a transaction that occurred on Wednesday, July 30th. The shares were bought at an average price of $125.97 per share, with a total value of $125,970.00. Following the completion of the transaction, the director owned 12,043 shares in the company, valued at $1,517,056.71. This represents a 9.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 9,850 shares of company stock valued at $1,188,910. Company insiders own 0.22% of the company's stock.

Phillips 66 Trading Up 2.0%

PSX opened at $132.12 on Wednesday. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $140.60. The company has a 50-day simple moving average of $127.13 and a 200 day simple moving average of $119.87. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $53.39 billion, a price-to-earnings ratio of 31.76, a P/E/G ratio of 1.85 and a beta of 1.15.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data 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. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The business had revenue of $33.77 billion during the quarter, compared to analysts' expectations of $32.11 billion. During the same quarter in the prior year, the business posted $2.31 earnings per share. Analysts predict that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th were issued a dividend of $1.20 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $4.80 annualized dividend and a dividend yield of 3.6%. Phillips 66's payout ratio is 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.

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