SouthState Corp Boosts Stock Position in Phillips 66 (NYSE:PSX)

Key Points

• SouthState Corp increased its stake in Phillips 66 by 60.9% during the first quarter, now holding 15,628 shares valued at approximately $1.93 million.
• Insiders at Phillips 66 have been actively purchasing stock, with Director Michael A. Heim acquiring 1,000 shares recently, indicating strong internal confidence in the company's prospects.
• Analysts show a mixed outlook with ten recommending a hold, nine a buy, and one a strong buy, alongside recent target price increases, reflecting positive sentiment on the stock.

SouthState Corp raised its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 60.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,628 shares of the oil and gas company's stock after acquiring an additional 5,918 shares during the period. SouthState Corp's holdings in Phillips 66 were worth $1,930,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PSX. Cohen & Steers Inc. raised its stake in shares of Phillips 66 by 40.3% during the 4th quarter. Cohen & Steers Inc. now owns 91,663 shares of the oil and gas company's stock worth $10,443,000 after buying an additional 26,318 shares in the last quarter. Cary Street Partners Financial LLC purchased a new position in shares of Phillips 66 during the 4th quarter worth approximately $4,333,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of Phillips 66 by 20.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 158,934 shares of the oil and gas company's stock worth $19,625,000 after buying an additional 26,825 shares in the last quarter. Alta Advisers Ltd purchased a new position in shares of Phillips 66 during the 1st quarter worth approximately $253,000. Finally, Advisory Resource Group raised its stake in shares of Phillips 66 by 6.8% during the 1st quarter. Advisory Resource Group now owns 256,327 shares of the oil and gas company's stock worth $31,651,000 after buying an additional 16,300 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Phillips 66 news, Director Michael A. Heim acquired 1,000 shares of the stock in a transaction dated Wednesday, July 30th. The stock was acquired at an average price of $125.97 per share, with a total value of $125,970.00. Following the completion of the transaction, the director directly owned 12,043 shares in the company, valued at approximately $1,517,056.71. This trade represents a 9.06% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert W. Pease acquired 439 shares of the stock in a transaction dated Thursday, May 22nd. The stock was acquired at an average cost of $113.85 per share, with a total value of $49,980.15. Following the transaction, the director owned 4,091 shares of the company's stock, valued at approximately $465,760.35. This trade represents a 12.02% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 1,939 shares of company stock valued at $237,725. 0.22% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. TD Cowen increased their target price on 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 increased their target price on Phillips 66 from $141.00 to $143.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Wall Street Zen raised Phillips 66 from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Wells Fargo & Company reduced their price objective on Phillips 66 from $149.00 to $147.00 and set an "overweight" rating for the company in a report on Wednesday, June 11th. Finally, Compass Point began coverage on Phillips 66 in a research report on Wednesday, June 18th. They issued a "buy" rating for the company. Ten investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $136.20.

Phillips 66 Stock Performance

Phillips 66 stock opened at $119.14 on Monday. The company has a market capitalization of $48.15 billion, a price-to-earnings ratio of 28.64, a PEG ratio of 1.61 and a beta of 1.09. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $140.85. The stock has a fifty day moving average of $123.09 and a two-hundred day moving average of $118.88.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, beating analysts' consensus estimates of $1.79 by $0.59. The business had revenue of $33.77 billion during 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 previous year, the business earned $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 firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th will be given a $1.20 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 4.0%. Phillips 66's payout ratio is currently 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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