Texas Capital Bank Wealth Management Services Inc Takes Position in Phillips 66 $PSX

Texas Capital Bank Wealth Management Services Inc purchased a new stake in Phillips 66 (NYSE:PSX) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,423 shares of the oil and gas company’s stock, valued at approximately $571,000.

A number of other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Phillips 66 by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company’s stock worth $6,701,052,000 after buying an additional 205,480 shares during the period. Geode Capital Management LLC increased its holdings in Phillips 66 by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock worth $1,338,596,000 after purchasing an additional 45,340 shares in the last quarter. M&T Bank Corp increased its holdings in Phillips 66 by 462.9% during the 4th quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock worth $352,007,000 after purchasing an additional 2,243,268 shares in the last quarter. Amundi increased its holdings in Phillips 66 by 2.8% during the 3rd quarter. Amundi now owns 2,400,180 shares of the oil and gas company’s stock worth $319,123,000 after purchasing an additional 65,568 shares in the last quarter. Finally, Legal & General Group Plc increased its holdings in Phillips 66 by 1.5% during the 3rd quarter. Legal & General Group Plc now owns 2,276,036 shares of the oil and gas company’s stock worth $309,586,000 after purchasing an additional 33,397 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insider Transactions at Phillips 66

In other news, CFO Kevin J. Mitchell sold 600 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $171.56, for a total transaction of $102,936.00. Following the completion of the sale, the chief financial officer owned 97,376 shares in the company, valued at $16,705,826.56. The trade was a 0.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Brian Mandell sold 42,800 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $169.53, for a total value of $7,255,884.00. Following the sale, the executive vice president owned 61,595 shares of the company’s stock, valued at approximately $10,442,200.35. This represents a 41.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 114,029 shares of company stock worth $19,641,455. Insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on PSX. Wolfe Research increased their target price on Phillips 66 from $187.00 to $193.00 and gave the stock an “outperform” rating in a report on Monday, April 6th. Jefferies Financial Group increased their target price on Phillips 66 from $173.00 to $191.00 and gave the stock a “hold” rating in a report on Tuesday. Raymond James Financial raised their price objective on Phillips 66 from $205.00 to $215.00 in a report on Thursday, April 30th. Guggenheim upgraded Phillips 66 to an “outperform” rating in a report on Wednesday. Finally, Piper Sandler raised their price objective on Phillips 66 from $168.00 to $177.00 and gave the company a “neutral” rating in a report on Wednesday, April 8th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, Phillips 66 has an average rating of “Moderate Buy” and an average target price of $191.28.

Phillips 66 Stock Performance

PSX opened at $176.88 on Friday. Phillips 66 has a 12-month low of $111.19 and a 12-month high of $190.61. The stock has a market cap of $70.92 billion, a price-to-earnings ratio of 17.43, a PEG ratio of 0.26 and a beta of 0.70. The business has a 50 day moving average of $172.32 and a 200-day moving average of $154.51. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The company had revenue of $32.54 billion during the quarter, compared to analysts’ expectations of $35.86 billion. During the same period last year, the firm posted ($0.90) earnings per share. The business’s revenue was up 6.9% on a year-over-year basis. On average, equities research analysts expect that Phillips 66 will post 17.64 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Monday, May 18th will be issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Monday, May 18th. Phillips 66’s payout ratio is currently 50.05%.

About Phillips 66

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.