RiverFront Investment Group LLC Acquires Shares of 1,721 Phillips 66 $PSX

RiverFront Investment Group LLC bought a new position in Phillips 66 (NYSE:PSX) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,721 shares of the oil and gas company’s stock, valued at approximately $205,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Elliott Investment Management L.P. lifted its stake in 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 during the last quarter. Chronos Wealth Management LLC acquired a new position in shares of Phillips 66 during the 2nd quarter worth $281,000. Sustainable Insight Capital Management LLC bought a new position in shares of Phillips 66 during the 1st quarter valued at $1,457,000. Evergreen Wealth Solutions LLC acquired a new stake in shares of Phillips 66 in the 1st quarter valued at $292,000. Finally, Vanguard Group Inc. lifted its stake in shares of Phillips 66 by 14.8% in the 2nd quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company’s stock valued at $5,531,702,000 after purchasing an additional 5,978,841 shares during the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the business’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $138.00, for a total transaction of $4,140,000.00. Following the transaction, the chief financial officer owned 89,771 shares in the company, valued at approximately $12,388,398. The trade was a 25.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the stock in a transaction dated Friday, September 26th. The shares were sold at an average price of $140.00, for a total transaction of $615,020.00. Following the completion of the sale, the executive vice president owned 34,587 shares of the company’s stock, valued at approximately $4,842,180. The trade was a 11.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 64,986 shares of company stock worth $8,955,291 in the last ninety days. Insiders own 0.22% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Cowen restated a “buy” rating on shares of Phillips 66 in a report on Thursday, October 30th. Morgan Stanley increased their price objective on Phillips 66 from $128.00 to $140.00 and gave the company an “equal weight” rating in a report on Friday, October 3rd. Barclays raised their price objective on Phillips 66 from $132.00 to $141.00 and gave the company an “equal weight” rating in a research note on Monday, November 17th. Argus raised Phillips 66 to a “strong-buy” rating in a research report on Thursday, July 31st. Finally, Wells Fargo & Company lifted their price target on shares of Phillips 66 from $154.00 to $162.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and thirteen have given a Hold rating to the company. According to data from MarketBeat, Phillips 66 currently has a consensus rating of “Hold” and a consensus price target of $145.71.

Phillips 66 Stock Performance

PSX opened at $135.06 on Thursday. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. The stock’s 50 day moving average price is $134.44 and its two-hundred day moving average price is $127.61. The firm has a market capitalization of $54.42 billion, a P/E ratio of 36.90, a price-to-earnings-growth ratio of 1.81 and a beta of 1.08. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $143.25.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.38. The company had revenue of $33.69 billion during the quarter, compared to analysts’ expectations of $32.29 billion. Phillips 66 had a return on equity of 5.51% and a net margin of 1.12%.During the same period in the prior year, the business earned $2.04 earnings per share. On average, equities analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be given a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 3.6%. The ex-dividend date is Monday, November 17th. Phillips 66’s dividend payout ratio (DPR) is currently 131.15%.

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.