Phillips 66 (NYSE:PSX) Shares Acquired by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC boosted its holdings in Phillips 66 (NYSE:PSX) by 10.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,000 shares of the oil and gas company’s stock after purchasing an additional 686 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Phillips 66 were worth $798,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. nVerses Capital LLC purchased a new position in shares of Phillips 66 in the 3rd quarter valued at $26,000. Values First Advisors Inc. acquired a new position in Phillips 66 in the third quarter valued at $30,000. Point72 Hong Kong Ltd purchased a new position in shares of Phillips 66 during the third quarter worth about $40,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Phillips 66 during the second quarter worth about $51,000. Finally, Hoese & Co LLP lifted its holdings in shares of Phillips 66 by 33.1% in the 3rd quarter. Hoese & Co LLP now owns 402 shares of the oil and gas company’s stock valued at $53,000 after purchasing an additional 100 shares during the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Stock Performance

Shares of PSX opened at $121.82 on Friday. The company has a market capitalization of $50.31 billion, a PE ratio of 15.64, a P/E/G ratio of 3.78 and a beta of 1.38. Phillips 66 has a 52-week low of $108.90 and a 52-week high of $174.08. The company has a 50-day simple moving average of $121.63 and a 200-day simple moving average of $129.10. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.63 by $0.41. The company had revenue of $36.16 billion during the quarter, compared to the consensus estimate of $36.31 billion. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. The company’s revenue for the quarter was down 10.3% on a year-over-year basis. During the same period last year, the firm earned $4.63 EPS. Equities research analysts predict that Phillips 66 will post 6.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PSX. Mizuho reduced their price objective on Phillips 66 from $150.00 to $147.00 and set a “neutral” rating for the company in a research note on Monday, December 16th. Piper Sandler lowered shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 10th. Scotiabank lowered their price target on Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Wolfe Research raised Phillips 66 from a “peer perform” rating to an “outperform” rating and set a $143.00 price objective for the company in a research note on Friday, January 3rd. Finally, Barclays lowered their target price on Phillips 66 from $124.00 to $115.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Phillips 66 presently has an average rating of “Moderate Buy” and a consensus price target of $147.93.

Phillips 66 Profile

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.