Kingsview Wealth Management LLC Has $8.71 Million Position in Phillips 66 $PSX

Kingsview Wealth Management LLC boosted its stake in shares of Phillips 66 (NYSE:PSX) by 50.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 64,042 shares of the oil and gas company’s stock after acquiring an additional 21,458 shares during the period. Kingsview Wealth Management LLC’s holdings in Phillips 66 were worth $8,711,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Evolution Wealth Management Inc. bought a new stake in shares of Phillips 66 during the 2nd quarter worth approximately $25,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in Phillips 66 during the second quarter valued at approximately $32,000. Winnow Wealth LLC bought a new stake in Phillips 66 during the third quarter worth $36,000. Twin Peaks Wealth Advisors LLC acquired a new stake in shares of Phillips 66 in the 2nd quarter valued at $38,000. Finally, Operose Advisors LLC increased its stake in shares of Phillips 66 by 260.4% in the 2nd quarter. Operose Advisors LLC now owns 346 shares of the oil and gas company’s stock valued at $41,000 after purchasing an additional 250 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors.

Insider Transactions at Phillips 66

In other news, EVP Don Baldridge sold 7,500 shares of the stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $160.00, for a total value of $1,200,000.00. Following the completion of the sale, the executive vice president owned 38,488 shares of the company’s stock, valued at approximately $6,158,080. This represents a 16.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $150.00, for a total value of $659,100.00. Following the transaction, the executive vice president owned 25,799 shares of the company’s stock, valued at $3,869,850. This trade represents a 14.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 16,288 shares of company stock worth $2,496,230 in the last quarter. Corporate insiders own 0.22% of the company’s stock.

Phillips 66 Stock Up 3.8%

NYSE:PSX opened at $160.17 on Tuesday. Phillips 66 has a one year low of $91.01 and a one year high of $163.79. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.30 and a quick ratio of 0.91. The company has a market cap of $64.19 billion, a PE ratio of 14.80, a P/E/G ratio of 0.54 and a beta of 0.86. The firm’s 50 day simple moving average is $144.67 and its 200 day simple moving average is $137.64.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.32. The firm had revenue of $32.16 billion during the quarter, compared to the consensus estimate of $33.81 billion. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. During the same quarter last year, the firm earned ($0.15) earnings per share. On average, research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd will be issued a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Monday, February 23rd. This is a boost from Phillips 66’s previous quarterly dividend of $1.20. Phillips 66’s dividend payout ratio (DPR) is presently 46.95%.

Analyst Ratings Changes

Several brokerages recently weighed in on PSX. Weiss Ratings upgraded Phillips 66 from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. TD Cowen reissued a “buy” rating on shares of Phillips 66 in a report on Friday, February 6th. UBS Group restated a “buy” rating and issued a $172.00 price target on shares of Phillips 66 in a research note on Friday, February 6th. Jefferies Financial Group reiterated a “hold” rating and set a $158.00 price objective on shares of Phillips 66 in a research report on Friday, February 20th. Finally, Barclays set a $158.00 price objective on shares of Phillips 66 in a research note on Friday, February 20th. Eleven equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat, Phillips 66 has an average rating of “Hold” and a consensus price target of $160.11.

Phillips 66 Profile

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.