Wedmont Private Capital Makes New $283,000 Investment in Phillips 66 (NYSE:PSX)

Phillips 66 logo Wedmont Private Capital bought a new stake in shares of Phillips 66 (NYSE:PSX – Get Rating) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,680 shares of the oil and gas company’s stock, valued at approximately $283,000.

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Other hedge funds have also made changes to their positions in the company. Regal Investment Advisors LLC acquired a new position in shares of Phillips 66 during the third quarter valued at approximately $310,000. PFG Advisors raised its holdings in shares of Phillips 66 by 42.4% during the third quarter. PFG Advisors now owns 5,243 shares of the oil and gas company’s stock valued at $423,000 after acquiring an additional 1,560 shares during the last quarter. Neuberger Berman Group LLC raised its holdings in shares of Phillips 66 by 2.4% during the third quarter. Neuberger Berman Group LLC now owns 1,098,922 shares of the oil and gas company’s stock valued at $88,704,000 after acquiring an additional 25,603 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of Phillips 66 by 1,218.7% during the third quarter. International Assets Investment Management LLC now owns 40,589 shares of the oil and gas company’s stock valued at $245,000 after acquiring an additional 37,511 shares during the last quarter. Finally, Wipfli Financial Advisors LLC acquired a new position in shares of Phillips 66 during the third quarter valued at approximately $324,000. Institutional investors and hedge funds own 70.76% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Piper Sandler cut their price target on Phillips 66 from $155.00 to $137.00 and set an “overweight” rating for the company in a report on Monday, December 19th. Mizuho cut their price target on Phillips 66 from $121.00 to $120.00 in a report on Friday, March 10th. UBS Group assumed coverage on Phillips 66 in a report on Wednesday, March 8th. They issued a “buy” rating and a $139.00 price target for the company. Wells Fargo & Company cut their price target on Phillips 66 from $134.00 to $127.00 and set an “overweight” rating for the company in a report on Thursday, January 5th. Finally, StockNews.com assumed coverage on Phillips 66 in a report on Thursday. They issued a “buy” rating for the company. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $121.27.

Insider Transactions at Phillips 66

In related news, Director Gregory Hayes bought 10,250 shares of the firm’s stock in a transaction that occurred on Thursday, February 2nd. The stock was purchased at an average cost of $97.75 per share, for a total transaction of $1,001,937.50. Following the completion of the acquisition, the director now owns 14,299 shares in the company, valued at approximately $1,397,727.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.74% of the company’s stock.

Phillips 66 Trading Down 0.3 %

PSX opened at $94.72 on Friday. Phillips 66 has a 52 week low of $74.02 and a 52 week high of $113.53. The business has a fifty day simple moving average of $102.53 and a 200-day simple moving average of $99.45. The firm has a market cap of $43.94 billion, a P/E ratio of 4.13, a P/E/G ratio of 0.32 and a beta of 1.37. The company has a quick ratio of 1.17, a current ratio of 1.38 and a debt-to-equity ratio of 0.49.

Phillips 66 (NYSE:PSX – Get Rating) last released its quarterly earnings results on Tuesday, January 31st. The oil and gas company reported $4.00 EPS for the quarter, missing the consensus estimate of $4.35 by ($0.35). Phillips 66 had a return on equity of 31.20% and a net margin of 6.27%. The firm had revenue of $40.91 billion for the quarter, compared to analysts’ expectations of $34.30 billion. During the same quarter in the prior year, the business earned $2.94 earnings per share. On average, equities analysts expect that Phillips 66 will post 15.68 earnings per share for the current year.

Phillips 66 Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 1st. Stockholders of record on Tuesday, February 21st were given a dividend of $1.05 per share. This is a positive change from Phillips 66’s previous quarterly dividend of $0.97. This represents a $4.20 annualized dividend and a dividend yield of 4.43%. The ex-dividend date of this dividend was Friday, February 17th. Phillips 66’s dividend payout ratio (DPR) is currently 18.30%.

Phillips 66 Company Profile

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Phillips 66 engages in the processing, transportation, storage, and marketing of fuels and other related products. The company operates through the following segments: Midstream, Chemicals, Refining and Marketing & Specialties. The Midstream segment provides crude oil and refined products transportation, terminaling and processing services, as well as natural gas, natural gas liquids and liquefied petroleum gas transportation, storage, processing and marketing services.