Elevation Point Wealth Partners LLC Grows Position in Phillips 66 $PSX

Elevation Point Wealth Partners LLC raised its stake in Phillips 66 (NYSE:PSX) by 398.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,231 shares of the oil and gas company’s stock after acquiring an additional 8,976 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in Phillips 66 were worth $1,528,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bollard Group LLC boosted its stake in shares of Phillips 66 by 4.6% during the third quarter. Bollard Group LLC now owns 116,924 shares of the oil and gas company’s stock valued at $15,904,000 after acquiring an additional 5,106 shares during the last quarter. Crawford Investment Counsel Inc. raised its stake in Phillips 66 by 9.8% in the 3rd quarter. Crawford Investment Counsel Inc. now owns 3,927 shares of the oil and gas company’s stock valued at $534,000 after purchasing an additional 350 shares during the last quarter. Clark Capital Management Group Inc. acquired a new position in Phillips 66 in the 3rd quarter valued at about $277,000. Ausdal Financial Partners Inc. lifted its holdings in Phillips 66 by 5.5% in the 3rd quarter. Ausdal Financial Partners Inc. now owns 6,164 shares of the oil and gas company’s stock valued at $839,000 after purchasing an additional 320 shares in the last quarter. Finally, Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in shares of Phillips 66 by 34.6% during the 3rd quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 11,836 shares of the oil and gas company’s stock worth $1,610,000 after purchasing an additional 3,044 shares during the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PSX shares. TD Cowen reiterated a “buy” rating on shares of Phillips 66 in a report on Friday, February 6th. Citigroup upped their price objective on shares of Phillips 66 from $146.00 to $159.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. UBS Group restated a “buy” rating and set a $172.00 target price on shares of Phillips 66 in a research report on Friday, February 6th. Mizuho lifted their target price on shares of Phillips 66 from $150.00 to $152.00 and gave the stock a “neutral” rating in a research note on Monday, January 12th. Finally, Zacks Research downgraded Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Eleven investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat, Phillips 66 presently has an average rating of “Hold” and an average price target of $161.33.

Insider Activity

In related news, EVP Vanessa Allen Sutherland sold 4,394 shares of the 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 transaction, the executive vice president directly owned 25,799 shares of the company’s stock, valued at approximately $3,869,850. This trade represents a 14.55% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Kevin J. Mitchell sold 16,856 shares of the business’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $168.22, for a total value of $2,835,516.32. Following the sale, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at approximately $16,380,590.72. This trade represents a 14.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 38,088 shares of company stock valued at $6,147,655 in the last ninety days. Company insiders own 0.22% of the company’s stock.

Phillips 66 Trading Down 0.7%

Shares of PSX stock opened at $172.85 on Monday. The firm’s 50-day simple moving average is $151.43 and its 200-day simple moving average is $140.17. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.30 and a quick ratio of 0.91. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $178.38. The firm has a market cap of $69.27 billion, a P/E ratio of 15.98, a PEG ratio of 0.60 and a beta of 0.86.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.32. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. The firm had revenue of $32.16 billion during the quarter, compared to the consensus estimate of $33.81 billion. During the same period in the previous year, the firm earned ($0.15) earnings per share. As a group, equities analysts forecast that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd were issued a $1.27 dividend. This is a boost from Phillips 66’s previous quarterly dividend of $1.20. The ex-dividend date was Monday, February 23rd. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.9%. Phillips 66’s dividend payout ratio (DPR) is 46.95%.

Phillips 66 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.