NewEdge Advisors LLC Grows Stake in Phillips 66 $PSX

Key Points

• NewEdge Advisors LLC increased its holdings in Phillips 66 by 3.4%, bringing their total shares to 81,525, valued at $10,067,000.
• Phillips 66 recently reported $2.38 EPS for the last quarter, exceeding estimates by $0.59 with $33.77 billion in revenue.
• The company announced a quarterly dividend of $1.20 per share, representing an annualized yield of 3.7%, with a payout ratio of 115.38%.

NewEdge Advisors LLC lifted its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 3.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 81,525 shares of the oil and gas company's stock after purchasing an additional 2,661 shares during the quarter. NewEdge Advisors LLC's holdings in Phillips 66 were worth $10,067,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Brighton Jones LLC boosted its position in shares of Phillips 66 by 238.5% during the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock worth $1,166,000 after purchasing an additional 7,214 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in shares of Phillips 66 by 218.0% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 10,264 shares of the oil and gas company's stock worth $1,169,000 after purchasing an additional 7,036 shares during the period. First Manhattan CO. LLC. boosted its position in shares of Phillips 66 by 70.3% during the 4th quarter. First Manhattan CO. LLC. now owns 26,459 shares of the oil and gas company's stock worth $3,014,000 after purchasing an additional 10,926 shares during the period. Fiduciary Trust Co raised its holdings in shares of Phillips 66 by 4.9% in the 4th quarter. Fiduciary Trust Co now owns 12,014 shares of the oil and gas company's stock valued at $1,369,000 after buying an additional 561 shares during the period. Finally, Ethic Inc. raised its holdings in shares of Phillips 66 by 237.2% in the 4th quarter. Ethic Inc. now owns 9,095 shares of the oil and gas company's stock valued at $1,036,000 after buying an additional 6,398 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Brian Mandell sold 9,800 shares of the stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total value of $1,225,000.00. Following the transaction, the executive vice president owned 56,838 shares in the company, valued at approximately $7,104,750. This represents a 14.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Sigmund L. Cornelius acquired 500 shares of the company's stock in a transaction dated Thursday, July 31st. The stock was acquired 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 approximately $2,661,637.65. The trade was a 2.38% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 9,850 shares of company stock worth $1,188,910 and have sold 18,586 shares worth $2,389,145. Insiders own 0.22% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. UBS Group boosted their price objective on Phillips 66 from $141.00 to $143.00 and gave the company a "buy" rating in a report on Monday, July 28th. Citigroup downgraded Phillips 66 from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $126.00 to $130.00 in a report on Wednesday, July 16th. Raymond James Financial boosted their price objective on Phillips 66 from $142.00 to $145.00 and gave the company an "outperform" rating in a report on Tuesday. Wells Fargo & Company cut their price objective on Phillips 66 from $149.00 to $147.00 and set an "overweight" rating on the stock in a report on Wednesday, June 11th. Finally, Evercore ISI assumed coverage on Phillips 66 in a report on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $136.40.

Phillips 66 Stock Down 1.0%

NYSE PSX traded down $1.26 during trading hours on Friday, hitting $131.26. 461,877 shares of the company were exchanged, compared to its average volume of 3,229,619. The company has a 50 day moving average of $126.87 and a two-hundred day moving average of $119.55. 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 52-week low of $91.01 and a 52-week high of $140.60. The firm has a market cap of $53.04 billion, a price-to-earnings ratio of 31.57, a PEG ratio of 2.05 and a beta of 1.15.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.59. The company had revenue of $33.77 billion for the quarter, compared to the consensus estimate 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 in the prior year, the business earned $2.31 EPS. Equities research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Tuesday, August 19th. Phillips 66's payout ratio is 115.38%.

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.