Phillips 66 $PSX Shares Bought by Wedmont Private Capital

Key Points

• Wedmont Private Capital raised its stake in Phillips 66 by 73.7%, acquiring an additional 4,853 shares during the 2nd quarter, bringing their total holdings to 11,434 shares valued at approximately $1.49 million.
• Other institutional investors, like Elliott Investment Management, significantly increased their positions, with Elliott raising theirs by 1,929.0% in the 1st quarter, now totaling over 15 million shares worth nearly $1.94 billion.
• Phillips 66 announced a quarterly dividend of $1.20 per share, with a current yield of 3.7% and a payout ratio of 115.38%.

Wedmont Private Capital raised its position in Phillips 66 (NYSE:PSX - Free Report) by 73.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,434 shares of the oil and gas company's stock after buying an additional 4,853 shares during the quarter. Wedmont Private Capital's holdings in Phillips 66 were worth $1,492,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. von Borstel & Associates Inc. acquired a new position in shares of Phillips 66 during the 1st quarter valued at $27,000. Olde Wealth Management LLC purchased a new position in shares of Phillips 66 during the first quarter worth approximately $28,000. Opal Wealth Advisors LLC purchased a new position in shares of Phillips 66 in the first quarter worth $29,000. Pacific Center for Financial Services bought a new stake in shares of Phillips 66 during the 4th quarter valued at $27,000. Finally, Smallwood Wealth Investment Management LLC purchased a new position in shares of Phillips 66 in the 1st quarter worth about $29,000. 76.93% of the stock is owned by institutional investors.

Phillips 66 Trading Down 1.5%

PSX traded down $1.96 during trading on Friday, reaching $129.39. 9,244,717 shares of the company's stock were exchanged, compared to its average volume of 2,133,701. The company's fifty day moving average price is $127.04 and its 200-day moving average price is $119.78. The firm has a market capitalization of $52.29 billion, a PE ratio of 31.10, a P/E/G ratio of 1.88 and a beta of 1.15. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $140.60. 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 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (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 firm had revenue of $33.77 billion for the quarter, compared to analyst estimates of $32.11 billion. During the same period in the previous year, the business earned $2.31 EPS. As a group, equities analysts forecast that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th were issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Tuesday, August 19th. Phillips 66's dividend payout ratio (DPR) is presently 115.38%.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, Director Michael A. Heim purchased 1,000 shares of the business's stock in a transaction on Wednesday, July 30th. The stock was acquired at an average cost of $125.97 per share, for a total transaction 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 represents a 9.06% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Gregory Hayes purchased 8,350 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The stock was bought at an average cost of $119.90 per share, with a total value of $1,001,165.00. Following the completion of the purchase, the director owned 29,423 shares of the company's stock, valued at $3,527,817.70. This represents a 39.62% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 9,850 shares of company stock valued at $1,188,910 over the last ninety days. 0.22% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

PSX has been the topic of several recent research reports. Jefferies Financial Group increased 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. Wall Street Zen upgraded Phillips 66 from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Scotiabank restated a "sector perform" rating and issued a $133.00 target price on shares of Phillips 66 in a research report on Friday, July 11th. Barclays upped their price objective on Phillips 66 from $115.00 to $127.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 9th. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, Phillips 66 presently has a consensus rating of "Moderate Buy" and an average price target of $138.94.

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.