Sequoia Financial Advisors LLC Increases Stock Position in Phillips 66 $PSX

Key Points

• Sequoia Financial Advisors boosted its Phillips 66 stake by 19.4% in the fourth quarter, ending with 36,616 shares valued at about $4.73 million.
• Phillips 66 reported Q1 earnings of $0.49 per share, beating analyst expectations, though revenue of $32.54 billion came in below estimates. The company also said revenue rose 6.9% year over year.
• The company declared a quarterly dividend of $1.27 per share, implying a 3.0% yield, while analysts currently rate the stock Moderate Buy with a consensus price target of $184.50.

Sequoia Financial Advisors LLC increased its position in Phillips 66 (NYSE:PSX - Free Report) by 19.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 36,616 shares of the oil and gas company's stock after acquiring an additional 5,940 shares during the period. Sequoia Financial Advisors LLC's holdings in Phillips 66 were worth $4,725,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in PSX. Brighton Jones LLC raised its holdings in Phillips 66 by 238.5% in the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock worth $1,166,000 after acquiring an additional 7,214 shares during the last quarter. Woodline Partners LP raised its holdings in Phillips 66 by 40.7% in the 1st quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company's stock worth $4,308,000 after acquiring an additional 10,089 shares during the last quarter. Sei Investments Co. raised its holdings in Phillips 66 by 28.3% in the 2nd quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company's stock worth $18,788,000 after acquiring an additional 34,698 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Phillips 66 by 9.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company's stock worth $41,359,000 after acquiring an additional 28,988 shares during the last quarter. Finally, Glenview Trust co raised its holdings in Phillips 66 by 2.6% in the 2nd quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company's stock worth $1,068,000 after acquiring an additional 229 shares during the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Phillips 66

In other news, Director Lisa Ann Davis sold 3,800 shares of Phillips 66 stock in a transaction on Friday, March 13th. The shares were sold at an average price of $174.37, for a total transaction of $662,606.00. Following the transaction, the director owned 8,701 shares in the company, valued at $1,517,193.37. This trade represents a 30.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Don Baldridge sold 7,500 shares of the business's stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $160.00, for a total transaction of $1,200,000.00. Following the sale, the executive vice president directly owned 38,488 shares of the company's stock, valued at approximately $6,158,080. The trade was a 16.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 91,529 shares of company stock valued at $15,740,519 in the last three months. Corporate insiders own 0.40% of the company's stock.

Phillips 66 Trading Up 1.8%

NYSE:PSX opened at $171.42 on Friday. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. Phillips 66 has a 12 month low of $109.39 and a 12 month high of $190.61. The company has a market cap of $68.73 billion, a PE ratio of 16.89, a price-to-earnings-growth ratio of 0.25 and a beta of 0.70. The company has a 50 day simple moving average of $168.80 and a two-hundred day simple moving average of $150.20.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping analysts' consensus estimates of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. During the same quarter in the previous year, the firm posted ($0.90) EPS. The firm's revenue was up 6.9% on a year-over-year basis. Research analysts forecast that Phillips 66 will post 17.39 earnings per share for the current year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 18th will be given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 3.0%. The ex-dividend date is Monday, May 18th. Phillips 66's payout ratio is 50.05%.

Analyst Ratings Changes

PSX has been the topic of several research analyst reports. Raymond James Financial upped their target price on shares of Phillips 66 from $205.00 to $215.00 in a research note on Thursday, April 30th. Piper Sandler upped their target price on shares of Phillips 66 from $168.00 to $177.00 and gave the company a "neutral" rating in a research note on Wednesday, April 8th. Morgan Stanley restated an "overweight" rating and set a $180.00 target price on shares of Phillips 66 in a research note on Thursday, April 30th. Zacks Research upgraded shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 27th. Finally, Barclays lifted their target price on shares of Phillips 66 from $158.00 to $177.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 8th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $184.50.

Phillips 66 Profile

Phillips 66 NYSE: PSX is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company's principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.

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