Cadinha & Co. LLC Boosts Stock Position in Phillips 66 (NYSE:PSX)

Cadinha & Co. LLC boosted its position in shares of Phillips 66 (NYSE:PSX) by 24.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,080 shares of the oil and gas company’s stock after acquiring an additional 800 shares during the quarter. Cadinha & Co. LLC’s holdings in Phillips 66 were worth $536,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Crewe Advisors LLC acquired a new position in shares of Phillips 66 during the first quarter worth about $25,000. Keener Financial Planning LLC purchased a new stake in shares of Phillips 66 during the 1st quarter worth $26,000. Strategic Financial Concepts LLC purchased a new stake in shares of Phillips 66 during the 2nd quarter worth $26,000. Ables Iannone Moore & Associates Inc. purchased a new position in Phillips 66 in the fourth quarter valued at $27,000. Finally, Redmont Wealth Advisors LLC acquired a new stake in Phillips 66 in the first quarter valued at $28,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Price Performance

NYSE:PSX traded up $1.48 during trading hours on Thursday, reaching $136.20. 145,889 shares of the company’s stock were exchanged, compared to its average volume of 2,708,693. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $57.74 billion, a P/E ratio of 10.36, a price-to-earnings-growth ratio of 5.46 and a beta of 1.33. Phillips 66 has a 12 month low of $107.85 and a 12 month high of $174.08. The business’s 50-day simple moving average is $133.28 and its two-hundred day simple moving average is $141.78.

Phillips 66 (NYSE:PSX) last issued its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.98 by $0.33. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The business had revenue of $38.91 billion for the quarter, compared to analysts’ expectations of $37.79 billion. During the same period in the previous year, the firm posted $3.87 EPS. The company’s quarterly revenue was up 8.9% on a year-over-year basis. Sell-side analysts expect that Phillips 66 will post 8.21 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $139.01, for a total value of $4,170,300.00. Following the completion of the transaction, the chief financial officer now owns 81,937 shares of the company’s stock, valued at approximately $11,390,062.37. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.22% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Barclays decreased their target price on shares of Phillips 66 from $138.00 to $133.00 and set an “equal weight” rating for the company in a research note on Tuesday. Scotiabank cut their price target on Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. TD Cowen lowered their price objective on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. Raymond James lifted their target price on shares of Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Finally, Piper Sandler lifted their price objective on Phillips 66 from $136.00 to $144.00 and gave the stock an “overweight” rating in a research report on Tuesday. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $151.86.

About Phillips 66

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.