Focus Partners Wealth Has $50.52 Million Stock Holdings in Phillips 66 $PSX

Key Points

• Focus Partners Wealth increased its holdings in Phillips 66 by 2.2%, owning approximately $50.52 million worth of 409,156 shares as of the end of the most recent quarter.
• Phillips 66 recently reported better-than-expected earnings of $2.38 per share, surpassing the consensus estimate of $1.79, with quarterly revenues of $33.77 billion, exceeding analyst projections.
• Analysts have shown a positive outlook for Phillips 66, with multiple upgrades in target prices and a consensus rating of "Moderate Buy," setting an average target price of $135.80.

Focus Partners Wealth increased its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 2.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 409,156 shares of the oil and gas company's stock after buying an additional 8,777 shares during the period. Focus Partners Wealth owned about 0.10% of Phillips 66 worth $50,523,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Pacific Center for Financial Services acquired a new stake in Phillips 66 during the 4th quarter worth approximately $27,000. von Borstel & Associates Inc. acquired a new stake in Phillips 66 during the 1st quarter worth approximately $27,000. Olde Wealth Management LLC acquired a new stake in Phillips 66 during the 1st quarter worth approximately $28,000. Wood Tarver Financial Group LLC acquired a new stake in Phillips 66 during the 4th quarter worth approximately $29,000. Finally, Opal Wealth Advisors LLC acquired a new stake in Phillips 66 during the 1st quarter worth approximately $29,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PSX has been the topic of several recent research reports. TD Cowen lifted 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. JPMorgan Chase & Co. set a $115.00 price target on shares of Phillips 66 in a research report on Wednesday, June 18th. Argus upgraded shares of Phillips 66 to a "strong-buy" rating in a research report on Thursday, July 31st. 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. Finally, Morgan Stanley boosted their price target on shares of Phillips 66 from $122.00 to $128.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $135.80.

Phillips 66 Stock Down 0.7%

Shares of NYSE PSX opened at $131.35 on Thursday. The company's 50 day moving average price is $126.75 and its 200-day moving average price is $119.52. The company has a market capitalization of $53.08 billion, a P/E ratio of 31.57, a price-to-earnings-growth ratio of 2.06 and a beta of 1.15. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $140.60.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.59. The company had revenue of $33.77 billion during the quarter, compared to analyst estimates 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 previous year, the business posted $2.31 EPS. Equities analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were paid a $1.20 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $4.80 annualized dividend and a dividend yield of 3.7%. Phillips 66's payout ratio is currently 115.38%.

Insider Buying and Selling

In related news, Director Sigmund L. Cornelius acquired 500 shares of the stock in a transaction dated Thursday, July 31st. The stock was bought at an average price of $123.55 per share, for a total transaction of $61,775.00. Following the purchase, the director directly owned 21,543 shares of the company's stock, valued at $2,661,637.65. The trade was a 2.38% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gregory Hayes acquired 8,350 shares of the stock in a transaction dated Thursday, August 14th. The stock was bought at an average price of $119.90 per share, with a total value of $1,001,165.00. Following the purchase, the director directly 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 disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 9,850 shares of company stock worth $1,188,910 and have sold 18,586 shares worth $2,389,145. 0.22% of the stock is owned by insiders.

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.

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