Arete Wealth Advisors LLC Purchases 361 Shares of Phillips 66 (NYSE:PSX)

Arete Wealth Advisors LLC lifted its position in shares of Phillips 66 (NYSE:PSXGet Rating) by 11.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,509 shares of the oil and gas company’s stock after purchasing an additional 361 shares during the quarter. Arete Wealth Advisors LLC’s holdings in Phillips 66 were worth $303,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC boosted its position in shares of Phillips 66 by 7.0% during the fourth quarter. Geode Capital Management LLC now owns 8,189,974 shares of the oil and gas company’s stock valued at $591,925,000 after purchasing an additional 535,197 shares in the last quarter. Norges Bank bought a new stake in shares of Phillips 66 during the fourth quarter valued at approximately $276,446,000. Nuveen Asset Management LLC boosted its position in shares of Phillips 66 by 8.4% during the fourth quarter. Nuveen Asset Management LLC now owns 3,470,824 shares of the oil and gas company’s stock valued at $251,496,000 after purchasing an additional 268,302 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Phillips 66 by 4.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,932,447 shares of the oil and gas company’s stock valued at $212,486,000 after purchasing an additional 112,890 shares in the last quarter. Finally, abrdn plc boosted its position in shares of Phillips 66 by 8.2% during the fourth quarter. abrdn plc now owns 1,726,122 shares of the oil and gas company’s stock valued at $125,075,000 after purchasing an additional 130,631 shares in the last quarter. 64.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PSX shares. The Goldman Sachs Group restated a “buy” rating and set a $109.00 price target on shares of Phillips 66 in a research report on Friday, July 1st. BMO Capital Markets started coverage on Phillips 66 in a research note on Monday, June 13th. They set an “outperform” rating and a $132.00 price objective for the company. Credit Suisse Group lifted their price objective on Phillips 66 to $122.00 in a research note on Thursday, June 9th. JPMorgan Chase & Co. lifted their price objective on Phillips 66 from $102.00 to $112.00 in a research note on Tuesday, May 17th. Finally, Citigroup started coverage on Phillips 66 in a research note on Tuesday, April 26th. They set a “neutral” rating and a $89.00 price objective for the company. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and an average price target of $108.29.

Phillips 66 Stock Up 1.3 %

PSX stock opened at $83.76 on Friday. Phillips 66 has a 1-year low of $63.19 and a 1-year high of $111.28. The business has a fifty day moving average price of $90.45 and a 200-day moving average price of $87.93. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.28 and a quick ratio of 0.87. The stock has a market capitalization of $40.29 billion, a P/E ratio of 7.21, a P/E/G ratio of 0.46 and a beta of 1.41.

Phillips 66 (NYSE:PSXGet Rating) last posted its quarterly earnings results on Friday, July 29th. The oil and gas company reported $6.77 earnings per share for the quarter, topping the consensus estimate of $5.92 by $0.85. Phillips 66 had a return on equity of 29.60% and a net margin of 3.59%. The firm had revenue of $49.31 billion during the quarter, compared to analysts’ expectations of $40.93 billion. During the same quarter in the previous year, the business earned $0.74 earnings per share. The company’s revenue was up 76.8% on a year-over-year basis. Equities analysts forecast that Phillips 66 will post 16.15 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Thursday, August 18th will be given a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a yield of 4.63%. The ex-dividend date is Wednesday, August 17th. Phillips 66’s dividend payout ratio (DPR) is presently 33.42%.

Insider Activity at Phillips 66

In related news, CEO Greg C. Garland sold 146,700 shares of the company’s stock in a transaction on Thursday, June 9th. The stock was sold at an average price of $109.70, for a total transaction of $16,092,990.00. Following the completion of the sale, the chief executive officer now owns 656,563 shares in the company, valued at $72,024,961.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Greg C. Garland sold 146,700 shares of the company’s stock in a transaction on Thursday, June 9th. The stock was sold at an average price of $109.70, for a total transaction of $16,092,990.00. Following the completion of the sale, the chief executive officer now owns 656,563 shares in the company, valued at $72,024,961.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Timothy D. Roberts sold 59,100 shares of the company’s stock in a transaction on Wednesday, June 8th. The shares were sold at an average price of $110.21, for a total value of $6,513,411.00. Following the sale, the executive vice president now owns 48,201 shares of the company’s stock, valued at approximately $5,312,232.21. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 297,700 shares of company stock worth $32,327,782. 0.74% of the stock is owned by insiders.

About Phillips 66

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Phillips 66 operates as an energy manufacturing and logistics company. 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.

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Institutional Ownership by Quarter for Phillips 66 (NYSE:PSX)

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