Red Door Wealth Management LLC Takes $326,000 Position in Phillips 66 (NYSE:PSX)

Red Door Wealth Management LLC purchased a new position in shares of Phillips 66 (NYSE:PSX) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 1,995 shares of the oil and gas company’s stock, valued at approximately $326,000.

A number of other hedge funds have also added to or reduced their stakes in PSX. Ables Iannone Moore & Associates Inc. bought a new position in shares of Phillips 66 in the 4th quarter valued at $27,000. First United Bank & Trust acquired a new stake in Phillips 66 in the fourth quarter valued at about $31,000. Rise Advisors LLC acquired a new position in Phillips 66 during the first quarter worth about $40,000. Signature Resources Capital Management LLC bought a new position in shares of Phillips 66 in the fourth quarter worth about $33,000. Finally, Bruce G. Allen Investments LLC bought a new position in shares of Phillips 66 in the fourth quarter worth about $36,000. 76.93% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Timothy D. Roberts sold 37,742 shares of Phillips 66 stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $145.80, for a total value of $5,502,783.60. Following the completion of the sale, the executive vice president now owns 48,365 shares in the company, valued at approximately $7,051,617. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.22% of the company’s stock.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $141.17 on Monday. The company has a market capitalization of $59.85 billion, a PE ratio of 10.86, a P/E/G ratio of 2.12 and a beta of 1.34. The company has a quick ratio of 0.82, a current ratio of 1.17 and a debt-to-equity ratio of 0.58. Phillips 66 has a twelve month low of $93.40 and a twelve month high of $174.08. The firm has a fifty day simple moving average of $142.91 and a 200 day simple moving average of $144.83.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Friday, April 26th. The oil and gas company reported $1.90 earnings per share for the quarter, missing the consensus estimate of $2.05 by ($0.15). The business had revenue of $36.44 billion during the quarter, compared to the consensus estimate of $35.87 billion. Phillips 66 had a return on equity of 19.19% and a net margin of 3.84%. During the same period last year, the business posted $4.21 earnings per share. On average, sell-side analysts forecast that Phillips 66 will post 11.08 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Monday, May 20th were paid a $1.15 dividend. The ex-dividend date was Friday, May 17th. This is a positive change from Phillips 66’s previous quarterly dividend of $1.05. This represents a $4.60 annualized dividend and a yield of 3.26%. Phillips 66’s payout ratio is 35.38%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. The Goldman Sachs Group upped their price objective on shares of Phillips 66 from $152.00 to $174.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Mizuho dropped their price target on Phillips 66 from $162.00 to $160.00 and set a “neutral” rating for the company in a research note on Thursday, June 20th. Bank of America boosted their price objective on Phillips 66 from $150.00 to $180.00 and gave the stock a “neutral” rating in a research report on Friday, March 15th. StockNews.com downgraded Phillips 66 from a “buy” rating to a “hold” rating in a research report on Monday, May 6th. Finally, Piper Sandler reduced their price target on Phillips 66 from $170.00 to $151.00 and set an “overweight” rating on the stock in a report on Friday, June 14th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $157.79.

Phillips 66 Profile

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.