IVC Wealth Advisors LLC Makes New Investment in Phillips 66 (NYSE:PSX)

IVC Wealth Advisors LLC purchased a new position in shares of Phillips 66 (NYSE:PSX) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,730 shares of the oil and gas company’s stock, valued at approximately $214,000.

Other hedge funds have also modified their holdings of the company. Tallon Kerry Patrick purchased a new position in Phillips 66 during the 4th quarter valued at about $336,000. Brighton Jones LLC boosted its stake in shares of Phillips 66 by 238.5% in the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock valued at $1,166,000 after buying an additional 7,214 shares during the period. Foundations Investment Advisors LLC raised its position in shares of Phillips 66 by 18.1% during the 4th quarter. Foundations Investment Advisors LLC now owns 4,700 shares of the oil and gas company’s stock worth $536,000 after acquiring an additional 721 shares in the last quarter. Crews Bank & Trust acquired a new stake in shares of Phillips 66 during the 4th quarter worth about $32,000. Finally, Mediolanum International Funds Ltd raised its position in shares of Phillips 66 by 46.5% during the 4th quarter. Mediolanum International Funds Ltd now owns 22,191 shares of the oil and gas company’s stock worth $2,479,000 after acquiring an additional 7,041 shares in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Trading Down 1.2%

Shares of PSX stock opened at $113.31 on Friday. The business’s fifty day moving average price is $109.26 and its 200 day moving average price is $118.59. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $150.12. The firm has a market capitalization of $46.17 billion, a PE ratio of 22.94, a P/E/G ratio of 4.84 and a beta of 1.01. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.97). Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. The business had revenue of $31.92 billion for the quarter, compared to analyst estimates of $31.93 billion. During the same period in the prior year, the company earned $1.90 EPS. As a group, sell-side analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be given a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 4.24%. This is an increase from Phillips 66’s previous quarterly dividend of $1.15. The ex-dividend date of this dividend is Monday, May 19th. Phillips 66’s payout ratio is presently 109.34%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Wells Fargo & Company cut their price target on Phillips 66 from $162.00 to $149.00 and set an “overweight” rating on the stock in a research report on Monday, April 28th. Scotiabank cut their price target on Phillips 66 from $136.00 to $133.00 and set a “sector outperform” rating on the stock in a research report on Friday, April 11th. Morgan Stanley cut their price target on Phillips 66 from $140.00 to $122.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 24th. Barclays lifted their price target on Phillips 66 from $106.00 to $115.00 and gave the stock an “equal weight” rating in a research report on Monday, May 12th. Finally, TD Cowen boosted their target price on Phillips 66 from $114.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Phillips 66 presently has an average rating of “Moderate Buy” and a consensus target price of $135.62.

Insiders Place Their Bets

In other news, Director Robert W. Pease bought 439 shares of the firm’s stock in a transaction on Thursday, May 22nd. The shares were bought at an average cost of $113.85 per share, for a total transaction of $49,980.15. Following the completion of the transaction, the director now owns 4,091 shares in the company, valued at $465,760.35. This trade represents a 12.02% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.22% of the stock is owned by company insiders.

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.