Waycross Partners LLC Invests $354,000 in Phillips 66 $PSX

Waycross Partners LLC bought a new position in shares of Phillips 66 (NYSE:PSX) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,965 shares of the oil and gas company’s stock, valued at approximately $354,000.

A number of other large investors also recently modified their holdings of the stock. WealthTrust Axiom LLC lifted its position in shares of Phillips 66 by 1.1% during the first quarter. WealthTrust Axiom LLC now owns 7,241 shares of the oil and gas company’s stock worth $894,000 after purchasing an additional 81 shares in the last quarter. Biltmore Wealth Management LLC lifted its position in shares of Phillips 66 by 2.4% during the second quarter. Biltmore Wealth Management LLC now owns 3,613 shares of the oil and gas company’s stock worth $431,000 after purchasing an additional 85 shares in the last quarter. CWC Advisors LLC. lifted its position in shares of Phillips 66 by 1.0% during the fourth quarter. CWC Advisors LLC. now owns 9,743 shares of the oil and gas company’s stock worth $1,110,000 after purchasing an additional 92 shares in the last quarter. Legacy Private Trust Co. raised its stake in shares of Phillips 66 by 3.3% during the second quarter. Legacy Private Trust Co. now owns 3,007 shares of the oil and gas company’s stock worth $359,000 after buying an additional 95 shares during the last quarter. Finally, Hager Investment Management Services LLC raised its stake in shares of Phillips 66 by 7.2% during the first quarter. Hager Investment Management Services LLC now owns 1,438 shares of the oil and gas company’s stock worth $178,000 after buying an additional 96 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Stock Up 2.0%

Shares of PSX stock opened at $132.12 on Wednesday. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $140.60. The firm has a fifty day moving average of $127.13 and a 200-day moving average of $119.87. The company has a market capitalization of $53.39 billion, a price-to-earnings ratio of 31.76, a P/E/G ratio of 1.85 and a beta of 1.15. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60.

Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, topping the consensus estimate of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The business had revenue of $33.77 billion during the quarter, compared to analysts’ expectations of $32.11 billion. During the same quarter in the prior year, the company posted $2.31 earnings per share. As a group, equities research analysts predict that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were given a $1.20 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $4.80 annualized dividend and a dividend yield of 3.6%. Phillips 66’s dividend payout ratio is presently 115.38%.

Insider Activity at Phillips 66

In related news, Director Gregory Hayes acquired 8,350 shares of the company’s stock in a transaction dated Thursday, August 14th. The shares were bought at an average cost of $119.90 per share, with a total value of $1,001,165.00. Following the completion of the transaction, the director directly owned 29,423 shares of the company’s stock, valued at $3,527,817.70. This trade represents a 39.62% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael A. Heim purchased 1,000 shares of the stock in a transaction that occurred on Wednesday, July 30th. The shares were acquired at an average cost of $125.97 per share, for a total transaction of $125,970.00. Following the completion of the transaction, the director owned 12,043 shares of the company’s stock, valued at $1,517,056.71. This trade represents a 9.06% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 9,850 shares of company stock valued at $1,188,910 over the last three months. Company insiders own 0.22% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Argus raised shares of Phillips 66 to a “strong-buy” rating in a research note on Thursday, July 31st. Piper Sandler boosted their price target on shares of Phillips 66 from $144.00 to $154.00 and gave the stock a “neutral” rating in a research note on Thursday, September 11th. Raymond James Financial boosted their price target on shares of Phillips 66 from $142.00 to $145.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 9th. JPMorgan Chase & Co. set a $115.00 price target on shares of Phillips 66 in a research note on Wednesday, June 18th. Finally, Bank of America downgraded shares of Phillips 66 from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $144.00 to $147.00 in a research note on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $139.38.

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.