Atlantic Union Bankshares Corp Acquires 5,598 Shares of Phillips 66 $PSX

Atlantic Union Bankshares Corp lifted its stake in shares of Phillips 66 (NYSE:PSX) by 13.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 46,159 shares of the oil and gas company’s stock after buying an additional 5,598 shares during the period. Atlantic Union Bankshares Corp’s holdings in Phillips 66 were worth $5,507,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PSX. Wolff Wiese Magana LLC boosted its position in Phillips 66 by 62.1% in the second quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 82 shares during the last quarter. Pinpoint Asset Management Ltd bought a new position in Phillips 66 during the first quarter worth about $29,000. Webster Bank N. A. grew its stake in Phillips 66 by 58.8% in the 2nd quarter. Webster Bank N. A. now owns 270 shares of the oil and gas company’s stock valued at $32,000 after buying an additional 100 shares in the last quarter. Nova Wealth Management Inc. purchased a new position in shares of Phillips 66 in the first quarter valued at $37,000. Finally, GKV Capital Management Co. Inc. grew its holdings in Phillips 66 by 111.5% during the 1st quarter. GKV Capital Management Co. Inc. now owns 330 shares of the oil and gas company’s stock valued at $41,000 after buying an additional 174 shares in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Phillips 66

In other news, EVP Vanessa Allen Sutherland sold 4,393 shares of the business’s stock in a transaction that occurred on Friday, September 26th. The shares were sold at an average price of $140.00, for a total value of $615,020.00. Following the completion of the sale, the executive vice president directly owned 34,587 shares in the company, valued at approximately $4,842,180. The trade was a 11.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Gregory Hayes purchased 8,350 shares of the stock in a transaction 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 completion of the purchase, the director directly owned 29,423 shares of the company’s stock, valued at $3,527,817.70. The trade was a 39.62% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.22% of the stock is owned by corporate insiders.

Phillips 66 Stock Up 1.7%

Shares of NYSE:PSX opened at $138.25 on Friday. The firm has a market capitalization of $55.70 billion, a PE ratio of 37.77, a price-to-earnings-growth ratio of 1.81 and a beta of 1.08. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $142.35. The firm has a fifty day moving average of $133.12 and a 200 day moving average of $124.36.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share for the quarter, beating analysts’ consensus estimates of $2.14 by $0.38. Phillips 66 had a return on equity of 5.51% and a net margin of 1.12%.The business had revenue of $33.69 billion for the quarter, compared to the consensus estimate of $32.29 billion. During the same quarter last year, the business posted $2.04 earnings per share. As a group, research analysts anticipate that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

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 given a $1.20 dividend. The ex-dividend date is Monday, November 17th. This represents a $4.80 dividend on an annualized basis and a yield of 3.5%. Phillips 66’s payout ratio is presently 131.15%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Wall Street Zen upgraded shares of Phillips 66 from a “hold” rating to a “buy” rating in a research note on Saturday, November 1st. Citigroup downgraded Phillips 66 from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $126.00 to $130.00 in a research report on Wednesday, July 16th. Raymond James Financial reissued an “outperform” rating and set a $150.00 price objective (up previously from $145.00) on shares of Phillips 66 in a research note on Friday, October 17th. Argus upgraded Phillips 66 to a “strong-buy” rating in a research note on Thursday, July 31st. Finally, Zacks Research cut Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and thirteen have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $143.56.

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.