Ethos Financial Group LLC Increases Stake in Phillips 66 $PSX

Key Points

• Ethos Financial Group LLC significantly increased its stake in Phillips 66 by acquiring 8,880 shares, resulting in a total of 11,334 shares valued at approximately $1.35 million.
• Phillips 66's most recent earnings report showed an **earnings per share (EPS)** of $2.38, surpassing analysts' expectations of $1.79, with revenue hitting $33.77 billion.
• The company announced a quarterly dividend of $1.20 per share with a yield of 3.9%, scheduled for payment on September 2nd.

Ethos Financial Group LLC grew its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 361.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 11,334 shares of the oil and gas company's stock after acquiring an additional 8,880 shares during the quarter. Ethos Financial Group LLC's holdings in Phillips 66 were worth $1,353,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its position in shares of Phillips 66 by 283.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company's stock valued at $686,618,000 after acquiring an additional 4,455,220 shares during the last quarter. Invesco Ltd. boosted its position in shares of Phillips 66 by 15.9% during the 1st quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock valued at $588,489,000 after acquiring an additional 653,248 shares during the last quarter. Northern Trust Corp boosted its position in shares of Phillips 66 by 10.6% during the 4th quarter. Northern Trust Corp now owns 4,589,079 shares of the oil and gas company's stock valued at $522,834,000 after acquiring an additional 440,107 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Phillips 66 by 9.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,014,113 shares of the oil and gas company's stock valued at $457,257,000 after acquiring an additional 357,705 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Phillips 66 by 11.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,781,064 shares of the oil and gas company's stock valued at $466,886,000 after acquiring an additional 377,132 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Trading Up 1.0%

PSX stock traded up $1.2710 during midday trading on Wednesday, reaching $123.4410. The company's stock had a trading volume of 1,720,313 shares, compared to its average volume of 3,341,913. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. The stock has a fifty day simple moving average of $124.05 and a two-hundred day simple moving average of $118.93. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $140.85. The firm has a market capitalization of $49.89 billion, a price-to-earnings ratio of 29.67, a PEG ratio of 1.66 and a beta of 1.09.

Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $32.11 billion. During the same quarter last year, the firm posted $2.31 earnings per share. On average, equities research analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be paid a $1.20 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a yield of 3.9%. Phillips 66's dividend payout ratio (DPR) is presently 115.38%.

Insiders Place Their Bets

In other Phillips 66 news, Director Sigmund L. Cornelius bought 500 shares of Phillips 66 stock in a transaction on Thursday, July 31st. The shares were acquired at an average price of $123.55 per share, for a total transaction of $61,775.00. Following the completion of the purchase, the director directly owned 21,543 shares in the company, valued at approximately $2,661,637.65. This trade represents a 2.38% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Brian Mandell sold 9,800 shares of the 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 owned 56,838 shares in the company, valued at approximately $7,104,750. The trade was a 14.71% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have bought 10,289 shares of company stock valued at $1,238,890. Insiders own 0.22% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on PSX shares. Barclays increased their target price on Phillips 66 from $115.00 to $127.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 9th. Scotiabank restated a "sector perform" rating and issued a $133.00 price target on shares of Phillips 66 in a research report on Friday, July 11th. TD Cowen raised their price target on Phillips 66 from $130.00 to $134.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Piper Sandler restated a "neutral" rating and issued a $145.00 price target (up from $144.00) on shares of Phillips 66 in a research report on Monday, August 4th. Finally, Wells Fargo & Company lowered their price target on Phillips 66 from $149.00 to $147.00 and set an "overweight" rating for the company in a research report on Wednesday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, Phillips 66 has a consensus rating of "Moderate Buy" and a consensus target price of $136.20.

Phillips 66 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.