Waverly Advisors LLC Raises Stock Position in Phillips 66 $PSX

Waverly Advisors LLC grew its stake in Phillips 66 (NYSE:PSX - Free Report) by 17.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 40,457 shares of the oil and gas company's stock after purchasing an additional 6,117 shares during the quarter. Waverly Advisors LLC's holdings in Phillips 66 were worth $6,839,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the stock. NFSG Corp lifted its holdings in Phillips 66 by 105.6% in the first quarter. NFSG Corp now owns 146 shares of the oil and gas company's stock worth $27,000 after buying an additional 75 shares during the period. Axiom Investment Management LLC bought a new position in shares of Phillips 66 in the 1st quarter worth approximately $27,000. Compass Financial Management LLC bought a new position in shares of Phillips 66 in the 2nd quarter worth approximately $28,000. Kelleher Financial Advisors purchased a new position in shares of Phillips 66 in the 2nd quarter valued at approximately $29,000. Finally, J.Safra Asset Management Corp bought a new stake in shares of Phillips 66 during the second quarter valued at approximately $30,000. Institutional investors own 76.93% of the company's stock.

Phillips 66 Stock Performance

Shares of Phillips 66 stock opened at $258.59 on Friday. Phillips 66 has a 1 year low of $126.74 and a 1 year high of $263.76. The firm's 50-day moving average is $221.19 and its 200 day moving average is $188.94. The stock has a market cap of $103.18 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 0.19 and a beta of 0.71. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating analysts' consensus estimates of $7.50 by $1.91. The business had revenue of $52.04 billion during the quarter, compared to analyst estimates of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same period last year, the business earned $2.38 EPS. Sell-side analysts anticipate that Phillips 66 will post 24.45 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th were issued a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date was Tuesday, August 18th. Phillips 66's payout ratio is presently 28.95%.

Phillips 66 declared that its board has initiated a stock buyback plan on Friday, July 31st that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PSX. The Goldman Sachs Group increased their price objective on Phillips 66 from $207.00 to $235.00 and gave the stock a "neutral" rating in a report on Wednesday, July 22nd. Guggenheim raised shares of Phillips 66 to an "outperform" rating in a research report on Wednesday, May 27th. Piper Sandler increased their price target on shares of Phillips 66 from $209.00 to $264.00 and gave the stock a "neutral" rating in a research note on Thursday, September 3rd. Barclays lifted their price target on shares of Phillips 66 from $183.00 to $216.00 and gave the company an "equal weight" rating in a research report on Thursday, August 6th. Finally, Zacks Research raised shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research note on Monday. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Phillips 66 has an average rating of "Moderate Buy" and an average target price of $222.76.

Key Phillips 66 News

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Momentum and bullish coverage: Zacks highlighted Phillips 66 as a strong momentum candidate, while another commentary described the refiner as having “tech-stock swagger” backed by improving fundamentals. The stock’s move to a 52-week high reinforces its strong recent performance. Phillips 66 Is a Great Momentum Stock Bull of the Day: Phillips 66
• Positive Sentiment: Analyst sentiment is broadly constructive: Phillips 66’s average brokerage recommendation remains bullish, and Zacks Research recently upgraded the shares from Hold to Strong Buy. Such ratings can attract momentum and income-oriented investors, although they are not always reliable indicators of future returns. Wall Street Bulls Look Optimistic About Phillips 66 Zacks Upgrades Phillips 66
• Neutral Sentiment: Refining-cycle outlook remains the key debate: Recent analysis revisited the timing of Phillips 66’s expected performance while maintaining a broader view on the refining cycle. This suggests the long-term thesis remains intact, but the timing of additional upside is uncertain. Phillips 66: I Was Wrong on the Duration, Not on the Cycle
• Negative Sentiment: Hold ratings temper the bullish case: Bank of America Securities and Barclays both reiterated Hold ratings. These cautious views could pressure the shares after their substantial run and near the 52-week high. Bank of America Securities Keeps Hold Rating Barclays Gives Phillips 66 a Hold

Insider Activity

In related news, EVP Richard Harbison sold 52,100 shares of the company's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total value of $11,657,896.00. Following the transaction, the executive vice president directly owned 39,094 shares of the company's stock, valued at approximately $8,747,673.44. This represents a 57.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Vanessa Sutherland sold 3,523 shares of the stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total value of $743,529.15. Following the sale, the executive vice president owned 27,537 shares in the company, valued at approximately $5,811,683.85. This represents a 11.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 100,507 shares of company stock valued at $21,770,810 in the last quarter. Insiders own 0.40% of the company's stock.

Phillips 66 Profile

Phillips 66 NYSE: PSX is an energy company that operates across the midstream, chemicals, refining and marketing sectors. Headquartered in Houston, Texas, the company was established in 2012 when ConocoPhillips separated its downstream businesses into an independent company.

The company's midstream operations include transportation, processing, storage and other infrastructure for crude oil, natural gas and natural gas liquids. Phillips 66 also owns and operates refineries that process crude oil into transportation fuels, lubricants, specialty products and other refined petroleum products.

Phillips 66 markets gasoline, diesel and other fuels under the Phillips 66, Conoco and 76 brands, primarily in the United States.

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