Brookstone Capital Management Acquires 1,703 Shares of Phillips 66 (NYSE:PSX)

Brookstone Capital Management lifted its holdings in shares of Phillips 66 (NYSE:PSXGet Rating) by 4.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 43,258 shares of the oil and gas company’s stock after purchasing an additional 1,703 shares during the quarter. Brookstone Capital Management’s holdings in Phillips 66 were worth $3,548,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Dravo Bay LLC acquired a new stake in Phillips 66 in the first quarter valued at approximately $26,000. GoalVest Advisory LLC bought a new position in Phillips 66 during the second quarter worth $28,000. First Community Trust NA raised its stake in Phillips 66 by 60.6% during the first quarter. First Community Trust NA now owns 334 shares of the oil and gas company’s stock worth $29,000 after buying an additional 126 shares during the last quarter. Accel Wealth Management increased its stake in Phillips 66 by 127.4% in the first quarter. Accel Wealth Management now owns 357 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 200 shares in the last quarter. Finally, Worth Asset Management LLC bought a new stake in Phillips 66 in the first quarter valued at $32,000. 71.42% of the stock is owned by institutional investors.

Phillips 66 Trading Up 1.5 %

Shares of PSX opened at $81.93 on Tuesday. The company’s fifty day moving average is $86.73 and its 200 day moving average is $88.34. Phillips 66 has a fifty-two week low of $63.19 and a fifty-two week high of $111.28. The stock has a market capitalization of $39.41 billion, a PE ratio of 7.06, a P/E/G ratio of 0.41 and a beta of 1.39. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.28.

Phillips 66 (NYSE:PSXGet Rating) last issued its earnings results on Friday, July 29th. The oil and gas company reported $6.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.92 by $0.85. The firm had revenue of $49.31 billion during the quarter, compared to analyst estimates of $40.93 billion. Phillips 66 had a net margin of 3.59% and a return on equity of 29.60%. The business’s revenue was up 76.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.74 earnings per share. Sell-side analysts expect that Phillips 66 will post 16.22 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Thursday, August 18th were given a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a dividend yield of 4.74%. The ex-dividend date of this dividend was Wednesday, August 17th. Phillips 66’s payout ratio is 33.42%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Wells Fargo & Company boosted their target price on shares of Phillips 66 from $114.00 to $127.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 14th. BMO Capital Markets started coverage on shares of Phillips 66 in a research note on Monday, June 13th. They issued an “outperform” rating and a $132.00 target price on the stock. Wolfe Research cut shares of Phillips 66 from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, September 14th. Piper Sandler dropped their price target on shares of Phillips 66 from $120.00 to $113.00 and set an “overweight” rating on the stock in a research note on Monday, September 12th. Finally, Morgan Stanley upped their target price on shares of Phillips 66 from $100.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, July 15th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, Phillips 66 presently has an average rating of “Moderate Buy” and a consensus price target of $107.79.

Phillips 66 Profile

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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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