Daymark Wealth Partners LLC Has $10.09 Million Stock Position in Phillips 66 $PSX

Daymark Wealth Partners LLC increased its position in shares of Phillips 66 (NYSE:PSX) by 2.0% during the second quarter, Holdings Channel reports. The institutional investor owned 84,583 shares of the oil and gas company’s stock after purchasing an additional 1,640 shares during the period. Daymark Wealth Partners LLC’s holdings in Phillips 66 were worth $10,091,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Elliott Investment Management L.P. grew its holdings 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 valued at $1,941,723,000 after acquiring an additional 14,950,000 shares in the last quarter. Valeo Financial Advisors LLC grew its holdings in Phillips 66 by 9,530.9% during the second quarter. Valeo Financial Advisors LLC now owns 1,446,469 shares of the oil and gas company’s stock valued at $172,564,000 after purchasing an additional 1,431,450 shares during the period. Nuveen LLC bought a new position in Phillips 66 during the first quarter valued at $156,482,000. Price T Rowe Associates Inc. MD grew its holdings in 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 valued at $828,442,000 after purchasing an additional 682,459 shares during the period. Finally, Invesco Ltd. grew its holdings in 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 purchasing an additional 653,248 shares during the period. 76.93% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Sigmund L. Cornelius acquired 500 shares of Phillips 66 stock in a transaction dated Thursday, July 31st. The shares were purchased at an average cost of $123.55 per share, with a total value of $61,775.00. Following the completion of the purchase, the director owned 21,543 shares of the company’s stock, valued at $2,661,637.65. This represents a 2.38% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gregory Hayes acquired 8,350 shares of Phillips 66 stock in a transaction dated Thursday, August 14th. The shares were bought at an average cost of $119.90 per share, for a total transaction of $1,001,165.00. Following the completion of the purchase, the director directly owned 29,423 shares of the company’s stock, valued at approximately $3,527,817.70. The trade was a 39.62% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 0.22% of the company’s stock.

Analyst Ratings Changes

PSX has been the subject of several research reports. UBS Group increased their price objective on Phillips 66 from $143.00 to $150.00 and gave the company a “buy” rating in a report on Monday, September 22nd. TD Cowen increased their target price on Phillips 66 from $130.00 to $134.00 and gave the stock a “buy” rating in a research report on Monday, July 28th. Piper Sandler increased their price objective on Phillips 66 from $154.00 to $155.00 and gave the stock a “neutral” rating in a research report on Monday, September 29th. Wells Fargo & Company initiated coverage on Phillips 66 in a research report on Friday, October 17th. They issued an “overweight” rating and a $154.00 price objective on the stock. Finally, Zacks Research upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 26th. Three equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat, Phillips 66 has an average rating of “Moderate Buy” and an average target price of $141.50.

Phillips 66 Stock Down 1.1%

PSX opened at $133.92 on Wednesday. The stock has a market cap of $54.12 billion, a PE ratio of 32.19, a P/E/G ratio of 1.78 and a beta of 1.11. 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 has a 52 week low of $91.01 and a 52 week high of $142.35. The business’s fifty day simple moving average is $131.99 and its 200 day simple moving average is $122.62.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Monday, November 17th. Phillips 66’s dividend payout ratio is currently 115.38%.

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.