Evergreen Wealth Solutions LLC Acquires New Position in Phillips 66 $PSX

Key Points

• Evergreen Wealth Solutions LLC acquired 2,362 shares of Phillips 66, valued at approximately $292,000, during the first quarter of the year.
• Phillips 66 announced a quarterly dividend of $1.20 per share, with the ex-dividend date set for August 19.
• In recent analyst reports, Phillips 66 received target price increases from several firms, with an average consensus target price now at $136.20.

Evergreen Wealth Solutions LLC purchased a new position in shares of Phillips 66 (NYSE:PSX - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 2,362 shares of the oil and gas company's stock, valued at approximately $292,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. ICONIQ Capital LLC acquired a new position in Phillips 66 during the 1st quarter worth approximately $250,000. Jump Financial LLC grew its holdings in Phillips 66 by 307.1% during the 1st quarter. Jump Financial LLC now owns 11,276 shares of the oil and gas company's stock worth $1,392,000 after acquiring an additional 8,506 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Phillips 66 by 0.6% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 35,467 shares of the oil and gas company's stock worth $4,379,000 after acquiring an additional 219 shares in the last quarter. AlphaQuest LLC grew its holdings in Phillips 66 by 42.2% during the 1st quarter. AlphaQuest LLC now owns 5,984 shares of the oil and gas company's stock worth $739,000 after acquiring an additional 1,776 shares in the last quarter. Finally, Strategies Wealth Advisors LLC acquired a new position in Phillips 66 during the 1st quarter worth approximately $468,000. Institutional investors and hedge funds own 76.93% of the company's stock.

Phillips 66 Stock Performance

NYSE:PSX traded up $2.88 during trading hours on Wednesday, reaching $132.77. 2,031,744 shares of the company's stock were exchanged, compared to its average volume of 2,166,192. The firm has a market capitalization of $53.65 billion, a price-to-earnings ratio of 31.92, a P/E/G ratio of 1.76 and a beta of 1.09. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $140.85. The company has a 50-day moving average of $124.69 and a 200 day moving average of $119.24.

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, topping analysts' consensus estimates of $1.79 by $0.59. The company had revenue of $33.77 billion during the quarter, compared to the consensus estimate of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same quarter in the prior year, the firm earned $2.31 EPS. Research analysts anticipate that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders 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 dividend on an annualized basis and a yield of 3.6%. Phillips 66's dividend payout ratio is presently 115.38%.

Insider Activity at Phillips 66

In other news, Director Gregory Hayes acquired 8,350 shares of the business's stock in a transaction on Thursday, August 14th. The stock was bought at an average price of $119.90 per share, for a total transaction of $1,001,165.00. Following the transaction, the director owned 29,423 shares in the company, valued at $3,527,817.70. This represents a 39.62% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 transaction of $1,225,000.00. Following the transaction, the executive vice president owned 56,838 shares of the company's stock, 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. Insiders have bought 9,850 shares of company stock worth $1,188,910 in the last 90 days. Corporate insiders own 0.22% of the company's stock.

Analyst Ratings Changes

PSX has been the subject of several analyst reports. Wall Street Zen upgraded shares of Phillips 66 from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Mizuho upped their target price on shares of Phillips 66 from $132.00 to $138.00 and gave the company a "neutral" rating in a report on Tuesday, May 13th. Argus upgraded shares of Phillips 66 to a "strong-buy" rating in a report on Thursday, July 31st. Evercore ISI started coverage on shares of Phillips 66 in a report on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 target price for the company. Finally, Raymond James Financial set a $142.00 target price on shares of Phillips 66 and gave the company an "outperform" rating in a report on Tuesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, Phillips 66 currently has a consensus rating of "Moderate Buy" and a consensus target price of $136.20.

Phillips 66 Company 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.