Alpha Cubed Investments LLC Invests $244,000 in Phillips 66 (NYSE:PSX)

Alpha Cubed Investments LLC acquired a new position in Phillips 66 (NYSE:PSX) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,835 shares of the oil and gas company’s stock, valued at approximately $244,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Cornerstone Planning Group LLC increased its position in shares of Phillips 66 by 134.8% in the 3rd quarter. Cornerstone Planning Group LLC now owns 263 shares of the oil and gas company’s stock valued at $32,000 after acquiring an additional 151 shares during the period. Bruce G. Allen Investments LLC acquired a new stake in Phillips 66 during the 4th quarter worth about $36,000. Bell Investment Advisors Inc grew its stake in Phillips 66 by 82.1% during the 3rd quarter. Bell Investment Advisors Inc now owns 306 shares of the oil and gas company’s stock valued at $37,000 after purchasing an additional 138 shares during the last quarter. West Branch Capital LLC increased its holdings in shares of Phillips 66 by 49.5% in the fourth quarter. West Branch Capital LLC now owns 275 shares of the oil and gas company’s stock valued at $37,000 after purchasing an additional 91 shares during the period. Finally, Headinvest LLC purchased a new position in shares of Phillips 66 in the third quarter worth about $51,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Price Performance

Phillips 66 stock opened at $140.17 on Thursday. Phillips 66 has a 52-week low of $89.74 and a 52-week high of $174.08. The firm has a market capitalization of $59.43 billion, a price-to-earnings ratio of 10.78, a PEG ratio of 1.82 and a beta of 1.41. The company has a quick ratio of 1.02, a current ratio of 1.17 and a debt-to-equity ratio of 0.58. The company has a fifty day simple moving average of $155.67 and a 200-day simple moving average of $137.76.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Friday, April 26th. The oil and gas company reported $1.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). The company had revenue of $36.44 billion during the quarter, compared to analysts’ expectations of $35.87 billion. Phillips 66 had a net margin of 3.84% and a return on equity of 19.19%. During the same quarter last year, the company earned $4.21 earnings per share. On average, equities analysts anticipate that Phillips 66 will post 13.13 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be paid a dividend of $1.15 per share. The ex-dividend date is Friday, May 17th. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. This represents a $4.60 dividend on an annualized basis and a yield of 3.28%. Phillips 66’s payout ratio is 32.31%.

Insider Activity

In other Phillips 66 news, Director Robert W. Pease acquired 682 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were purchased at an average cost of $146.58 per share, for a total transaction of $99,967.56. Following the completion of the acquisition, the director now owns 1,900 shares of the company’s stock, valued at approximately $278,502. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Phillips 66 news, VP Joseph Scott Pruitt sold 5,922 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $157.40, for a total value of $932,122.80. Following the transaction, the vice president now owns 6,583 shares of the company’s stock, valued at $1,036,164.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert W. Pease purchased 682 shares of Phillips 66 stock in a transaction dated Thursday, February 15th. The stock was bought at an average cost of $146.58 per share, for a total transaction of $99,967.56. Following the completion of the purchase, the director now directly owns 1,900 shares in the company, valued at approximately $278,502. The disclosure for this purchase can be found here. Insiders sold a total of 35,056 shares of company stock valued at $5,272,681 in the last 90 days. Company insiders own 0.22% of the company’s stock.

Wall Street Analysts Forecast Growth

PSX has been the topic of several research reports. Piper Sandler increased their price target on shares of Phillips 66 from $169.00 to $187.00 and gave the stock an “overweight” rating in a report on Friday, April 5th. Barclays lowered their price target on shares of Phillips 66 from $155.00 to $147.00 and set an “equal weight” rating on the stock in a report on Tuesday. JPMorgan Chase & Co. lifted their price objective on Phillips 66 from $149.00 to $167.00 and gave the company an “overweight” rating in a research note on Monday, April 1st. Mizuho lowered their target price on Phillips 66 from $167.00 to $162.00 and set a “neutral” rating on the stock in a research note on Friday, April 12th. Finally, StockNews.com cut Phillips 66 from a “buy” rating to a “hold” rating in a research report on Saturday, April 27th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $157.43.

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.