Marble Wealth LLC Invests $1.59 Million in Phillips 66 $PSX

by · The Markets Daily

Marble Wealth LLC purchased a new position in shares of Phillips 66 (NYSE:PSX – Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 12,296 shares of the oil and gas company’s stock, valued at approximately $1,587,000.

A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Phillips 66 by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company’s stock worth $6,701,052,000 after purchasing an additional 205,480 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Phillips 66 by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock worth $1,338,596,000 after purchasing an additional 45,340 shares during the period. Norges Bank acquired a new position in shares of Phillips 66 during the fourth quarter worth $640,206,000. M&T Bank Corp lifted its holdings in Phillips 66 by 462.9% in the fourth quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock valued at $352,007,000 after buying an additional 2,243,268 shares during the period. Finally, Amundi lifted its holdings in Phillips 66 by 2.8% in the third quarter. Amundi now owns 2,400,180 shares of the oil and gas company’s stock valued at $319,123,000 after buying an additional 65,568 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insider Activity at Phillips 66

In related news, Director Kevin Omar Meyers purchased 175 shares of the firm’s stock in a transaction on Wednesday, May 6th. The stock was purchased at an average cost of $173.12 per share, with a total value of $30,296.00. Following the completion of the purchase, the director owned 16,799 shares in the company, valued at approximately $2,908,242.88. This trade represents a 1.05% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kevin J. Mitchell sold 600 shares of Phillips 66 stock in a transaction on Monday, May 11th. The shares were sold at an average price of $171.56, for a total transaction of $102,936.00. Following the completion of the sale, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at approximately $16,705,826.56. This trade represents a 0.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 109,085 shares of company stock valued at $18,825,546. 0.40% of the stock is currently owned by company insiders.

Phillips 66 Price Performance

PSX stock opened at $182.54 on Wednesday. Phillips 66 has a 12-month low of $111.37 and a 12-month high of $190.61. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63. The firm has a market cap of $73.19 billion, a price-to-earnings ratio of 17.98, a PEG ratio of 0.26 and a beta of 0.68. The company’s fifty day simple moving average is $172.41 and its 200 day simple moving average is $155.05.

Phillips 66 (NYSE:PSX – Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, beating the consensus estimate of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The firm had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. During the same period in the previous year, the firm posted ($0.90) earnings per share. The business’s revenue was up 6.9% compared to the same quarter last year. On average, analysts expect that Phillips 66 will post 17.64 earnings per share for the current year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were paid a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Monday, May 18th. Phillips 66’s payout ratio is 50.05%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PSX. Wolfe Research boosted their target price on shares of Phillips 66 from $187.00 to $193.00 and gave the company an “outperform” rating in a report on Monday, April 6th. The Goldman Sachs Group boosted their target price on shares of Phillips 66 from $192.00 to $207.00 and gave the company a “neutral” rating in a report on Tuesday, May 19th. Barclays boosted their target price on shares of Phillips 66 from $158.00 to $177.00 and gave the company an “equal weight” rating in a report on Wednesday, April 8th. TD Cowen boosted their target price on shares of Phillips 66 from $155.00 to $213.00 and gave the company a “buy” rating in a report on Wednesday, April 1st. Finally, Wells Fargo & Company boosted their target price on shares of Phillips 66 from $163.00 to $201.00 and gave the company an “overweight” rating in a report on Tuesday, March 31st. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $191.28.

Check Out Our Latest Research Report on Phillips 66

Phillips 66 Company Profile

(Free Report)

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.

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