Cornerstone Wealth Group LLC Purchases 2,460 Shares of Phillips 66 (NYSE:PSX)

Cornerstone Wealth Group LLC grew its position in shares of Phillips 66 (NYSE:PSX) by 108.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,724 shares of the oil and gas company’s stock after purchasing an additional 2,460 shares during the period. Cornerstone Wealth Group LLC’s holdings in Phillips 66 were worth $772,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PSX. Madison Park Capital Advisors LLC grew its holdings in shares of Phillips 66 by 3.0% during the 1st quarter. Madison Park Capital Advisors LLC now owns 2,346 shares of the oil and gas company’s stock worth $383,000 after acquiring an additional 68 shares during the period. Warwick Investment Management Inc. grew its holdings in shares of Phillips 66 by 3.1% during the 4th quarter. Warwick Investment Management Inc. now owns 2,395 shares of the oil and gas company’s stock worth $319,000 after acquiring an additional 73 shares during the period. HCR Wealth Advisors grew its holdings in shares of Phillips 66 by 2.9% during the 4th quarter. HCR Wealth Advisors now owns 2,640 shares of the oil and gas company’s stock worth $351,000 after acquiring an additional 74 shares during the period. Nvwm LLC grew its holdings in shares of Phillips 66 by 0.9% during the 4th quarter. Nvwm LLC now owns 8,286 shares of the oil and gas company’s stock worth $1,103,000 after acquiring an additional 75 shares during the period. Finally, Cardinal Capital Management boosted its position in shares of Phillips 66 by 0.3% in the 4th quarter. Cardinal Capital Management now owns 23,312 shares of the oil and gas company’s stock worth $3,104,000 after purchasing an additional 77 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.

Insiders Place Their Bets

In other Phillips 66 news, EVP Timothy D. Roberts sold 37,742 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $145.80, for a total transaction of $5,502,783.60. Following the completion of the transaction, the executive vice president now 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 Securities & Exchange Commission, which can be accessed through the SEC website. 0.22% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Piper Sandler dropped their price target on Phillips 66 from $170.00 to $151.00 and set an “overweight” rating on the stock in a research report on Friday, June 14th. Bank of America upped their price objective on Phillips 66 from $150.00 to $180.00 and gave the company a “neutral” rating in a research report on Friday, March 15th. Wells Fargo & Company upped 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. Scotiabank upped their price objective on Phillips 66 from $148.00 to $156.00 and gave the company a “sector outperform” rating in a research report on Thursday, April 11th. Finally, Argus reiterated a “buy” rating and set a $167.00 target price on shares of Phillips 66 in a research note on Thursday, May 30th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Phillips 66 currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.79.

Phillips 66 Trading Up 1.3 %

Shares of PSX stock opened at $141.17 on Monday. Phillips 66 has a 52-week low of $93.40 and a 52-week high of $174.08. 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 capitalization of $59.85 billion, a PE ratio of 10.86, a PEG ratio of 2.12 and a beta of 1.34. The stock has a fifty day simple moving average of $142.91 and a two-hundred day simple moving average of $144.83.

Phillips 66 (NYSE:PSX) last issued 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). Phillips 66 had a return on equity of 19.19% and a net margin of 3.84%. The business had revenue of $36.44 billion during the quarter, compared to analysts’ expectations of $35.87 billion. During the same quarter in the previous year, the company posted $4.21 EPS. On average, analysts predict that Phillips 66 will post 11.08 EPS 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 3.26%. The ex-dividend date of this dividend 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 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.