Phillips 66 (NYSE:PSX) Shares Acquired by New Century Financial Group LLC

New Century Financial Group LLC increased its stake in shares of Phillips 66 (NYSE:PSX) by 105.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,521 shares of the oil and gas company’s stock after purchasing an additional 2,323 shares during the quarter. New Century Financial Group LLC’s holdings in Phillips 66 were worth $638,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. Manning & Napier Advisors LLC purchased a new stake in shares of Phillips 66 during the second quarter worth approximately $17,670,000. M&G Plc acquired a new stake in shares of Phillips 66 in the 2nd quarter valued at $3,596,000. Duality Advisers LP acquired a new stake in shares of Phillips 66 in the 1st quarter valued at $3,596,000. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Phillips 66 by 42.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 133,736 shares of the oil and gas company’s stock worth $21,844,000 after purchasing an additional 39,775 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its stake in shares of Phillips 66 by 14.3% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 289,395 shares of the oil and gas company’s stock worth $38,530,000 after purchasing an additional 36,116 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PSX. Wells Fargo & Company lifted their price target on Phillips 66 from $176.00 to $182.00 and gave the stock an “overweight” rating in a report on Tuesday, September 3rd. JPMorgan Chase & Co. decreased their target price on Phillips 66 from $165.00 to $162.00 and set an “overweight” rating for the company in a research note on Tuesday, July 2nd. Wolfe Research began coverage on shares of Phillips 66 in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Piper Sandler reduced their price objective on shares of Phillips 66 from $151.00 to $136.00 and set an “overweight” rating for the company in a research report on Friday, September 20th. Finally, Mizuho dropped their target price on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $154.21.

Phillips 66 Stock Performance

NYSE PSX opened at $131.45 on Tuesday. The firm has a market cap of $55.73 billion, a P/E ratio of 10.11, a P/E/G ratio of 5.22 and a beta of 1.33. Phillips 66 has a 52-week low of $107.85 and a 52-week high of $174.08. The business’s 50-day moving average price is $134.13 and its 200 day moving average price is $142.78. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56.

Phillips 66 (NYSE:PSX) last announced its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.33. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The company had revenue of $38.91 billion for the quarter, compared to the consensus estimate of $37.79 billion. During the same period last year, the business posted $3.87 EPS. The company’s revenue was up 8.9% on a year-over-year basis. On average, equities research analysts expect that Phillips 66 will post 8.27 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th were paid a $1.15 dividend. This represents a $4.60 annualized dividend and a dividend yield of 3.50%. The ex-dividend date was Tuesday, August 20th. Phillips 66’s dividend payout ratio (DPR) is presently 35.38%.

Insider Activity

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the completion of the transaction, the chief financial officer now directly owns 81,937 shares of the company’s stock, valued at $11,390,062.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.22% of the company’s stock.

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.