Harrell Investment Partners LLC Acquires New Position in Phillips 66 (NYSE:PSX)

Harrell Investment Partners LLC acquired a new stake in Phillips 66 (NYSE:PSX) in the 1st quarter, Holdings Channel.com reports. The firm acquired 1,628 shares of the oil and gas company’s stock, valued at approximately $201,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PSX. Tallon Kerry Patrick acquired a new stake in shares of Phillips 66 in the fourth quarter valued at about $336,000. Brighton Jones LLC lifted its stake in shares of Phillips 66 by 238.5% in the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock valued at $1,166,000 after purchasing an additional 7,214 shares during the period. Principal Securities Inc. lifted its stake in shares of Phillips 66 by 3.0% in the fourth quarter. Principal Securities Inc. now owns 16,739 shares of the oil and gas company’s stock valued at $1,907,000 after purchasing an additional 484 shares during the period. Allworth Financial LP lifted its stake in shares of Phillips 66 by 19.4% in the fourth quarter. Allworth Financial LP now owns 15,262 shares of the oil and gas company’s stock valued at $1,809,000 after purchasing an additional 2,484 shares during the period. Finally, CIBC Asset Management Inc lifted its stake in shares of Phillips 66 by 1.2% in the fourth quarter. CIBC Asset Management Inc now owns 72,684 shares of the oil and gas company’s stock valued at $8,281,000 after purchasing an additional 851 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insider Activity

In related news, Director Robert W. Pease acquired 439 shares of the stock in a transaction dated Thursday, May 22nd. The stock was bought at an average cost of $113.85 per share, with a total value of $49,980.15. Following the purchase, the director now directly owns 4,091 shares of the company’s stock, valued at approximately $465,760.35. This represents a 12.02% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.22% of the company’s stock.

Analyst Ratings Changes

PSX has been the subject of several recent analyst reports. Wells Fargo & Company reduced their price objective on shares of Phillips 66 from $149.00 to $147.00 and set an “overweight” rating for the company in a research note on Wednesday, June 11th. Evercore ISI assumed coverage on shares of Phillips 66 in a research report on Wednesday. They set an “outperform” rating and a $130.00 target price for the company. Morgan Stanley cut their target price on shares of Phillips 66 from $140.00 to $122.00 and set an “equal weight” rating for the company in a research report on Thursday, April 24th. Barclays lifted their target price on shares of 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, Wall Street Zen upgraded shares of Phillips 66 from a “sell” rating to a “hold” rating in a research report on Monday, April 28th. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $133.93.

Phillips 66 Stock Up 0.4%

PSX stock opened at $124.98 on Thursday. The stock has a market capitalization of $50.92 billion, a P/E ratio of 28.47, a PEG ratio of 1.91 and a beta of 1.02. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.88 and a current ratio of 1.23. Phillips 66 has a one year low of $91.01 and a one year high of $150.12. The company has a 50 day moving average price of $111.33 and a two-hundred day moving average price of $117.38.

Phillips 66 (NYSE:PSX) last released its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.97). The firm had revenue of $31.92 billion during the quarter, compared to analysts’ expectations of $31.93 billion. Phillips 66 had a return on equity of 4.83% and a net margin of 1.32%. During the same period in the previous year, the firm posted $1.90 earnings per share. As a group, sell-side analysts expect that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were paid a dividend of $1.20 per share. The ex-dividend date was Monday, May 19th. This is a boost from Phillips 66’s previous quarterly dividend of $1.15. This represents a $4.80 annualized dividend and a dividend yield of 3.84%. Phillips 66’s payout ratio is currently 109.34%.

Phillips 66 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.