Harfst & Associates Inc. Acquires Shares of 5,449 Phillips 66 (NYSE:PSX)

Key Points

• Harfst & Associates Inc. acquired 5,449 shares of Phillips 66 stock, valued at approximately $673,000, signaling growing confidence in the oil and gas company.
• Phillips 66 reported earnings of $2.38 per share, significantly exceeding analysts' expectations of $1.79, alongside a quarterly revenue of $33.77 billion.
• The company announced a quarterly dividend of $1.20 per share, reflecting a 3.9% dividend yield and a payout ratio of 115.38%.

Harfst & Associates Inc. purchased a new stake in shares of Phillips 66 (NYSE:PSX - Free Report) in the first quarter, according to its most recent filing with the SEC. The firm purchased 5,449 shares of the oil and gas company's stock, valued at approximately $673,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Ground Swell Capital LLC acquired a new stake in shares of Phillips 66 during the 1st quarter valued at approximately $203,000. William B. Walkup & Associates Inc. raised its position in shares of Phillips 66 by 4.2% during the 1st quarter. William B. Walkup & Associates Inc. now owns 15,662 shares of the oil and gas company's stock worth $1,934,000 after purchasing an additional 628 shares during the last quarter. National Pension Service raised its position in shares of Phillips 66 by 5.3% during the 1st quarter. National Pension Service now owns 1,180,552 shares of the oil and gas company's stock worth $145,775,000 after purchasing an additional 59,895 shares during the last quarter. MSH Capital Advisors LLC raised its position in shares of Phillips 66 by 3.0% during the 1st quarter. MSH Capital Advisors LLC now owns 3,456 shares of the oil and gas company's stock worth $427,000 after purchasing an additional 101 shares during the last quarter. Finally, GKV Capital Management Co. Inc. raised its position in shares of Phillips 66 by 111.5% during the 1st quarter. GKV Capital Management Co. Inc. now owns 330 shares of the oil and gas company's stock worth $41,000 after purchasing an additional 174 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Trading Up 0.7%

Shares of NYSE PSX traded up $0.89 during trading on Friday, hitting $123.62. 2,302,957 shares of the company traded hands, compared to its average volume of 2,434,668. 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 price of $123.85 and a 200-day moving average price of $118.88. The firm has a market capitalization of $49.96 billion, a P/E ratio of 29.72, a P/E/G ratio of 1.70 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 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, beating 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 company had revenue of $33.77 billion during the quarter, compared to analysts' expectations of $32.11 billion. During the same period in the previous year, the company earned $2.31 EPS. On average, equities analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th will be given a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Tuesday, August 19th. Phillips 66's dividend payout ratio is 115.38%.

Insider Activity

In related news, EVP Vanessa Allen Sutherland sold 4,393 shares of the company's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $130.00, for a total transaction of $571,090.00. Following the completion of the sale, the executive vice president directly owned 43,373 shares of the company's stock, valued at approximately $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 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 sale, the executive vice president directly owned 56,838 shares of the company's stock, valued at approximately $7,104,750. This trade represents a 14.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders bought 10,289 shares of company stock worth $1,238,890 in the last quarter. Insiders own 0.22% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PSX. Piper Sandler restated a "neutral" rating and set a $145.00 price objective (up from $144.00) on shares of Phillips 66 in a research report on Monday, August 4th. Morgan Stanley lifted their price objective on Phillips 66 from $122.00 to $128.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Mizuho lifted their price objective on Phillips 66 from $132.00 to $138.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 13th. Citigroup downgraded Phillips 66 from a "buy" rating to a "neutral" rating and lifted their price objective for the stock from $126.00 to $130.00 in a research report on Wednesday, July 16th. Finally, Cantor Fitzgerald began coverage on Phillips 66 in a research report on Wednesday, June 18th. They set a "neutral" rating for the company. Ten investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target 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.