Gamco Investors INC. ET AL Purchases 2,940 Shares of Phillips 66 $PSX

Key Points

• Gamco Investors INC. ET AL increased its stake in Phillips 66 by 77.7%, acquiring an additional 2,940 shares, bringing their total holdings to 6,723 shares valued at approximately $830,000.
• Phillips 66 reported a quarterly earnings per share of $2.38, exceeding analysts' estimates of $1.79, and a revenue of $33.77 billion, surpassing expectations of $32.11 billion.
• The company recently declared a quarterly dividend of $1.20 per share, which translates to an annualized dividend yield of 3.6% and a payout ratio of 115.38%.

Gamco Investors INC. ET AL raised its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 77.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,723 shares of the oil and gas company's stock after purchasing an additional 2,940 shares during the period. Gamco Investors INC. ET AL's holdings in Phillips 66 were worth $830,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in PSX. von Borstel & Associates Inc. bought a new position in Phillips 66 during the 1st quarter worth approximately $27,000. Olde Wealth Management LLC bought a new position in Phillips 66 during the first quarter worth $28,000. Opal Wealth Advisors LLC bought a new position in Phillips 66 during the first quarter worth $29,000. Pacific Center for Financial Services bought a new position in Phillips 66 during the fourth quarter worth $27,000. Finally, Smallwood Wealth Investment Management LLC bought a new position in shares of Phillips 66 in the 1st quarter worth about $29,000. 76.93% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 4,393 shares of the company's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $130.00, for a total value of $571,090.00. Following the completion of the transaction, the executive vice president owned 43,373 shares in the company, valued at $5,638,490. This represents a 9.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gregory Hayes purchased 8,350 shares of Phillips 66 stock in a transaction that occurred on Thursday, August 14th. The shares were bought at an average price of $119.90 per share, with a total value of $1,001,165.00. Following the transaction, the director owned 29,423 shares of the company's stock, valued at $3,527,817.70. This trade represents a 39.62% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 9,850 shares of company stock valued at $1,188,910 over the last quarter. Corporate insiders own 0.22% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PSX shares. Scotiabank reissued a "sector perform" rating and issued a $133.00 price objective on shares of Phillips 66 in a research report on Friday, July 11th. Compass Point initiated coverage on Phillips 66 in a report on Wednesday, June 18th. They issued a "buy" rating for the company. Barclays lifted their target price on Phillips 66 from $115.00 to $127.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 9th. Piper Sandler reiterated a "neutral" rating and issued a $145.00 price objective (up previously from $144.00) on shares of Phillips 66 in a research note on Monday, August 4th. Finally, Citigroup lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $126.00 to $130.00 in a research note on Wednesday, July 16th. One investment 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 company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $136.20.

Phillips 66 Stock Up 0.6%

Phillips 66 stock traded up $0.86 during trading on Monday, hitting $133.69. 1,530,714 shares of the company were exchanged, compared to its average volume of 1,979,315. The business's 50 day moving average is $125.28 and its 200 day moving average is $119.29. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $140.85. The company has a market capitalization of $54.03 billion, a P/E ratio of 32.14, a PEG ratio of 1.81 and a beta of 1.15. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The firm had revenue of $33.77 billion during the quarter, compared to analyst estimates of $32.11 billion. During the same quarter in the prior year, the business posted $2.31 EPS. Analysts predict that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

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 $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, August 19th. Phillips 66's dividend payout ratio is presently 115.38%.

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.