Hilltop National Bank Takes Position in Phillips 66 $PSX

Key Points

• Hilltop National Bank acquired a new stake in Phillips 66, purchasing 9,904 shares valued at approximately $1.2 million in the second quarter.
• Analysts have mixed views on Phillips 66, with two rating it a Strong Buy, while Citigroup recently downgraded it from a "buy" to a "neutral" rating.
• Phillips 66 announced a quarterly dividend of $1.20 per share, amounting to an annualized dividend yield of 3.6%.

Hilltop National Bank purchased a new stake in Phillips 66 (NYSE:PSX - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 9,904 shares of the oil and gas company's stock, valued at approximately $1,182,000.

Other hedge funds have also made changes to their positions in the company. Wolff Wiese Magana LLC increased its position in Phillips 66 by 62.1% during the 2nd quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company's stock worth $26,000 after purchasing an additional 82 shares in the last quarter. von Borstel & Associates Inc. purchased a new stake in Phillips 66 during the 1st quarter worth about $27,000. Olde Wealth Management LLC purchased a new stake in Phillips 66 during the 1st quarter worth about $28,000. Opal Wealth Advisors LLC purchased a new stake in Phillips 66 during the 1st quarter worth about $29,000. Finally, Smallwood Wealth Investment Management LLC purchased a new stake in Phillips 66 during the 1st quarter worth about $29,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on PSX shares. Citigroup cut 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. Compass Point assumed coverage on Phillips 66 in a research report on Wednesday, June 18th. They set a "buy" rating for the company. UBS Group raised their price target on Phillips 66 from $143.00 to $150.00 and gave the stock a "buy" rating in a research note on Monday, September 22nd. Barclays raised their price target on Phillips 66 from $115.00 to $127.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 9th. Finally, Evercore ISI raised their price target on Phillips 66 from $130.00 to $170.00 and gave the stock an "outperform" rating in a research note on Friday, September 19th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $139.44.

Phillips 66 Stock Performance

NYSE PSX opened at $135.02 on Friday. The firm has a market capitalization of $54.57 billion, a P/E ratio of 32.46, a P/E/G ratio of 1.95 and a beta of 1.11. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $142.35. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. The business's 50-day simple moving average is $128.72 and its 200-day simple moving average is $120.46.

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 business had revenue of $33.77 billion for the quarter, compared to analyst estimates 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 company posted $2.31 EPS. Equities analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The company 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. This represents a $4.80 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, August 19th. Phillips 66's payout ratio is currently 115.38%.

Insider Transactions at Phillips 66

In other news, Director Gregory Hayes acquired 8,350 shares of Phillips 66 stock in a transaction dated Thursday, August 14th. The shares were acquired at an average cost of $119.90 per share, with a total value of $1,001,165.00. Following the purchase, the director directly owned 29,423 shares of the company's stock, valued at approximately $3,527,817.70. This trade represents a 39.62% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Sigmund L. Cornelius acquired 500 shares of Phillips 66 stock in a transaction dated 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 purchase, the director directly owned 21,543 shares in the company, valued at approximately $2,661,637.65. This represents a 2.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 9,850 shares of company stock valued at $1,188,910 and sold 13,179 shares valued at $1,779,165. Corporate insiders own 0.22% of the company's stock.

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.

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