First Fiduciary Investment Counsel Inc. Increases Position in Phillips 66 $PSX

Key Points

• First Fiduciary Investment Counsel Inc. increased its stake in Phillips 66 by 7.5% during the second quarter, bringing its total holdings to 56,810 shares valued at approximately $6.78 million.
• Several institutional investors significantly boosted their positions in Phillips 66, with Elliott Investment Management increasing its holdings by a staggering 1,929% to own 15.7 million shares worth about $1.94 billion.
• Phillips 66 announced a quarterly dividend of $1.20 per share, payable on December 1st, with a current dividend yield of 3.8% and a payout ratio of 115.38%.

First Fiduciary Investment Counsel Inc. grew its holdings in Phillips 66 (NYSE:PSX - Free Report) by 7.5% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 56,810 shares of the oil and gas company's stock after buying an additional 3,941 shares during the period. First Fiduciary Investment Counsel Inc.'s holdings in Phillips 66 were worth $6,777,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Elliott Investment Management L.P. raised 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 buying an additional 14,950,000 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Phillips 66 by 11.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company's stock valued at $828,442,000 after purchasing an additional 682,459 shares during the last quarter. Invesco Ltd. grew its position in shares of Phillips 66 by 15.9% in the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock valued at $588,489,000 after purchasing an additional 653,248 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Phillips 66 by 11.1% in the first 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 purchasing an additional 377,132 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Phillips 66 by 3.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,103,316 shares of the oil and gas company's stock worth $383,197,000 after acquiring an additional 100,321 shares during the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, Director Michael A. Heim bought 1,000 shares of the business's stock in a transaction dated Wednesday, July 30th. The shares were acquired at an average price of $125.97 per share, with a total value of $125,970.00. Following the purchase, the director owned 12,043 shares in the company, valued at approximately $1,517,056.71. The trade was a 9.06% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gregory Hayes bought 8,350 shares of the business's stock in a transaction dated 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 purchase, the director 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 quarter, insiders acquired 9,850 shares of company stock worth $1,188,910. 0.22% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. TD Cowen raised their target price on shares of Phillips 66 from $130.00 to $134.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Mizuho lifted their price target on shares of Phillips 66 from $140.00 to $142.00 and gave the company a "neutral" rating in a report on Monday, September 15th. Argus upgraded shares of Phillips 66 to a "strong-buy" rating in a report on Thursday, July 31st. JPMorgan Chase & Co. set a $115.00 price target on shares of Phillips 66 in a report on Wednesday, June 18th. Finally, Scotiabank reiterated a "sector perform" rating and issued a $133.00 price target on shares of Phillips 66 in a report on Friday, July 11th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $140.75.

Phillips 66 Stock Performance

Shares of PSX stock opened at $127.01 on Friday. The company's fifty day simple moving average is $129.51 and its 200-day simple moving average is $120.63. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $142.35. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. The company has a market cap of $51.33 billion, a PE ratio of 30.53, a P/E/G ratio of 1.92 and a beta of 1.11.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $32.11 billion. During the same quarter last year, the firm posted $2.31 EPS. As a group, equities research analysts anticipate 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 Monday, December 1st. Stockholders of record on Monday, November 17th will be paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Monday, November 17th. Phillips 66's dividend payout ratio (DPR) is currently 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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