Parr Mcknight Wealth Management Group LLC Makes New Investment in Phillips 66 (NYSE:PSX)

Parr Mcknight Wealth Management Group LLC bought a new position in shares of Phillips 66 (NYSE:PSX - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 32,177 shares of the oil and gas company's stock, valued at approximately $3,666,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. NewEdge Wealth LLC boosted its stake in Phillips 66 by 0.5% during the 4th quarter. NewEdge Wealth LLC now owns 15,199 shares of the oil and gas company's stock valued at $1,732,000 after purchasing an additional 81 shares during the last quarter. JBR Co Financial Management Inc lifted its holdings in shares of Phillips 66 by 0.9% in the fourth quarter. JBR Co Financial Management Inc now owns 9,520 shares of the oil and gas company's stock valued at $1,085,000 after purchasing an additional 85 shares in the last quarter. Nwam LLC lifted its holdings in shares of Phillips 66 by 2.2% in the fourth quarter. Nwam LLC now owns 3,876 shares of the oil and gas company's stock valued at $442,000 after purchasing an additional 85 shares in the last quarter. Webster Bank N. A. boosted its position in shares of Phillips 66 by 48.4% during the fourth quarter. Webster Bank N. A. now owns 270 shares of the oil and gas company's stock valued at $31,000 after buying an additional 88 shares during the last quarter. Finally, PFG Private Wealth Management LLC grew its holdings in Phillips 66 by 7.7% during the fourth quarter. PFG Private Wealth Management LLC now owns 1,233 shares of the oil and gas company's stock worth $140,000 after buying an additional 88 shares in the last quarter. Institutional investors own 76.93% of the company's stock.

Phillips 66 Stock Up 1.1%

Shares of NYSE PSX opened at $112.97 on Friday. The business has a 50-day simple moving average of $110.91 and a two-hundred day simple moving average of $119.13. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $150.12. The company has a market cap of $46.03 billion, a P/E ratio of 22.87, a P/E/G ratio of 4.84 and a beta of 1.01. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.97). The firm had revenue of $31.92 billion during the quarter, compared to the consensus estimate of $31.93 billion. Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. During the same period in the previous year, the business earned $1.90 earnings per share. Research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be paid a $1.20 dividend. This is a positive change from Phillips 66's previous quarterly dividend of $1.15. This represents a $4.80 dividend on an annualized basis and a yield of 4.25%. The ex-dividend date of this dividend is Monday, May 19th. Phillips 66's dividend payout ratio is currently 109.34%.

Analysts Set New Price Targets

A number of research firms have issued reports on PSX. UBS Group cut their price objective on shares of Phillips 66 from $144.00 to $140.00 and set a "buy" rating on the stock in a report on Monday, April 28th. Wells Fargo & Company cut their price target on shares of Phillips 66 from $162.00 to $149.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. Scotiabank decreased their price objective on shares of Phillips 66 from $136.00 to $133.00 and set a "sector outperform" rating for the company in a research note on Friday, April 11th. TD Cowen upped their target price on Phillips 66 from $114.00 to $120.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. Finally, Morgan Stanley lowered their target price on Phillips 66 from $140.00 to $122.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 24th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $137.86.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.