Independent Financial Group LLC Buys Shares of 9,328 Phillips 66 $PSX

Key Points

• Independent Financial Group LLC bought a new stake in Phillips 66 during the first quarter, purchasing 9,328 shares valued at about $1.7 million.
• Phillips 66 reported Q1 earnings of $0.49 per share, beating estimates, while revenue came in at $32.54 billion, below expectations but still up 6.9% year over year.
• The company declared a quarterly dividend of $1.27 per share, implying an annualized dividend of $5.08 and a 2.5% yield.

Independent Financial Group LLC purchased a new stake in shares of Phillips 66 (NYSE:PSX - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 9,328 shares of the oil and gas company's stock, valued at approximately $1,699,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Prosperity Consulting Group LLC raised its stake in Phillips 66 by 6.2% in the 1st quarter. Prosperity Consulting Group LLC now owns 1,911 shares of the oil and gas company's stock valued at $348,000 after acquiring an additional 112 shares during the period. W.G. Shaheen & Associates DBA Whitney & Co boosted its position in Phillips 66 by 7.5% during the first quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 5,154 shares of the oil and gas company's stock worth $939,000 after purchasing an additional 361 shares during the period. Wealthfront Advisers LLC boosted its position in Phillips 66 by 1.4% during the first quarter. Wealthfront Advisers LLC now owns 71,498 shares of the oil and gas company's stock worth $13,026,000 after purchasing an additional 977 shares during the period. Three Seasons Wealth LLC increased its stake in shares of Phillips 66 by 3.5% in the first quarter. Three Seasons Wealth LLC now owns 3,958 shares of the oil and gas company's stock worth $721,000 after purchasing an additional 132 shares in the last quarter. Finally, MASTERINVEST Kapitalanlage GmbH purchased a new position in shares of Phillips 66 in the first quarter worth about $508,000. Institutional investors own 76.93% of the company's stock.

Phillips 66 Stock Performance

NYSE PSX opened at $206.96 on Monday. Phillips 66 has a 1 year low of $118.07 and a 1 year high of $207.14. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. The stock has a market capitalization of $82.97 billion, a PE ratio of 20.39, a P/E/G ratio of 0.27 and a beta of 0.69. The company's 50 day simple moving average is $179.03 and its two-hundred day simple moving average is $165.75.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, beating analysts' consensus estimates of ($0.54) by $1.03. The firm had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business's revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.90) EPS. Analysts predict that Phillips 66 will post 19.84 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 2.5%. The ex-dividend date is Tuesday, August 18th. Phillips 66's payout ratio is presently 50.05%.

Insider Activity

In other Phillips 66 news, Director Kevin Omar Meyers acquired 175 shares of the business's stock in a transaction dated Wednesday, May 6th. The stock was bought at an average price of $173.12 per share, with a total value of $30,296.00. Following the completion of the acquisition, the director owned 16,799 shares of the company's stock, valued at $2,908,242.88. This trade represents a 1.05% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Kevin J. Mitchell sold 29,400 shares of the company's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the completion of the transaction, the chief financial officer owned 97,376 shares in the company, valued at approximately $16,553,920. This trade represents a 23.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 41,021 shares of company stock valued at $7,195,257. 0.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently commented on PSX shares. Citigroup upped their price target on shares of Phillips 66 from $183.00 to $204.00 and gave the company a "neutral" rating in a research note on Tuesday, July 14th. Zacks Research cut shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. Wells Fargo & Company increased their target price on Phillips 66 from $163.00 to $201.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 31st. JPMorgan Chase & Co. raised their price target on Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Finally, Scotiabank lifted their price target on Phillips 66 from $140.00 to $151.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $196.06.

Phillips 66 Company Profile

Phillips 66 NYSE: PSX is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company's principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.

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