Patton Fund Management Inc. Invests $253,000 in Phillips 66 $PSX

Key Points

• Patton Fund Management Inc. invested approximately $253,000 in 2,117 shares of Phillips 66 during the second quarter, reflecting growing interest from institutional investors.
• Wall Street analysts have a generally positive outlook on Phillips 66, with price target increases from firms like TD Cowen and UBS, indicating a "buy" or "strong-buy" rating.
• Phillips 66 recently declared a quarterly dividend of $1.20 per share, translating to an annualized dividend yield of 3.4%, despite a high payout ratio of 115.38%.

Patton Fund Management Inc. purchased a new position in Phillips 66 (NYSE:PSX - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,117 shares of the oil and gas company's stock, valued at approximately $253,000.

Other institutional investors have also recently made changes to their positions in the company. von Borstel & Associates Inc. bought a new position in shares of Phillips 66 in the 1st quarter worth $27,000. Olde Wealth Management LLC purchased a new stake in shares of Phillips 66 in the 1st quarter valued at $28,000. Opal Wealth Advisors LLC purchased a new stake in Phillips 66 during the 1st quarter valued at $29,000. Smallwood Wealth Investment Management LLC purchased a new stake in Phillips 66 during the 1st quarter valued at $29,000. Finally, Pinpoint Asset Management Ltd purchased a new stake in Phillips 66 during the 1st quarter valued at $29,000. Institutional investors own 76.93% of the company's stock.

Wall Street Analyst Weigh In

PSX has been the subject of several research reports. TD Cowen increased their price target on shares of Phillips 66 from $130.00 to $134.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. UBS Group lifted their price target on shares of Phillips 66 from $143.00 to $150.00 and gave the company a "buy" rating in a report on Monday, September 22nd. Argus raised shares of Phillips 66 to a "strong-buy" rating in a report on Thursday, July 31st. Jefferies Financial Group upped their price target on shares of Phillips 66 from $130.00 to $133.00 and gave the company a "hold" rating in a research note on Monday, September 15th. Finally, Cantor Fitzgerald assumed coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They set a "neutral" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eleven have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $139.38.

Insider Activity at Phillips 66

In related news, Director Michael A. Heim purchased 1,000 shares of the business's stock in a transaction dated Wednesday, July 30th. The shares were purchased at an average cost of $125.97 per share, for a total transaction of $125,970.00. Following the completion of the acquisition, the director owned 12,043 shares in the company, valued at approximately $1,517,056.71. This trade represents a 9.06% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the company's stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $135.00, for a total transaction of $593,055.00. Following the completion of the sale, the executive vice president directly owned 38,980 shares of the company's stock, valued at approximately $5,262,300. This trade represents a 10.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have bought 9,850 shares of company stock valued at $1,188,910. Company insiders own 0.22% of the company's stock.

Phillips 66 Trading Up 0.3%

PSX stock opened at $139.45 on Friday. 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 has a twelve month low of $91.01 and a twelve month high of $142.35. The stock has a market capitalization of $56.35 billion, a price-to-earnings ratio of 33.52, a price-to-earnings-growth ratio of 1.98 and a beta of 1.15. The firm's fifty day simple moving average is $127.94 and its two-hundred day simple moving average is $120.15.

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, beating analysts' consensus estimates of $1.79 by $0.59. The business had revenue of $33.77 billion for the quarter, compared to analysts' expectations 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 previous year, the business posted $2.31 earnings per share. As a group, analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were issued a $1.20 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.4%. Phillips 66's dividend payout ratio is presently 115.38%.

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.

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