Concurrent Investment Advisors LLC Grows Position in Phillips 66 $PSX

Key Points

• Concurrent Investment Advisors LLC increased its stake in Phillips 66 by 66.7% in Q4, buying an additional 22,668 shares to hold 56,656 shares valued at about $7.31 million.
• Several analysts have raised price targets on PSX recently, but the consensus remains a Hold with an average target of $181.33 (11 Buys, 12 Holds).
• Phillips 66 reported Q4 EPS of $2.47 (beating $2.15 estimates) and declared a quarterly dividend of $1.27 ($5.08 annualized), implying a ~3.1% yield with an ex-dividend/record date of May 18 and payment on June 1.

Concurrent Investment Advisors LLC grew its position in Phillips 66 (NYSE:PSX - Free Report) by 66.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,656 shares of the oil and gas company's stock after purchasing an additional 22,668 shares during the period. Concurrent Investment Advisors LLC's holdings in Phillips 66 were worth $7,311,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Board of the Pension Protection Fund acquired a new position in Phillips 66 during the fourth quarter valued at approximately $26,000. Accordant Advisory Group Inc increased its position in shares of Phillips 66 by 900.0% in the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company's stock worth $26,000 after acquiring an additional 180 shares in the last quarter. Eagle Bay Advisors LLC purchased a new position in shares of Phillips 66 in the 4th quarter valued at $27,000. Stephens Consulting LLC lifted its holdings in shares of Phillips 66 by 67.7% during the 4th quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company's stock valued at $29,000 after acquiring an additional 90 shares in the last quarter. Finally, Dorato Capital Management acquired a new position in shares of Phillips 66 during the 4th quarter valued at $35,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Analysts Set New Price Targets

PSX has been the subject of several recent research reports. Piper Sandler increased their price target on Phillips 66 from $168.00 to $177.00 and gave the company a "neutral" rating in a report on Wednesday, April 8th. JPMorgan Chase & Co. boosted their price objective on Phillips 66 from $161.00 to $188.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 8th. BMO Capital Markets increased their target price on Phillips 66 from $175.00 to $195.00 and gave the company an "outperform" rating in a research note on Tuesday, April 7th. Wolfe Research raised their target price on Phillips 66 from $187.00 to $193.00 and gave the company an "outperform" rating in a report on Monday, April 6th. Finally, Wells Fargo & Company boosted their price target on Phillips 66 from $163.00 to $201.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 31st. Eleven equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $181.33.

Phillips 66 Stock Performance

Phillips 66 stock opened at $162.83 on Monday. Phillips 66 has a 12-month low of $101.54 and a 12-month high of $190.61. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.30 and a quick ratio of 0.91. The company has a market capitalization of $65.25 billion, a price-to-earnings ratio of 15.05, a price-to-earnings-growth ratio of 0.30 and a beta of 0.76. The firm's fifty day moving average price is $166.67 and its 200 day moving average price is $148.12.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share for the quarter, beating analysts' consensus estimates of $2.15 by $0.32. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. The company had revenue of $32.16 billion during the quarter, compared to analysts' expectations of $33.81 billion. During the same period in the prior year, the company posted ($0.15) EPS. On average, research analysts forecast that Phillips 66 will post 14.12 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 18th will be issued a $1.27 dividend. The ex-dividend date of this dividend is Monday, May 18th. This represents a $5.08 dividend on an annualized basis and a yield of 3.1%. Phillips 66's dividend payout ratio is currently 46.95%.

Insider Transactions at Phillips 66

In other Phillips 66 news, Director Lisa Ann Davis sold 3,800 shares of the firm's stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $174.37, for a total transaction of $662,606.00. Following the completion of the sale, the director owned 8,701 shares in the company, valued at $1,517,193.37. This trade represents a 30.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of the company's stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $150.00, for a total value of $659,100.00. Following the completion of the transaction, the executive vice president directly owned 25,799 shares in the company, valued at approximately $3,869,850. The trade was a 14.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 95,923 shares of company stock valued at $16,399,619 in the last three months. 0.40% of the stock is currently owned by company insiders.

About Phillips 66

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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