Raymond James Financial Inc. Purchases 39,259 Shares of Phillips 66 $PSX

Key Points

• Raymond James Financial Inc. increased its stake in Phillips 66 by 2.6%, acquiring an additional 39,259 shares, bringing its total ownership to approximately 1.52 million shares valued at $187.79 million.
• Phillips 66 recently declared a quarterly dividend of $1.20 per share, reflecting an annualized yield of 3.9% and a payout ratio of 115.38%.
• Analysts have generally provided positive ratings for Phillips 66, with a strong buy from Argus and an average price target reaching $136.20.

Raymond James Financial Inc. grew its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 2.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,520,782 shares of the oil and gas company's stock after buying an additional 39,259 shares during the period. Raymond James Financial Inc. owned approximately 0.37% of Phillips 66 worth $187,786,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in PSX. Pacific Center for Financial Services bought a new position in Phillips 66 during the 4th quarter worth $27,000. von Borstel & Associates Inc. bought a new position in shares of Phillips 66 in the first quarter worth $27,000. Olde Wealth Management LLC bought a new position in shares of Phillips 66 in the first quarter worth $28,000. Wood Tarver Financial Group LLC bought a new position in shares of Phillips 66 in the fourth quarter worth $29,000. Finally, Opal Wealth Advisors LLC bought a new position in shares of Phillips 66 in the first quarter worth $29,000. Institutional investors own 76.93% of the company's stock.

Insider Activity

In other news, EVP Vanessa Allen Sutherland sold 4,393 shares of Phillips 66 stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $130.00, for a total transaction of $571,090.00. Following the sale, the executive vice president directly owned 43,373 shares of the company's stock, valued at approximately $5,638,490. This trade represents a 9.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Brian Mandell sold 9,800 shares of Phillips 66 stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total value of $1,225,000.00. Following the sale, the executive vice president directly owned 56,838 shares in the company, valued at $7,104,750. The trade was a 14.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders acquired 10,289 shares of company stock valued at $1,238,890. 0.22% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Argus upgraded Phillips 66 to a "strong-buy" rating in a research report on Thursday, July 31st. Evercore ISI assumed coverage on Phillips 66 in a research report on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 price target on the stock. Scotiabank restated a "sector perform" rating and issued a $133.00 price target on shares of Phillips 66 in a research report on Friday, July 11th. Mizuho raised their price target on Phillips 66 from $132.00 to $138.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 13th. Finally, Compass Point assumed coverage on Phillips 66 in a research report on Wednesday, June 18th. They issued a "buy" rating on the stock. Ten investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Phillips 66 currently has an average rating of "Moderate Buy" and an average target price of $136.20.

Phillips 66 Stock Performance

NYSE:PSX opened at $123.62 on Monday. The stock's 50-day simple moving average is $123.85 and its 200 day simple moving average is $118.87. The firm has a market capitalization of $49.96 billion, a PE ratio of 29.72, a price-to-earnings-growth ratio of 1.70 and a beta of 1.09. 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 $140.85.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to analyst estimates of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%. During the same period last year, the firm posted $2.31 earnings per share. On average, analysts anticipate that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th will be paid a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Tuesday, August 19th. Phillips 66's dividend payout ratio (DPR) is presently 115.38%.

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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