GC Wealth Management RIA LLC Takes $1.39 Million Position in Phillips 66 $PSX

Key Points

• GC Wealth Management RIA LLC purchased a **new position** in Phillips 66, acquiring **11,688 shares** valued at approximately **$1.39 million** during the second quarter.
• Several institutional investors, including Elliott Investment Management and Nuveen LLC, have significantly increased their stakes in Phillips 66, now owned by hedge funds and institutional investors at **76.93%** of the company's stock.
• Phillips 66 recently reported **earnings of $2.38 per share**, exceeding expectations, along with announcing a **quarterly dividend** of **$1.20**, resulting in a **3.5% yield**.

GC Wealth Management RIA LLC purchased a new position in shares of Phillips 66 (NYSE:PSX - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,688 shares of the oil and gas company's stock, valued at approximately $1,394,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PSX. Elliott Investment Management L.P. raised its position 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 worth $1,941,723,000 after acquiring an additional 14,950,000 shares during the period. Nuveen LLC purchased a new position in shares of Phillips 66 in the 1st quarter valued at about $156,482,000. Price T Rowe Associates Inc. MD raised its holdings in Phillips 66 by 11.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company's stock worth $828,442,000 after purchasing an additional 682,459 shares during the period. Invesco Ltd. raised its holdings in Phillips 66 by 15.9% in the 1st quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock worth $588,489,000 after purchasing an additional 653,248 shares during the period. Finally, Kingstone Capital Partners Texas LLC purchased a new position in Phillips 66 during the second quarter worth approximately $72,897,000. Institutional investors and hedge funds own 76.93% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PSX shares. Morgan Stanley upped their target price on Phillips 66 from $122.00 to $128.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Barclays boosted their price target on shares of Phillips 66 from $115.00 to $127.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 9th. JPMorgan Chase & Co. set a $115.00 price objective on shares of Phillips 66 in a report on Wednesday, June 18th. Bank of America lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and lifted their target price for the company from $144.00 to $147.00 in a research report on Wednesday, September 3rd. Finally, TD Cowen upped their price target 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. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $139.44.

Phillips 66 Stock Down 1.3%

Shares of NYSE PSX opened at $137.62 on Tuesday. The stock has a market cap of $55.62 billion, a PE ratio of 33.08, a P/E/G ratio of 1.98 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 has a 12-month low of $91.01 and a 12-month high of $142.35. The company has a 50-day moving average of $128.17 and a 200 day moving average of $120.21.

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

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th were issued a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 3.5%. The ex-dividend date was Tuesday, August 19th. Phillips 66's dividend payout ratio is presently 115.38%.

Insider Buying and Selling

In other news, Director Sigmund L. Cornelius acquired 500 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The stock was purchased at an average cost of $123.55 per share, for a total transaction of $61,775.00. Following the completion of the transaction, the director owned 21,543 shares in the company, valued at approximately $2,661,637.65. This trade represents a 2.38% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of Phillips 66 stock in a transaction dated Friday, September 26th. The stock was sold at an average price of $140.00, for a total transaction of $615,020.00. Following the transaction, the executive vice president directly owned 34,587 shares in the company, valued at $4,842,180. This trade represents a 11.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 9,850 shares of company stock valued at $1,188,910 and sold 13,179 shares valued at $1,779,165. 0.22% of the stock is currently owned by insiders.

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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