Ethic Inc. Raises Stock Holdings in Phillips 66 $PSX

Key Points

• Ethic Inc. increased its stake in Phillips 66 by 29.1%, acquiring an additional 2,649 shares to bring its total holdings to 11,744 shares valued at approximately $1.46 million.
• Phillips 66 recently reported earnings of $2.38 per share, exceeding analysts' expectations, and declared a quarterly dividend of $1.20 per share to be distributed on September 2nd.
• Wall Street analysts have mixed views on Phillips 66, with a consensus rating of "Moderate Buy" and varying price targets from different firms, the highest being $143.

Ethic Inc. lifted its stake in Phillips 66 (NYSE:PSX - Free Report) by 29.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,744 shares of the oil and gas company's stock after buying an additional 2,649 shares during the quarter. Ethic Inc.'s holdings in Phillips 66 were worth $1,460,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Forum Financial Management LP raised its stake in shares of Phillips 66 by 1.0% in the fourth quarter. Forum Financial Management LP now owns 7,486 shares of the oil and gas company's stock worth $853,000 after buying an additional 77 shares during the period. CWC Advisors LLC. grew its position in shares of Phillips 66 by 1.0% during the fourth quarter. CWC Advisors LLC. now owns 9,743 shares of the oil and gas company's stock worth $1,110,000 after purchasing an additional 92 shares in the last quarter. Hager Investment Management Services LLC grew its position in shares of Phillips 66 by 7.2% during the first quarter. Hager Investment Management Services LLC now owns 1,438 shares of the oil and gas company's stock worth $178,000 after purchasing an additional 96 shares in the last quarter. Golden State Wealth Management LLC grew its position in shares of Phillips 66 by 14.4% during the first quarter. Golden State Wealth Management LLC now owns 772 shares of the oil and gas company's stock worth $95,000 after purchasing an additional 97 shares in the last quarter. Finally, Lantern Wealth Advisors LLC grew its position in shares of Phillips 66 by 4.7% during the fourth quarter. Lantern Wealth Advisors LLC now owns 2,224 shares of the oil and gas company's stock worth $253,000 after purchasing an additional 99 shares in the last quarter. Institutional investors own 76.93% of the company's stock.

Phillips 66 Trading Up 4.3%

Shares of Phillips 66 stock traded up $5.3520 on Friday, reaching $129.8020. The company had a trading volume of 2,674,005 shares, compared to its average volume of 2,228,690. The firm has a market cap of $52.46 billion, a price-to-earnings ratio of 31.20, a P/E/G ratio of 1.68 and a beta of 1.09. 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 firm's 50-day moving average price is $124.31 and its two-hundred day moving average price is $119.05. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $140.85.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, beating 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 company posted $2.31 EPS. As a group, research analysts predict that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be issued a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Tuesday, August 19th. Phillips 66's dividend payout ratio is currently 115.38%.

Wall Street Analysts Forecast Growth

PSX has been the subject of several research analyst reports. Wall Street Zen upgraded Phillips 66 from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Argus upgraded Phillips 66 to a "strong-buy" rating in a report on Thursday, July 31st. Raymond James Financial set a $142.00 price target on Phillips 66 and gave the company an "outperform" rating in a report on Tuesday, July 15th. TD Cowen raised their price target on Phillips 66 from $130.00 to $134.00 and gave the company a "buy" rating in a report on Monday, July 28th. Finally, Scotiabank restated a "sector perform" rating and set a $133.00 price target on shares of Phillips 66 in a report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $136.20.

Insiders Place Their Bets

In other Phillips 66 news, EVP Brian Mandell sold 9,800 shares of the company's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total value of $1,225,000.00. Following the completion of the sale, the executive vice president directly owned 56,838 shares in the company, valued at approximately $7,104,750. This represents a 14.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gregory Hayes bought 8,350 shares of the stock in a transaction on Thursday, August 14th. The stock was purchased at an average price of $119.90 per share, with a total value of $1,001,165.00. Following the completion of the acquisition, the director directly owned 29,423 shares in the company, valued at approximately $3,527,817.70. This trade represents a 39.62% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 9,850 shares of company stock worth $1,188,910. 0.22% of the stock is owned by company insiders.

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.