Phillips 66 $PSX Stock Position Lifted by Venturi Wealth Management LLC

Venturi Wealth Management LLC lifted its holdings in Phillips 66 (NYSE:PSX) by 22.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,949 shares of the oil and gas company’s stock after purchasing an additional 891 shares during the quarter. Venturi Wealth Management LLC’s holdings in Phillips 66 were worth $590,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Elliott Investment Management L.P. grew its stake in shares of Phillips 66 by 1,929.0% in the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock worth $1,941,723,000 after purchasing an additional 14,950,000 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Phillips 66 by 11.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company’s stock worth $828,442,000 after purchasing an additional 682,459 shares in the last quarter. Invesco Ltd. grew its stake in shares of Phillips 66 by 15.9% in the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company’s stock worth $588,489,000 after purchasing an additional 653,248 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Phillips 66 by 11.1% in the first quarter. Goldman Sachs Group Inc. now owns 3,781,064 shares of the oil and gas company’s stock worth $466,886,000 after purchasing an additional 377,132 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Phillips 66 by 3.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,103,316 shares of the oil and gas company’s stock valued at $383,197,000 after buying an additional 100,321 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.

Analysts Set New Price Targets

PSX has been the subject of several research reports. Evercore ISI raised their target price on Phillips 66 from $130.00 to $170.00 and gave the company an “outperform” rating in a research note on Friday, September 19th. TD Cowen raised their target price on Phillips 66 from $130.00 to $134.00 and gave the company a “buy” rating in a research note on Monday, July 28th. Argus raised Phillips 66 to a “strong-buy” rating in a research note on Thursday, July 31st. Piper Sandler raised their target price on Phillips 66 from $154.00 to $155.00 and gave the company a “neutral” rating in a research note on Monday, September 29th. Finally, Mizuho raised their target price on Phillips 66 from $140.00 to $142.00 and gave the company a “neutral” rating in a research note on Monday, September 15th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $140.50.

Phillips 66 Trading Down 0.2%

Shares of NYSE PSX opened at $131.10 on Friday. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $142.35. The company has a market cap of $52.98 billion, a price-to-earnings ratio of 31.51, a P/E/G ratio of 1.91 and a beta of 1.11. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. The business has a fifty day simple moving average of $129.36 and a 200-day simple moving average of $120.62.

Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, beating the consensus estimate of $1.79 by $0.59. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.The business had revenue of $33.77 billion during the quarter, compared to the consensus estimate of $32.11 billion. During the same period in the prior year, the business posted $2.31 earnings per share. Sell-side analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Monday, November 17th. Phillips 66’s dividend payout ratio is currently 115.38%.

Insider Buying and Selling

In other Phillips 66 news, Director Gregory Hayes acquired 8,350 shares of Phillips 66 stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average cost of $119.90 per share, with a total value of $1,001,165.00. Following the purchase, the director owned 29,423 shares in the company, valued at approximately $3,527,817.70. The trade was a 39.62% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the stock in a transaction dated Friday, September 26th. The stock was sold at an average price of $140.00, for a total value of $615,020.00. Following the completion of the sale, the executive vice president directly owned 34,587 shares of the company’s stock, valued at approximately $4,842,180. This represents a 11.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders acquired 9,850 shares of company stock valued at $1,188,910. 0.22% of the stock is currently owned by company insiders.

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.