Global Assets Advisory LLC Buys New Shares in Phillips 66 (NYSE:PSX)

Global Assets Advisory LLC purchased a new stake in shares of Phillips 66 (NYSE:PSX) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 28,748 shares of the oil and gas company’s stock, valued at approximately $4,696,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its stake in Phillips 66 by 20.3% in the fourth quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock worth $1,451,643,000 after purchasing an additional 1,842,226 shares during the last quarter. Morgan Stanley grew its position in Phillips 66 by 2.1% during the 3rd quarter. Morgan Stanley now owns 6,768,960 shares of the oil and gas company’s stock worth $813,291,000 after acquiring an additional 138,646 shares during the last quarter. Norges Bank bought a new position in shares of Phillips 66 in the fourth quarter worth approximately $559,435,000. Boston Partners increased its position in shares of Phillips 66 by 962.0% in the fourth quarter. Boston Partners now owns 3,858,170 shares of the oil and gas company’s stock valued at $513,327,000 after acquiring an additional 3,494,878 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of Phillips 66 by 9.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,702,734 shares of the oil and gas company’s stock worth $492,974,000 after purchasing an additional 315,889 shares during the last quarter. Institutional investors own 76.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on PSX shares. StockNews.com lowered Phillips 66 from a “buy” rating to a “hold” rating in a research report on Monday, May 6th. Bank of America raised their target price on shares of Phillips 66 from $150.00 to $180.00 and gave the stock a “neutral” rating in a research report on Friday, March 15th. Piper Sandler decreased their price target on shares of Phillips 66 from $170.00 to $151.00 and set an “overweight” rating for the company in a research note on Friday, June 14th. Wells Fargo & Company lifted their price objective on Phillips 66 from $179.00 to $191.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Finally, JPMorgan Chase & Co. increased their target price on Phillips 66 from $149.00 to $167.00 and gave the stock an “overweight” rating in a research report on Monday, April 1st. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $157.79.

Insider Buying and Selling at Phillips 66

In related news, EVP Timothy D. Roberts sold 37,742 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $145.80, for a total value of $5,502,783.60. Following the transaction, the executive vice president now directly owns 48,365 shares of the company’s stock, valued at approximately $7,051,617. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.22% of the company’s stock.

Phillips 66 Stock Up 0.3 %

NYSE:PSX opened at $138.48 on Tuesday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.82 and a current ratio of 1.17. The firm has a market cap of $58.71 billion, a P/E ratio of 10.65, a P/E/G ratio of 1.95 and a beta of 1.37. Phillips 66 has a fifty-two week low of $90.86 and a fifty-two week high of $174.08. The firm has a 50-day simple moving average of $144.16 and a two-hundred day simple moving average of $144.43.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, April 26th. The oil and gas company reported $1.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). The firm had revenue of $36.44 billion for the quarter, compared to the consensus estimate of $35.87 billion. Phillips 66 had a net margin of 3.84% and a return on equity of 19.19%. During the same quarter in the prior year, the firm earned $4.21 earnings per share. Analysts predict that Phillips 66 will post 11.8 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Monday, May 20th were paid a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date was Friday, May 17th. This is a positive change from Phillips 66’s previous quarterly dividend of $1.05. Phillips 66’s dividend payout ratio is presently 35.38%.

Phillips 66 Company Profile

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.