Pacific Heights Asset Management LLC Increases Stock Holdings in Phillips 66 $PSX

Key Points

• Pacific Heights Asset Management LLC has increased its stock holdings in Phillips 66 by 20%, owning a total of 90,000 shares valued at approximately $10.7 million after purchasing an additional 15,000 shares.
• Several analysts have revised their price targets for Phillips 66, with Evercore ISI raising the target from $130 to $170 and Argus upgrading the stock to a strong-buy rating.
• Phillips 66 announced a quarterly dividend of $1.20 per share, which will be paid on December 1, 2023, reflecting an annualized yield of 3.7%.

Pacific Heights Asset Management LLC boosted its position in Phillips 66 (NYSE:PSX - Free Report) by 20.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 90,000 shares of the oil and gas company's stock after purchasing an additional 15,000 shares during the period. Pacific Heights Asset Management LLC's holdings in Phillips 66 were worth $10,737,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Wolff Wiese Magana LLC raised its stake in shares of Phillips 66 by 62.1% in the second quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company's stock worth $26,000 after buying an additional 82 shares during the period. von Borstel & Associates Inc. bought a new position in shares of Phillips 66 in the first quarter worth about $27,000. Olde Wealth Management LLC bought a new position in shares of Phillips 66 in the first quarter worth about $28,000. Smallwood Wealth Investment Management LLC bought a new position in shares of Phillips 66 in the first quarter worth about $29,000. Finally, Pinpoint Asset Management Ltd bought a new position in shares of Phillips 66 in the first quarter worth about $29,000. Institutional investors own 76.93% of the company's stock.

Insider Buying and Selling

In related news, Director Sigmund L. Cornelius bought 500 shares of the company's stock in a transaction dated Thursday, July 31st. The stock was purchased at an average price of $123.55 per share, for a total transaction of $61,775.00. Following the acquisition, the director owned 21,543 shares in the company, valued at $2,661,637.65. This trade represents a 2.38% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of Phillips 66 stock in a transaction that occurred on Friday, September 26th. The stock was sold at an average price of $140.00, for a total value of $615,020.00. Following the completion of the transaction, the executive vice president owned 34,587 shares of the company's stock, valued at approximately $4,842,180. This trade represents a 11.27% decrease in their position. The disclosure for this sale can be found here. Insiders have bought a total of 9,850 shares of company stock worth $1,188,910 in the last 90 days. Company insiders own 0.22% of the company's stock.

Phillips 66 Stock Performance

NYSE PSX opened at $128.58 on Wednesday. The stock has a market capitalization of $51.96 billion, a PE ratio of 30.91, a P/E/G ratio of 1.81 and a beta of 1.11. The business has a 50 day simple moving average of $130.84 and a two-hundred day simple moving average of $121.16. 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 $142.35.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings results 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 during the quarter, compared to analysts' expectations of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.During the same quarter last year, the business posted $2.31 EPS. On average, research analysts predict that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be issued a $1.20 dividend. The ex-dividend date is Monday, November 17th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.7%. Phillips 66's payout ratio is 115.38%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Evercore ISI raised their price objective on Phillips 66 from $130.00 to $170.00 and gave the stock an "outperform" rating in a research note on Friday, September 19th. Citigroup downgraded Phillips 66 from a "buy" rating to a "neutral" rating and raised their price objective for the stock from $126.00 to $130.00 in a research note on Wednesday, July 16th. Jefferies Financial Group lifted their target price on Phillips 66 from $133.00 to $137.00 and gave the company a "hold" rating in a research note on Friday, October 10th. TD Cowen lifted their target price on Phillips 66 from $130.00 to $134.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Finally, Argus raised Phillips 66 to a "strong-buy" rating in a research note on Thursday, July 31st. Three equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat.com, Phillips 66 currently has a consensus rating of "Moderate Buy" and a consensus target price of $141.50.

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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