Phillips 66 (NYSE:PSX) Stake Boosted by Stegent Equity Advisors Inc.

by · The Markets Daily

Stegent Equity Advisors Inc. grew its stake in shares of Phillips 66 (NYSE:PSX – Free Report) by 45.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,185 shares of the oil and gas company’s stock after purchasing an additional 2,553 shares during the quarter. Stegent Equity Advisors Inc.’s holdings in Phillips 66 were worth $1,011,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Geode Capital Management LLC grew its holdings in shares of Phillips 66 by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 8,530,242 shares of the oil and gas company’s stock valued at $968,844,000 after purchasing an additional 82,758 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Phillips 66 by 283.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company’s stock valued at $686,618,000 after purchasing an additional 4,455,220 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Phillips 66 by 10.6% during the fourth quarter. Northern Trust Corp now owns 4,589,079 shares of the oil and gas company’s stock valued at $522,834,000 after purchasing an additional 440,107 shares during the last quarter. Norges Bank bought a new position in shares of Phillips 66 during the fourth quarter valued at approximately $497,648,000. Finally, Invesco Ltd. grew its holdings in shares of Phillips 66 by 9.2% during the fourth quarter. Invesco Ltd. now owns 4,112,618 shares of the oil and gas company’s stock valued at $468,551,000 after purchasing an additional 347,905 shares during the last quarter. 76.93% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PSX. TD Cowen boosted their price objective on Phillips 66 from $114.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. Raymond James Financial reduced their price objective on Phillips 66 from $150.00 to $140.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. Wall Street Zen upgraded Phillips 66 from a “sell” rating to a “hold” rating in a research report on Monday, April 28th. Evercore ISI began coverage on Phillips 66 in a research report on Wednesday, June 18th. They set an “outperform” rating and a $130.00 price objective for the company. Finally, Barclays boosted 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. Nine research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $135.07.

Get Our Latest Stock Report on PSX

Phillips 66 Price Performance

NYSE PSX opened at $134.37 on Friday. The stock has a market capitalization of $54.75 billion, a P/E ratio of 30.61, a P/E/G ratio of 2.06 and a beta of 1.02. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $150.12. The business’s fifty day moving average is $118.98 and its two-hundred day moving average is $117.59. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.88 and a current ratio of 1.23.

Phillips 66 (NYSE:PSX – Get Free Report) last posted its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.97). The company had revenue of $31.92 billion during the quarter, compared to the consensus estimate of $31.93 billion. Phillips 66 had a net margin of 1.32% and a return on equity of 4.83%. During the same period in the prior year, the company posted $1.90 EPS. On average, research analysts forecast that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 3.57%. Phillips 66’s dividend payout ratio (DPR) is currently 109.34%.

Insider Activity

In other news, EVP Vanessa Allen Sutherland sold 4,393 shares of the firm’s stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $130.00, for a total value of $571,090.00. Following the completion of the sale, the executive vice president owned 43,373 shares of the company’s stock, valued at $5,638,490. This trade represents a 9.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Robert W. Pease bought 439 shares of the firm’s stock in a transaction dated Thursday, May 22nd. The stock was acquired at an average cost of $113.85 per share, with a total value of $49,980.15. Following the transaction, the director owned 4,091 shares of the company’s stock, valued at $465,760.35. This trade represents a 12.02% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.22% of the company’s stock.

Phillips 66 Profile

(Free Report)

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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