RMR Wealth Builders Makes New Investment in Phillips 66 $PSX

Key Points

• RMR Wealth Builders recently acquired 21,576 shares of Phillips 66 (NYSE:PSX), valued at approximately $2.57 million, highlighting institutional interest in the oil and gas sector.
• Phillips 66 reported Q2 earnings of $2.38 per share, surpassing analysts' expectations, with revenue reaching $33.77 billion, compared to estimates of $32.11 billion.
• The company declared a quarterly dividend of $1.20 per share, yielding 3.7%, despite having a dividend payout ratio of 115.38%.

RMR Wealth Builders acquired a new position in shares of Phillips 66 (NYSE:PSX - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 21,576 shares of the oil and gas company's stock, valued at approximately $2,574,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Forum Financial Management LP lifted its stake in shares of Phillips 66 by 1.0% during the fourth quarter. Forum Financial Management LP now owns 7,486 shares of the oil and gas company's stock worth $853,000 after purchasing an additional 77 shares in the last quarter. WealthTrust Axiom LLC lifted its stake in shares of Phillips 66 by 1.1% in the first quarter. WealthTrust Axiom LLC now owns 7,241 shares of the oil and gas company's stock worth $894,000 after acquiring an additional 81 shares in the last quarter. CWC Advisors LLC. lifted its stake in shares of Phillips 66 by 1.0% in the fourth quarter. CWC Advisors LLC. now owns 9,743 shares of the oil and gas company's stock worth $1,110,000 after acquiring an additional 92 shares in the last quarter. Legacy Private Trust Co. lifted its stake in shares of Phillips 66 by 3.3% in the second quarter. Legacy Private Trust Co. now owns 3,007 shares of the oil and gas company's stock worth $359,000 after acquiring an additional 95 shares in the last quarter. Finally, Hager Investment Management Services LLC lifted its stake in shares of Phillips 66 by 7.2% in the first quarter. Hager Investment Management Services LLC now owns 1,438 shares of the oil and gas company's stock worth $178,000 after acquiring an additional 96 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company's stock.

Insider Activity at Phillips 66

In related news, Director Michael A. Heim acquired 1,000 shares of the business's stock in a transaction dated Wednesday, July 30th. The stock was bought at an average price of $125.97 per share, for a total transaction of $125,970.00. Following the transaction, the director owned 12,043 shares of the company's stock, valued at approximately $1,517,056.71. The trade was a 9.06% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $135.00, for a total value of $593,055.00. Following the sale, the executive vice president owned 38,980 shares of the company's stock, valued at $5,262,300. This trade represents a 10.13% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have acquired 9,850 shares of company stock worth $1,188,910 and have sold 18,586 shares worth $2,389,145. 0.22% of the stock is currently owned by insiders.

Analysts Set New Price Targets

PSX has been the topic of several research reports. Citigroup cut Phillips 66 from a "buy" rating to a "neutral" rating and upped their price objective for the company from $126.00 to $130.00 in a research note on Wednesday, July 16th. Scotiabank reissued a "sector perform" rating and issued a $133.00 price objective on shares of Phillips 66 in a report on Friday, July 11th. JPMorgan Chase & Co. set a $115.00 price objective on Phillips 66 in a report on Wednesday, June 18th. Evercore ISI initiated coverage on Phillips 66 in a report on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 price objective for the company. Finally, UBS Group increased their price objective on Phillips 66 from $141.00 to $143.00 and gave the stock a "buy" rating in a report on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $136.40.

Phillips 66 Stock Performance

Shares of NYSE PSX opened at $130.77 on Monday. The stock has a fifty day moving average price of $126.95 and a two-hundred day moving average price of $119.49. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. The firm has a market cap of $52.85 billion, a P/E ratio of 31.44, a PEG ratio of 1.95 and a beta of 1.15. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $140.60.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.79 by $0.59. The firm had revenue of $33.77 billion during 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 company posted $2.31 EPS. Research analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Tuesday, August 19th. Phillips 66's dividend payout ratio is 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.

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.