Pacer Advisors Inc. bought a new stake in shares of Phillips 66 (NYSE:PSX) in the 2nd quarter, Holdings Channel reports. The firm bought 37,403 shares of the oil and gas company’s stock, valued at approximately $2,689,000.
Several other large investors have also made changes to their positions in PSX. Efficient Wealth Management LLC purchased a new stake in shares of Phillips 66 in the first quarter valued at approximately $28,000. Prestige Wealth Management Group LLC boosted its holdings in shares of Phillips 66 by 179.5% in the first quarter. Prestige Wealth Management Group LLC now owns 559 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 359 shares during the period. Verus Capital Partners LLC purchased a new stake in shares of Phillips 66 in the fourth quarter valued at approximately $62,000. Harwood Advisory Group LLC purchased a new stake in shares of Phillips 66 in the first quarter valued at approximately $36,000. Finally, Altshuler Shaham Ltd boosted its holdings in shares of Phillips 66 by 825.0% in the first quarter. Altshuler Shaham Ltd now owns 703 shares of the oil and gas company’s stock valued at $38,000 after purchasing an additional 627 shares during the period. Institutional investors and hedge funds own 66.79% of the company’s stock.
PSX has been the subject of a number of research reports. Zacks Investment Research upgraded Phillips 66 from a “strong sell” rating to a “hold” rating and set a $67.00 price target for the company in a report on Wednesday, May 27th. Mizuho lowered their target price on Phillips 66 from $95.00 to $92.00 and set a “buy” rating for the company in a report on Wednesday, July 22nd. Morgan Stanley lowered their target price on Phillips 66 from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Wednesday, July 8th. Piper Sandler lowered their target price on Phillips 66 from $91.00 to $87.00 and set an “overweight” rating for the company in a report on Friday, July 24th. Finally, Bank of America upgraded Phillips 66 from a “neutral” rating to a “buy” rating and set a $120.00 target price for the company in a report on Monday, April 20th. Three equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $83.47.
Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Friday, July 31st. The oil and gas company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.55). The business had revenue of $11.18 billion for the quarter, compared to analyst estimates of $14.92 billion. Phillips 66 had a return on equity of 14.90% and a net margin of 0.35%. During the same period in the previous year, the company posted $3.02 earnings per share. On average, equities analysts forecast that Phillips 66 will post 1.83 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be given a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 5.80%. The ex-dividend date of this dividend is Monday, August 17th. Phillips 66’s payout ratio is 44.72%.
In other news, Director John E. Lowe bought 1,500 shares of the business’s stock in a transaction that occurred on Friday, June 26th. The shares were purchased at an average cost of $68.43 per share, with a total value of $102,645.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Gary Kramer Adams bought 1,250 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was purchased at an average cost of $76.40 per share, for a total transaction of $95,500.00. Following the completion of the transaction, the director now owns 10,213 shares in the company, valued at $780,273.20. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 3,750 shares of company stock worth $268,305. 0.63% of the stock is owned by insiders.
About Phillips 66
Phillips 66 operates as an energy manufacturing and logistics company. 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 products to market; provides terminaling and storage services for crude oil and 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.
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