Bridges Investment Management Inc. Makes New $518,000 Investment in Phillips 66 (NYSE:PSX)

Bridges Investment Management Inc. acquired a new position in shares of Phillips 66 (NYSE:PSX) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 3,668 shares of the oil and gas company’s stock, valued at approximately $518,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Phillips 66 by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 41,271,077 shares of the oil and gas company’s stock worth $6,741,218,000 after purchasing an additional 1,578,669 shares during the last quarter. Wellington Management Group LLP increased its holdings in Phillips 66 by 20.3% during the 4th 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. Bank of New York Mellon Corp increased its holdings in Phillips 66 by 5.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 8,422,720 shares of the oil and gas company’s stock worth $1,189,035,000 after purchasing an additional 402,925 shares during the last quarter. Boston Partners increased its holdings in Phillips 66 by 41.4% during the 1st quarter. Boston Partners now owns 5,453,892 shares of the oil and gas company’s stock worth $889,214,000 after purchasing an additional 1,595,722 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Phillips 66 by 3.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,643,264 shares of the oil and gas company’s stock worth $514,253,000 after purchasing an additional 111,261 shares during the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was 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 owns 81,937 shares in the company, valued at approximately $11,390,062.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.22% of the stock is currently owned by insiders.

Phillips 66 Trading Down 1.9 %

Shares of PSX stock opened at $129.97 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.79 and a current ratio of 1.14. Phillips 66 has a 1 year low of $107.85 and a 1 year high of $174.08. The stock has a fifty day moving average of $135.20 and a two-hundred day moving average of $143.67. The firm has a market capitalization of $55.10 billion, a PE ratio of 10.00, a price-to-earnings-growth ratio of 4.67 and a beta of 1.33.

Phillips 66 (NYSE:PSX) last announced its quarterly 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 company had revenue of $38.91 billion during the quarter, compared to analyst estimates of $37.79 billion. During the same quarter in the previous year, the firm posted $3.87 EPS. The firm’s quarterly revenue was up 8.9% on a year-over-year basis. As a group, research analysts expect that Phillips 66 will post 9.1 EPS for the current year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were given a dividend of $1.15 per share. The ex-dividend date was Tuesday, August 20th. This represents a $4.60 dividend on an annualized basis and a yield of 3.54%. Phillips 66’s dividend payout ratio (DPR) is presently 35.38%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PSX. Wolfe Research began coverage on Phillips 66 in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Argus reiterated a “buy” rating and issued a $167.00 price target on shares of Phillips 66 in a report on Thursday, May 30th. Morgan Stanley lowered their price target on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. JPMorgan Chase & Co. lowered their price target on Phillips 66 from $165.00 to $162.00 and set an “overweight” rating for the company in a report on Tuesday, July 2nd. Finally, Wells Fargo & Company boosted their price target on Phillips 66 from $176.00 to $182.00 and gave the company an “overweight” rating in a report on Tuesday, September 3rd. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Phillips 66 presently has a consensus rating of “Moderate Buy” and an average target price of $154.21.

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.