Valeo Financial Advisors LLC Has $172.56 Million Position in Phillips 66 $PSX

Key Points

• Valeo Financial Advisors LLC significantly increased its position in Phillips 66 by 9,530.9% in Q2, acquiring over 1.4 million shares, making it the 25th largest holding in their portfolio.
• Wall Street analysts remain optimistic, with several upgrades to Phillips 66's rating, and the average target price set at $140.19, reflecting a consensus on potential growth.
• Phillips 66 recently announced a quarterly dividend of $1.20, resulting in an annualized dividend yield of 3.6%, despite a high dividend payout ratio of 115.38%.

Valeo Financial Advisors LLC lifted its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 9,530.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,446,469 shares of the oil and gas company's stock after acquiring an additional 1,431,450 shares during the period. Phillips 66 makes up about 0.5% of Valeo Financial Advisors LLC's portfolio, making the stock its 25th largest holding. Valeo Financial Advisors LLC owned approximately 0.36% of Phillips 66 worth $172,564,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in PSX. Elliott Investment Management L.P. boosted its position in Phillips 66 by 1,929.0% in the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock valued at $1,941,723,000 after buying an additional 14,950,000 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings 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 valued at $19,625,000 after acquiring an additional 26,825 shares in the last quarter. Alta Advisers Ltd bought a new stake in Phillips 66 during the 1st quarter worth $253,000. Sustainable Insight Capital Management LLC acquired a new position in Phillips 66 in the 1st quarter worth about $1,457,000. Finally, Evergreen Wealth Solutions LLC acquired a new stake in shares of Phillips 66 during the first quarter valued at about $292,000. 76.93% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Raymond James Financial lifted their target price on shares of Phillips 66 from $142.00 to $145.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 9th. Wall Street Zen upgraded Phillips 66 from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. JPMorgan Chase & Co. set a $115.00 target price on Phillips 66 in a report on Wednesday, June 18th. Compass Point initiated coverage on Phillips 66 in a research report on Wednesday, June 18th. They issued a "buy" rating on the stock. Finally, Argus upgraded Phillips 66 to a "strong-buy" rating in a research report on Thursday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $140.19.

Insider Buying and Selling at Phillips 66

In related news, Director Sigmund L. Cornelius purchased 500 shares of the business's stock in a transaction on 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 purchase, the director owned 21,543 shares of the company's stock, valued at approximately $2,661,637.65. This trade represents a 2.38% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael A. Heim acquired 1,000 shares of the firm's stock in a transaction on Wednesday, July 30th. The shares were bought at an average cost of $125.97 per share, with a total value of $125,970.00. Following the completion of the acquisition, the director directly owned 12,043 shares in the company, valued at approximately $1,517,056.71. This represents a 9.06% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 9,850 shares of company stock valued at $1,188,910 and have sold 13,179 shares valued at $1,779,165. 0.22% of the stock is currently owned by insiders.

Phillips 66 Stock Down 1.3%

Shares of NYSE:PSX opened at $133.14 on Monday. 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 52-week low of $91.01 and a 52-week high of $142.35. The business's 50 day simple moving average is $128.89 and its two-hundred day simple moving average is $120.37. The firm has a market cap of $53.80 billion, a P/E ratio of 32.00, a PEG ratio of 1.91 and a beta of 1.11.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, topping analysts' consensus estimates of $1.79 by $0.59. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.The company had revenue of $33.77 billion for the quarter, compared to analyst estimates of $32.11 billion. During the same period in the prior year, the firm earned $2.31 earnings per share. As a group, research analysts forecast 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 was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th were paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, August 19th. Phillips 66's dividend payout ratio (DPR) 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.

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