Pallas Capital Advisors LLC Increases Stake in Phillips 66 (NYSE:PSX)

Pallas Capital Advisors LLC lifted its stake in Phillips 66 (NYSE:PSX) by 14.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,284 shares of the oil and gas company’s stock after buying an additional 289 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Phillips 66 were worth $294,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. FORVIS Wealth Advisors LLC boosted its holdings in shares of Phillips 66 by 2.4% during the 1st quarter. FORVIS Wealth Advisors LLC now owns 3,534 shares of the oil and gas company’s stock valued at $577,000 after purchasing an additional 83 shares during the last quarter. Norden Group LLC grew its holdings in Phillips 66 by 73.2% during the 1st quarter. Norden Group LLC now owns 3,743 shares of the oil and gas company’s stock valued at $611,000 after buying an additional 1,582 shares in the last quarter. Mission Wealth Management LP increased its stake in Phillips 66 by 3.8% in the 1st quarter. Mission Wealth Management LP now owns 5,066 shares of the oil and gas company’s stock worth $827,000 after acquiring an additional 187 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Phillips 66 by 42.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 133,736 shares of the oil and gas company’s stock worth $21,844,000 after acquiring an additional 39,775 shares in the last quarter. Finally, Schear Investment Advisers LLC boosted its position in shares of Phillips 66 by 25.5% during the 1st quarter. Schear Investment Advisers LLC now owns 6,152 shares of the oil and gas company’s stock valued at $1,005,000 after acquiring an additional 1,251 shares during the last quarter. Institutional investors own 76.93% of the company’s stock.

Insider Buying and Selling

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the transaction, the chief financial officer now owns 81,937 shares of the company’s stock, valued at approximately $11,390,062.37. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.22% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Wells Fargo & Company decreased their price target on shares of Phillips 66 from $182.00 to $167.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 9th. JPMorgan Chase & Co. lowered their price target on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. TD Cowen decreased their price objective on Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. Raymond James lifted their target price on Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Finally, Bank of America started coverage on Phillips 66 in a report on Thursday, October 17th. They set a “buy” rating and a $156.00 price target on the stock. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $151.42.

Phillips 66 Trading Down 0.2 %

Shares of PSX opened at $121.82 on Friday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.14 and a quick ratio of 0.79. The firm has a market capitalization of $50.99 billion, a price-to-earnings ratio of 15.64, a PEG ratio of 5.47 and a beta of 1.33. The company has a 50-day moving average of $131.58 and a 200 day moving average of $138.09. Phillips 66 has a 1-year low of $110.54 and a 1-year high of $174.08.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.63 by $0.41. The firm had revenue of $36.16 billion during the quarter, compared to analyst estimates of $36.31 billion. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. Phillips 66’s quarterly revenue was down 10.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.63 earnings per share. On average, research analysts expect that Phillips 66 will post 7.81 EPS for the current year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be paid a dividend of $1.15 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.60 annualized dividend and a dividend yield of 3.78%. Phillips 66’s dividend payout ratio is currently 59.05%.

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.