MAI Capital Management Has $7.26 Million Stock Position in Phillips 66 $PSX

MAI Capital Management increased its stake in Phillips 66 (NYSE:PSX) by 11.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 53,353 shares of the oil and gas company’s stock after purchasing an additional 5,492 shares during the period. MAI Capital Management’s holdings in Phillips 66 were worth $7,257,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of PSX. Vanguard Group Inc. increased its holdings in Phillips 66 by 11.6% in the 3rd quarter. Vanguard Group Inc. now owns 51,724,558 shares of the oil and gas company’s stock valued at $7,035,574,000 after buying an additional 5,356,558 shares during the period. Elliott Investment Management L.P. boosted its position in shares of Phillips 66 by 22.4% during the 2nd quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock worth $2,296,644,000 after acquiring an additional 3,526,000 shares in the last quarter. Geode Capital Management LLC increased its stake in Phillips 66 by 17.4% in the second quarter. Geode Capital Management LLC now owns 10,327,304 shares of the oil and gas company’s stock valued at $1,226,815,000 after acquiring an additional 1,532,967 shares during the last quarter. Bank of New York Mellon Corp raised its position in Phillips 66 by 6.1% during the second quarter. Bank of New York Mellon Corp now owns 9,394,750 shares of the oil and gas company’s stock valued at $1,120,794,000 after purchasing an additional 537,245 shares in the last quarter. Finally, Norges Bank bought a new stake in Phillips 66 during the second quarter worth $523,755,000. Institutional investors own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PSX. Mizuho lifted their price target on Phillips 66 from $150.00 to $152.00 and gave the company a “neutral” rating in a research note on Monday, January 12th. UBS Group reiterated a “buy” rating and issued a $172.00 target price on shares of Phillips 66 in a research report on Friday, February 6th. Weiss Ratings raised Phillips 66 from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday. The Goldman Sachs Group raised their price target on shares of Phillips 66 from $152.00 to $164.00 and gave the company a “neutral” rating in a research note on Thursday, January 22nd. Finally, Zacks Research lowered shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Eleven analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $160.11.

Phillips 66 Trading Up 0.3%

PSX opened at $152.44 on Friday. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $163.79. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.30 and a quick ratio of 0.87. The firm has a market capitalization of $61.09 billion, a price-to-earnings ratio of 14.09, a PEG ratio of 0.53 and a beta of 0.90. The company’s 50 day moving average price is $143.55 and its two-hundred day moving average price is $136.90.

Phillips 66 (NYSE:PSX) last released 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 firm had revenue of $32.16 billion during the quarter, compared to the consensus estimate of $33.81 billion. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. During the same quarter last year, the firm earned ($0.15) earnings per share. As a group, research analysts predict that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The business 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 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Monday, February 23rd. This is a boost from Phillips 66’s previous quarterly dividend of $1.20. Phillips 66’s dividend payout ratio (DPR) is presently 46.95%.

Insider Buying and Selling at Phillips 66

In other news, EVP Don Baldridge sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $160.00, for a total value of $1,200,000.00. Following the transaction, the executive vice president owned 38,488 shares in the company, valued at approximately $6,158,080. The trade was a 16.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Brian Mandell sold 25,500 shares of the business’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $140.04, for a total transaction of $3,571,020.00. Following the completion of the transaction, the executive vice president owned 56,838 shares in the company, valued at approximately $7,959,593.52. The trade was a 30.97% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 41,788 shares of company stock worth $6,067,250. Insiders own 0.22% of the company’s stock.

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.