Wedbush Securities Inc. Grows Position in Phillips 66 $PSX

Wedbush Securities Inc. raised its stake in shares of Phillips 66 (NYSE:PSX) by 44.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,941 shares of the oil and gas company’s stock after acquiring an additional 7,092 shares during the period. Wedbush Securities Inc.’s holdings in Phillips 66 were worth $3,120,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in PSX. Brighton Jones LLC grew its position in Phillips 66 by 238.5% in the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock worth $1,166,000 after purchasing an additional 7,214 shares in the last quarter. Woodline Partners LP boosted its stake in shares of Phillips 66 by 40.7% in the 1st quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock worth $4,308,000 after buying an additional 10,089 shares during the last quarter. CWM LLC boosted its stake in shares of Phillips 66 by 11.7% in the 2nd quarter. CWM LLC now owns 42,204 shares of the oil and gas company’s stock worth $5,035,000 after buying an additional 4,404 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Phillips 66 by 0.4% in the second quarter. Allspring Global Investments Holdings LLC now owns 119,400 shares of the oil and gas company’s stock valued at $14,704,000 after acquiring an additional 532 shares in the last quarter. Finally, Sagespring Wealth Partners LLC increased its position in shares of Phillips 66 by 38.7% during the second quarter. Sagespring Wealth Partners LLC now owns 5,733 shares of the oil and gas company’s stock valued at $684,000 after acquiring an additional 1,601 shares during the last quarter. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Price Performance

NYSE PSX opened at $156.20 on Friday. The company has a quick ratio of 0.87, a current ratio of 1.23 and a debt-to-equity ratio of 0.68. The company has a market cap of $62.94 billion, a PE ratio of 14.44, a price-to-earnings-growth ratio of 0.57 and a beta of 0.90. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $163.79. The firm’s 50-day simple moving average is $139.99 and its two-hundred day simple moving average is $134.58.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.32. The company had revenue of $32.16 billion for the quarter, compared to analyst estimates of $33.81 billion. Phillips 66 had a net margin of 3.22% and a return on equity of 9.28%. During the same quarter in the previous year, the firm posted ($0.15) earnings per share. Research analysts predict that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd will be issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Monday, February 23rd. This is a positive change from Phillips 66’s previous quarterly dividend of $1.20. Phillips 66’s payout ratio is presently 44.36%.

Insider Buying and Selling at Phillips 66

In other news, EVP Vanessa Allen Sutherland sold 4,394 shares of the firm’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $150.00, for a total value of $659,100.00. Following the completion of the transaction, the executive vice president directly owned 25,799 shares of the company’s stock, valued at $3,869,850. This trade represents a 14.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Brian Mandell sold 25,500 shares of Phillips 66 stock in a transaction on Monday, December 1st. The shares were sold at an average price of $140.04, for a total value of $3,571,020.00. Following the completion of the transaction, the executive vice president owned 56,838 shares of the company’s stock, valued at approximately $7,959,593.52. This trade represents a 30.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 60,488 shares of company stock worth $8,474,466. Company insiders own 0.22% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Barclays boosted their price objective on Phillips 66 from $141.00 to $142.00 and gave the stock an “equal weight” rating in a research report on Monday, January 12th. Citigroup boosted their price target on shares of Phillips 66 from $146.00 to $159.00 and gave the stock a “neutral” rating in a report on Monday. Mizuho raised their price objective on shares of Phillips 66 from $150.00 to $152.00 and gave the stock a “neutral” rating in a report on Monday, January 12th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $170.00 price objective on shares of Phillips 66 in a research report on Friday, February 6th. Finally, Raymond James Financial increased their target price on shares of Phillips 66 from $160.00 to $175.00 and gave the company an “outperform” rating in a research report on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and thirteen have assigned a Hold rating to the company. According to data from MarketBeat.com, Phillips 66 currently has an average rating of “Hold” and an average target price of $157.18.

Phillips 66 Company Profile

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.