ICONIQ Capital LLC Takes $250,000 Position in Phillips 66 $PSX

Key Points

• ICONIQ Capital LLC has acquired a new stake in Phillips 66, purchasing 2,023 shares valued at approximately $250,000.
• Several institutional investors have recently increased their positions in Phillips 66, with hedge funds owning 76.93% of the stock.
• Phillips 66 announced a quarterly dividend of $1.20 per share, with a yield of 3.7%, despite a payout ratio of 115.38%.

ICONIQ Capital LLC acquired a new stake in Phillips 66 (NYSE:PSX - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,023 shares of the oil and gas company's stock, valued at approximately $250,000.

Several other large investors have also made changes to their positions in PSX. Pacific Center for Financial Services purchased a new position in shares of Phillips 66 in the fourth quarter valued at about $27,000. von Borstel & Associates Inc. purchased a new position in shares of Phillips 66 in the first quarter valued at about $27,000. Olde Wealth Management LLC purchased a new position in shares of Phillips 66 in the first quarter valued at about $28,000. Wood Tarver Financial Group LLC purchased a new position in shares of Phillips 66 in the fourth quarter valued at about $29,000. Finally, Opal Wealth Advisors LLC purchased a new position in shares of Phillips 66 in the first quarter valued at about $29,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Phillips 66

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 4,393 shares of the business's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $130.00, for a total transaction 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. The trade was a 9.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael A. Heim bought 1,000 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were acquired at an average price of $125.97 per share, with a total value of $125,970.00. Following the transaction, the director directly owned 12,043 shares of the company's stock, valued at approximately $1,517,056.71. This trade represents a 9.06% increase in their ownership of the stock. 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 ninety days. 0.22% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on PSX shares. Tudor Pickering cut Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 22nd. Evercore ISI started coverage on Phillips 66 in a report on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 target price on the stock. Cantor Fitzgerald started coverage on Phillips 66 in a report on Wednesday, June 18th. They issued a "neutral" rating on the stock. Argus raised Phillips 66 to a "strong-buy" rating in a report on Thursday, July 31st. Finally, JPMorgan Chase & Co. set a $115.00 target price on Phillips 66 in a report on Wednesday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat, Phillips 66 currently has an average rating of "Moderate Buy" and a consensus target price of $136.20.

Phillips 66 Trading Down 0.2%

Shares of NYSE PSX opened at $129.6760 on Tuesday. The business's 50 day moving average is $124.43 and its two-hundred day moving average is $119.07. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $140.85. The stock has a market capitalization of $52.40 billion, a P/E ratio of 31.17, a PEG ratio of 1.76 and a beta of 1.09.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings data 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. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.The company had revenue of $33.77 billion for the quarter, compared to analysts' expectations of $32.11 billion. During the same period in the previous year, the firm posted $2.31 earnings per share. As a group, research analysts expect that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, August 19th. Phillips 66's 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.

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