Wealth Enhancement Advisory Services LLC Has $23.67 Million Stake in Phillips 66 $PSX

Key Points

• Wealth Enhancement Advisory Services LLC increased its holdings in Phillips 66 by 17.0%, acquiring an additional 27,024 shares during the second quarter, bringing its total ownership to 185,958 shares valued at approximately $23.67 million.
• Phillips 66's recent quarterly earnings report revealed an EPS of $2.38, exceeding analysts' expectations of $1.79, and a revenue of $33.77 billion against a forecast of $32.11 billion.
• The company declared a quarterly dividend of $1.20 per share, with an annualized dividend yield of 3.7%, although its payout ratio stands at a high 115.38%.

Wealth Enhancement Advisory Services LLC raised its stake in Phillips 66 (NYSE:PSX - Free Report) by 17.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 185,958 shares of the oil and gas company's stock after acquiring an additional 27,024 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Phillips 66 were worth $23,671,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PSX. Elliott Investment Management L.P. raised its holdings in shares of Phillips 66 by 1,929.0% during 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 during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Phillips 66 by 11.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company's stock valued at $828,442,000 after buying an additional 682,459 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Phillips 66 by 15.9% during the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock valued at $588,489,000 after buying an additional 653,248 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Phillips 66 by 11.1% during the first quarter. Goldman Sachs Group Inc. now owns 3,781,064 shares of the oil and gas company's stock valued at $466,886,000 after buying an additional 377,132 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Phillips 66 by 3.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,103,316 shares of the oil and gas company's stock valued at $383,197,000 after buying an additional 100,321 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Trading Up 2.0%

NYSE PSX traded up $2.61 on Tuesday, hitting $132.18. 1,045,350 shares of the stock were exchanged, compared to its average volume of 3,240,202. The company's 50-day moving average price is $127.06 and its two-hundred day moving average price is $119.78. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $140.60. The company has a market capitalization of $53.42 billion, a price-to-earnings ratio of 31.78, a P/E/G ratio of 1.86 and a beta of 1.15.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, beating the consensus estimate of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The business had revenue of $33.77 billion for the quarter, compared to analysts' expectations of $32.11 billion. During the same period in the previous year, the company posted $2.31 EPS. Research analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Tuesday, August 19th. Phillips 66's payout ratio is currently 115.38%.

Insider Activity at Phillips 66

In related news, Director Michael A. Heim purchased 1,000 shares of the stock in a transaction dated Wednesday, July 30th. The shares were acquired at an average cost of $125.97 per share, for a total transaction of $125,970.00. Following the acquisition, the director directly owned 12,043 shares in the company, valued at approximately $1,517,056.71. The trade was a 9.06% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Sigmund L. Cornelius purchased 500 shares of the stock in a transaction dated Thursday, July 31st. The shares were bought at an average price of $123.55 per share, for a total transaction of $61,775.00. Following the completion of the acquisition, the director owned 21,543 shares in the company, valued at $2,661,637.65. This represents a 2.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 9,850 shares of company stock valued at $1,188,910. Insiders own 0.22% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Scotiabank reaffirmed a "sector perform" rating and set a $133.00 price target on shares of Phillips 66 in a report on Friday, July 11th. Jefferies Financial Group lifted their price target on Phillips 66 from $130.00 to $133.00 and gave the company a "hold" rating in a report on Monday, September 15th. UBS Group boosted their target price on Phillips 66 from $143.00 to $150.00 and gave the stock a "buy" rating in a report on Monday. Wall Street Zen raised Phillips 66 from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, TD Cowen boosted their target price on Phillips 66 from $130.00 to $134.00 and gave the stock a "buy" rating in a report on Monday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $139.38.

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.