Olde Wealth Management LLC Acquires New Stake in Phillips 66 (NYSE:PSX)

Olde Wealth Management LLC acquired a new stake in shares of Phillips 66 (NYSE:PSX) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 230 shares of the oil and gas company’s stock, valued at approximately $28,000.

A number of other hedge funds also recently bought and sold shares of PSX. Brighton Jones LLC increased its position in shares of Phillips 66 by 238.5% during the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock valued at $1,166,000 after purchasing an additional 7,214 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Phillips 66 during the 4th quarter valued at about $49,000. Assetmark Inc. increased its holdings in Phillips 66 by 12.3% during the fourth quarter. Assetmark Inc. now owns 3,024 shares of the oil and gas company’s stock valued at $345,000 after buying an additional 332 shares during the last quarter. Proficio Capital Partners LLC purchased a new stake in Phillips 66 during the fourth quarter valued at approximately $16,771,000. Finally, Cullen Frost Bankers Inc. increased its holdings in Phillips 66 by 2.4% during the fourth quarter. Cullen Frost Bankers Inc. now owns 19,288 shares of the oil and gas company’s stock valued at $2,198,000 after buying an additional 457 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on PSX shares. TD Cowen upped their target price on shares of Phillips 66 from $114.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. Tudor Pickering cut Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 22nd. Wells Fargo & Company decreased their target price on Phillips 66 from $149.00 to $147.00 and set an “overweight” rating on the stock in a report on Wednesday, June 11th. Scotiabank reduced their price target on Phillips 66 from $136.00 to $133.00 and set a “sector outperform” rating for the company in a research report on Friday, April 11th. Finally, Raymond James Financial reduced their price target on Phillips 66 from $150.00 to $140.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $133.93.

Phillips 66 Trading Up 0.3%

Shares of PSX stock opened at $126.80 on Friday. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $150.12. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.88 and a current ratio of 1.23. The firm has a market capitalization of $51.66 billion, a PE ratio of 28.88, a PEG ratio of 2.00 and a beta of 1.02. The stock has a fifty day simple moving average of $116.94 and a two-hundred day simple moving average of $117.09.

Phillips 66 (NYSE:PSX) last released its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.97). Phillips 66 had a return on equity of 4.83% and a net margin of 1.32%. The business had revenue of $31.92 billion for the quarter, compared to analysts’ expectations of $31.93 billion. During the same quarter in the prior year, the business posted $1.90 EPS. On average, analysts predict that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were issued a dividend of $1.20 per share. This is a positive change from Phillips 66’s previous quarterly dividend of $1.15. This represents a $4.80 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date of this dividend was Monday, May 19th. Phillips 66’s dividend payout ratio (DPR) is 109.34%.

Insider Buying and Selling

In related news, EVP Brian Mandell sold 9,800 shares of the firm’s stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the completion of the transaction, the executive vice president directly owned 56,838 shares of the company’s stock, valued at approximately $7,104,750. This trade represents a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert W. Pease acquired 439 shares of the business’s stock in a transaction dated Thursday, May 22nd. The shares were purchased at an average price of $113.85 per share, with a total value of $49,980.15. Following the transaction, the director owned 4,091 shares of the company’s stock, valued at approximately $465,760.35. This represents a 12.02% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.22% of the company’s stock.

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.