Independent Advisor Alliance Boosts Holdings in Phillips 66 (NYSE:PSX)

Key Points

• Independent Advisor Alliance increased its holdings in Phillips 66 by 11.1%, owning 30,820 shares valued at approximately $3.8 million.
• Phillips 66 will pay a quarterly dividend of $1.20 per share on September 2nd, representing an annualized yield of 4.1%.
• Phillips 66 reported $2.38 earnings per share for the last quarter, surpassing analyst estimates and achieving $33.77 billion in revenue.

Independent Advisor Alliance grew its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 11.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 30,820 shares of the oil and gas company's stock after purchasing an additional 3,080 shares during the period. Independent Advisor Alliance's holdings in Phillips 66 were worth $3,806,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in PSX. Cohen & Steers Inc. increased its stake in shares of Phillips 66 by 40.3% in the fourth quarter. Cohen & Steers Inc. now owns 91,663 shares of the oil and gas company's stock worth $10,443,000 after buying an additional 26,318 shares during the last quarter. Cary Street Partners Financial LLC bought a new stake in shares of Phillips 66 in the fourth quarter worth $4,333,000. Wealth Enhancement Advisory Services LLC increased its stake in shares of Phillips 66 by 20.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 158,934 shares of the oil and gas company's stock worth $19,625,000 after buying an additional 26,825 shares during the last quarter. Alta Advisers Ltd acquired a new position in Phillips 66 in the first quarter worth $253,000. Finally, Advisory Resource Group boosted its holdings in Phillips 66 by 6.8% in the first quarter. Advisory Resource Group now owns 256,327 shares of the oil and gas company's stock worth $31,651,000 after purchasing an additional 16,300 shares during the period. Hedge funds and other institutional investors own 76.93% of the company's stock.

Insider Buying and Selling

In other Phillips 66 news, Director Sigmund L. Cornelius purchased 500 shares of the business's stock in a transaction on Thursday, July 31st. The stock was bought at an average cost of $123.55 per share, with a total value of $61,775.00. Following the acquisition, the director owned 21,543 shares of the company's stock, valued at $2,661,637.65. The trade was a 2.38% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Michael A. Heim purchased 1,000 shares of the business's stock in a transaction on Wednesday, July 30th. The stock was acquired at an average cost of $125.97 per share, with a total value of $125,970.00. Following the completion of the acquisition, the director directly owned 12,043 shares in the company, valued at $1,517,056.71. The trade was a 9.06% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 1,939 shares of company stock worth $237,725 in the last ninety days. Insiders own 0.22% of the company's stock.

Phillips 66 Stock Performance

PSX stock opened at $118.36 on Tuesday. The company has a market capitalization of $47.83 billion, a P/E ratio of 28.45, a PEG ratio of 1.61 and a beta of 1.09. The company has a 50-day simple moving average of $123.17 and a 200 day simple moving average of $118.86. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $140.85. 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 posted 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. The business had revenue of $33.77 billion during the quarter, compared to the consensus estimate of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same quarter in the prior year, the company posted $2.31 earnings per share. Sell-side analysts predict that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Tuesday, August 19th. Phillips 66's dividend payout ratio is presently 115.38%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PSX shares. Evercore ISI started coverage on shares of Phillips 66 in a report on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 price objective for the company. Citigroup downgraded shares of 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 report on Wednesday, July 16th. Barclays lifted their price objective 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. TD Cowen lifted their price objective on shares of Phillips 66 from $130.00 to $134.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Finally, Cantor Fitzgerald initiated coverage on shares of Phillips 66 in a report on Wednesday, June 18th. They issued a "neutral" rating for the company. Ten research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Phillips 66 currently has an average rating of "Moderate Buy" and an average price target of $136.20.

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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