Martin Capital Partners LLC Grows Position in Phillips 66 $PSX

Key Points

• Martin Capital Partners LLC increased its shareholding in Phillips 66 by 248.4% during Q2, now owning 34,158 shares valued at $4.07 million.
• Phillips 66 reported $2.38 EPS for the last quarter, exceeding analysts' estimates of $1.79, with revenues reaching $33.77 billion.
• The company's recent dividend payment was $1.20 per share, leading to an annualized dividend yield of 3.7%, despite a high payout ratio of 115.38%.

Martin Capital Partners LLC boosted its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 248.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,158 shares of the oil and gas company's stock after buying an additional 24,354 shares during the period. Martin Capital Partners LLC's holdings in Phillips 66 were worth $4,075,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. von Borstel & Associates Inc. bought a new position in Phillips 66 during the 1st quarter valued at approximately $27,000. Olde Wealth Management LLC bought a new position in Phillips 66 during the 1st quarter valued at approximately $28,000. Opal Wealth Advisors LLC bought a new position in Phillips 66 during the 1st quarter valued at approximately $29,000. Pacific Center for Financial Services bought a new position in Phillips 66 during the 4th quarter valued at approximately $27,000. Finally, Smallwood Wealth Investment Management LLC bought a new position in Phillips 66 during the 1st quarter valued at approximately $29,000. Institutional investors own 76.93% of the company's stock.

Analyst Ratings Changes

PSX has been the subject of a number of analyst reports. JPMorgan Chase & Co. set a $115.00 price objective on Phillips 66 in a research report on Wednesday, June 18th. Argus raised Phillips 66 to a "strong-buy" rating in a report on Thursday, July 31st. Wall Street Zen raised Phillips 66 from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Piper Sandler lifted their target price on Phillips 66 from $144.00 to $154.00 and gave the stock a "neutral" rating in a report on Thursday. Finally, Wells Fargo & Company reduced their target price on Phillips 66 from $149.00 to $147.00 and set an "overweight" rating for the company in a report on Wednesday, June 11th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $136.40.

Phillips 66 Stock Performance

Shares of PSX opened at $130.77 on Monday. 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 one year low of $91.01 and a one year high of $140.60. The firm has a market capitalization of $52.85 billion, a P/E ratio of 31.44, a PEG ratio of 1.95 and a beta of 1.15. The business has a fifty day moving average of $126.95 and a 200 day moving average of $119.49.

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 EPS 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 during the quarter, compared to analyst estimates of $32.11 billion. During the same quarter in the previous year, the company posted $2.31 earnings per share. As a group, sell-side analysts anticipate 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. Investors of record on Tuesday, August 19th were issued a $1.20 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $4.80 annualized dividend and a dividend yield of 3.7%. Phillips 66's payout ratio is presently 115.38%.

Insider Buying and Selling

In other news, Director Michael A. Heim acquired 1,000 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The stock was bought at an average price 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 of the company's stock, valued at approximately $1,517,056.71. The trade was a 9.06% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gregory Hayes acquired 8,350 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average cost of $119.90 per share, with a total value of $1,001,165.00. Following the acquisition, the director directly owned 29,423 shares of the company's stock, valued at $3,527,817.70. This trade represents a 39.62% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 9,850 shares of company stock valued at $1,188,910 and have sold 18,586 shares valued at $2,389,145. 0.22% of the stock is currently owned by insiders.

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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