Financial Advocates Investment Management Acquires 286 Shares of Phillips 66 (NYSE:PSX)

Financial Advocates Investment Management boosted its holdings in Phillips 66 (NYSE:PSX) by 2.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,806 shares of the oil and gas company’s stock after acquiring an additional 286 shares during the quarter. Financial Advocates Investment Management’s holdings in Phillips 66 were worth $1,420,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in PSX. FORVIS Wealth Advisors LLC boosted its stake in Phillips 66 by 2.4% in the 1st quarter. FORVIS Wealth Advisors LLC now owns 3,534 shares of the oil and gas company’s stock valued at $577,000 after buying an additional 83 shares in the last quarter. Norden Group LLC grew its holdings in shares of Phillips 66 by 73.2% in the 1st quarter. Norden Group LLC now owns 3,743 shares of the oil and gas company’s stock worth $611,000 after purchasing an additional 1,582 shares during the last quarter. Mission Wealth Management LP increased its position in shares of Phillips 66 by 3.8% during the 1st quarter. Mission Wealth Management LP now owns 5,066 shares of the oil and gas company’s stock worth $827,000 after purchasing an additional 187 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Phillips 66 by 42.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 133,736 shares of the oil and gas company’s stock valued at $21,844,000 after purchasing an additional 39,775 shares during the last quarter. Finally, Schear Investment Advisers LLC boosted its position in Phillips 66 by 25.5% in the first quarter. Schear Investment Advisers LLC now owns 6,152 shares of the oil and gas company’s stock valued at $1,005,000 after buying an additional 1,251 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insider Activity at Phillips 66

In other news, CFO Kevin J. Mitchell sold 30,000 shares of Phillips 66 stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the transaction, the chief financial officer now directly owns 81,937 shares of the company’s stock, valued at $11,390,062.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.22% of the company’s stock.

Analyst Upgrades and Downgrades

PSX has been the subject of several recent analyst reports. Mizuho dropped their price objective on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Piper Sandler set a $144.00 price objective on Phillips 66 in a research report on Thursday, October 17th. Morgan Stanley decreased their target price on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. TD Cowen cut their price target on Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. Finally, Scotiabank decreased their price objective on shares of Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and a consensus target price of $151.42.

Phillips 66 Stock Performance

Shares of Phillips 66 stock opened at $121.82 on Friday. The firm has a fifty day moving average of $131.58 and a two-hundred day moving average of $138.09. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.79 and a current ratio of 1.21. The stock has a market capitalization of $50.31 billion, a price-to-earnings ratio of 15.64, a PEG ratio of 3.94 and a beta of 1.33. Phillips 66 has a 52 week low of $110.54 and a 52 week high of $174.08.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Tuesday, October 29th. The oil and gas company reported $2.04 EPS for the quarter, beating analysts’ consensus estimates of $1.63 by $0.41. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The business had revenue of $36.16 billion during the quarter, compared to the consensus estimate of $36.31 billion. During the same quarter in the prior year, the company posted $4.63 earnings per share. The firm’s revenue was down 10.3% on a year-over-year basis. As a group, equities research analysts predict that Phillips 66 will post 7.75 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be paid a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a yield of 3.78%. The ex-dividend date of this dividend is Monday, November 18th. Phillips 66’s payout ratio is 59.05%.

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.