Virginia Wealth Management Group Inc. Buys 709 Shares of Phillips 66 $PSX

Virginia Wealth Management Group Inc. increased its holdings in shares of Phillips 66 (NYSE:PSX) by 2.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,846 shares of the oil and gas company’s stock after acquiring an additional 709 shares during the quarter. Phillips 66 comprises 2.2% of Virginia Wealth Management Group Inc.’s portfolio, making the stock its 27th biggest holding. Virginia Wealth Management Group Inc.’s holdings in Phillips 66 were worth $3,561,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Elliott Investment Management L.P. increased its stake in shares of Phillips 66 by 1,929.0% in the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock worth $1,941,723,000 after buying an additional 14,950,000 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Phillips 66 by 11.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company’s stock valued at $828,442,000 after buying an additional 682,459 shares in the last quarter. Invesco Ltd. raised its stake in Phillips 66 by 15.9% during the 1st quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company’s stock valued at $588,489,000 after acquiring an additional 653,248 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Phillips 66 by 11.1% during the first quarter. Goldman Sachs Group Inc. now owns 3,781,064 shares of the oil and gas company’s stock valued at $466,886,000 after acquiring an additional 377,132 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Phillips 66 by 3.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,103,316 shares of the oil and gas company’s stock valued at $383,197,000 after purchasing an additional 100,321 shares during the period. 76.93% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PSX has been the topic of several recent analyst reports. Wall Street Zen upgraded Phillips 66 from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Raymond James Financial raised their price target on Phillips 66 from $142.00 to $145.00 and gave the company an “outperform” rating in a report on Tuesday, September 9th. Argus upgraded Phillips 66 to a “strong-buy” rating in a research note on Thursday, July 31st. Scotiabank reaffirmed a “sector perform” rating and set a $133.00 price objective on shares of Phillips 66 in a research report on Friday, July 11th. Finally, JPMorgan Chase & Co. set a $115.00 price target on shares of Phillips 66 in a research report on Wednesday, June 18th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $139.38.

Phillips 66 Stock Performance

Shares of PSX stock opened at $139.45 on Friday. Phillips 66 has a one year low of $91.01 and a one year high of $142.35. The stock has a market capitalization of $56.35 billion, a PE ratio of 33.52, a PEG ratio of 1.98 and a beta of 1.15. The business’s 50 day simple moving average is $127.94 and its 200 day simple moving average is $120.15. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79.

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

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Tuesday, August 19th. Phillips 66’s payout ratio is 115.38%.

Insider Activity at Phillips 66

In related news, Director Gregory Hayes acquired 8,350 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The stock was bought at an average cost of $119.90 per share, for a total transaction of $1,001,165.00. Following the purchase, the director owned 29,423 shares in the company, valued at $3,527,817.70. The trade was a 39.62% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Sigmund L. Cornelius bought 500 shares of the company’s stock in a transaction that occurred on Thursday, July 31st. The shares were bought at an average cost of $123.55 per share, for a total transaction of $61,775.00. Following the completion of the acquisition, the director owned 21,543 shares of the company’s stock, valued at $2,661,637.65. This trade represents a 2.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 9,850 shares of company stock worth $1,188,910 over the last ninety days. 0.22% of the stock is owned by corporate 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.