Eastern Bank Makes New $348,000 Investment in Phillips 66 (NYSE:PSX)

Eastern Bank acquired a new position in shares of Phillips 66 (NYSE:PSX) in the third quarter, Holdings Channel reports. The institutional investor acquired 2,647 shares of the oil and gas company’s stock, valued at approximately $348,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PSX. MV Capital Management Inc. raised its holdings in Phillips 66 by 9.6% during the 1st quarter. MV Capital Management Inc. now owns 837 shares of the oil and gas company’s stock worth $137,000 after purchasing an additional 73 shares during the last quarter. Mitchell & Pahl Private Wealth LLC increased its position in shares of Phillips 66 by 0.4% during the second quarter. Mitchell & Pahl Private Wealth LLC now owns 17,847 shares of the oil and gas company’s stock worth $2,519,000 after buying an additional 74 shares during the period. Catalyst Financial Partners LLC raised its stake in Phillips 66 by 5.1% during the second quarter. Catalyst Financial Partners LLC now owns 1,514 shares of the oil and gas company’s stock worth $214,000 after buying an additional 74 shares during the last quarter. Claro Advisors LLC lifted its holdings in Phillips 66 by 4.5% in the first quarter. Claro Advisors LLC now owns 1,738 shares of the oil and gas company’s stock valued at $284,000 after buying an additional 75 shares during the period. Finally, Advisory Alpha LLC boosted its position in Phillips 66 by 4.8% during the second quarter. Advisory Alpha LLC now owns 1,648 shares of the oil and gas company’s stock valued at $233,000 after acquiring an additional 76 shares during the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PSX. TD Cowen lowered their price objective on Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Scotiabank dropped their price target on Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Piper Sandler set a $144.00 price objective on shares of Phillips 66 in a research report on Thursday, October 17th. Raymond James boosted their target price on shares of Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Finally, Wolfe Research initiated coverage on shares of Phillips 66 in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and an average target price of $149.50.

Phillips 66 Stock Performance

Shares of Phillips 66 stock opened at $129.12 on Thursday. The company has a market cap of $54.74 billion, a PE ratio of 9.93, a price-to-earnings-growth ratio of 5.68 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56. Phillips 66 has a 52 week low of $107.85 and a 52 week high of $174.08. The business has a 50 day moving average price of $132.85 and a 200-day moving average price of $139.57.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.33. The business had revenue of $38.91 billion for the quarter, compared to analysts’ expectations of $37.79 billion. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The business’s revenue was up 8.9% on a year-over-year basis. During the same period last year, the business earned $3.87 EPS. Equities analysts anticipate that Phillips 66 will post 7.81 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be paid a $1.15 dividend. The ex-dividend date is Monday, November 18th. This represents a $4.60 annualized dividend and a yield of 3.56%. Phillips 66’s dividend payout ratio (DPR) is 35.38%.

Insiders Place Their Bets

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $139.01, for a total value of $4,170,300.00. Following the completion of the transaction, the chief financial officer now directly owns 81,937 shares of the company’s stock, valued at $11,390,062.37. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.22% of the company’s stock.

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.