Archford Capital Strategies LLC Buys New Stake in Phillips 66 $PSX

Archford Capital Strategies LLC purchased a new position in Phillips 66 (NYSE:PSX) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 1,750 shares of the oil and gas company’s stock, valued at approximately $209,000.

A number of other large investors have also made changes to their positions in the business. Elliott Investment Management L.P. grew its stake in Phillips 66 by 1,929.0% during the 1st 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 last quarter. Nuveen LLC purchased a new stake in shares of Phillips 66 during the first quarter worth about $156,482,000. Price T Rowe Associates Inc. MD grew its stake in shares of Phillips 66 by 11.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company’s stock worth $828,442,000 after acquiring an additional 682,459 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Phillips 66 by 15.9% during the first 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 in the last quarter. Finally, Kingstone Capital Partners Texas LLC purchased a new position in shares of Phillips 66 in the 2nd quarter valued at approximately $72,897,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on PSX shares. Compass Point started coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They set a “buy” rating on the stock. Barclays lifted their price objective on shares of Phillips 66 from $115.00 to $127.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 9th. Raymond James Financial upped their target price on Phillips 66 from $142.00 to $145.00 and gave the company an “outperform” rating in a research report on Tuesday, September 9th. Bank of America cut Phillips 66 from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $144.00 to $147.00 in a research report on Wednesday, September 3rd. Finally, Wells Fargo & Company cut their price objective on Phillips 66 from $149.00 to $147.00 and set an “overweight” rating on the stock in a report on Wednesday, June 11th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $139.44.

Phillips 66 Trading Down 1.3%

Shares of NYSE:PSX opened at $137.62 on Tuesday. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $142.35. The business has a 50 day moving average of $128.17 and a two-hundred day moving average of $120.21. The company has a market capitalization of $55.62 billion, a PE ratio of 33.08, a PEG ratio of 1.98 and a beta of 1.15.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $32.11 billion. During the same quarter last year, the company earned $2.31 EPS. As a group, analysts forecast that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Phillips 66’s dividend payout ratio is presently 115.38%.

Insiders Place Their Bets

In related news, EVP Vanessa Allen Sutherland sold 4,393 shares of Phillips 66 stock in a transaction dated Friday, September 26th. The stock was sold at an average price of $140.00, for a total value of $615,020.00. Following the completion of the transaction, the executive vice president owned 34,587 shares in the company, valued at $4,842,180. The trade was a 11.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gregory Hayes purchased 8,350 shares of Phillips 66 stock in a transaction that occurred on Thursday, August 14th. The stock was acquired at an average cost of $119.90 per share, with a total value of $1,001,165.00. Following the acquisition, the director directly owned 29,423 shares in the company, valued at $3,527,817.70. This trade represents a 39.62% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 9,850 shares of company stock valued at $1,188,910 and have sold 13,179 shares valued at $1,779,165. Company insiders own 0.22% of the company’s stock.

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.