SlateStone Wealth LLC Makes New Investment in Phillips 66 (NYSE:PSX)

SlateStone Wealth LLC bought a new position in shares of Phillips 66 (NYSE:PSX) during the fourth quarter, HoldingsChannel reports. The fund bought 1,570 shares of the oil and gas company’s stock, valued at approximately $209,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PSX. Naples Global Advisors LLC acquired a new position in shares of Phillips 66 during the third quarter valued at about $224,000. Avior Wealth Management LLC raised its holdings in shares of Phillips 66 by 15.1% during the third quarter. Avior Wealth Management LLC now owns 8,053 shares of the oil and gas company’s stock valued at $968,000 after purchasing an additional 1,055 shares during the period. Cedar Brook Financial Partners LLC bought a new stake in shares of Phillips 66 during the third quarter worth about $219,000. Newbridge Financial Services Group Inc. increased its position in shares of Phillips 66 by 21.7% during the third quarter. Newbridge Financial Services Group Inc. now owns 1,406 shares of the oil and gas company’s stock worth $169,000 after acquiring an additional 251 shares in the last quarter. Finally, Exchange Traded Concepts LLC increased its position in shares of Phillips 66 by 3,825.0% during the third quarter. Exchange Traded Concepts LLC now owns 1,727 shares of the oil and gas company’s stock worth $207,000 after acquiring an additional 1,683 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PSX. Bank of America boosted their target price on shares of Phillips 66 from $150.00 to $180.00 and gave the stock a “neutral” rating in a research report on Friday, March 15th. Raymond James upped their price objective on shares of Phillips 66 from $140.00 to $155.00 and gave the stock an “outperform” rating in a research report on Thursday, February 1st. Piper Sandler increased their target price on shares of Phillips 66 from $169.00 to $187.00 and gave the company an “overweight” rating in a research report on Friday, April 5th. Wells Fargo & Company increased their target price on shares of Phillips 66 from $179.00 to $191.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Finally, JPMorgan Chase & Co. increased their target price on shares of Phillips 66 from $149.00 to $167.00 and gave the company an “overweight” rating in a research report on Monday, April 1st. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $158.00.

Insider Transactions at Phillips 66

In other news, VP Joseph Scott Pruitt sold 7,200 shares of Phillips 66 stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $157.26, for a total value of $1,132,272.00. Following the completion of the sale, the vice president now directly owns 6,583 shares in the company, valued at $1,035,242.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Robert W. Pease purchased 682 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was acquired at an average cost of $146.58 per share, for a total transaction of $99,967.56. Following the completion of the transaction, the director now directly owns 1,900 shares in the company, valued at approximately $278,502. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Joseph Scott Pruitt sold 7,200 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $157.26, for a total transaction of $1,132,272.00. Following the completion of the transaction, the vice president now owns 6,583 shares of the company’s stock, valued at $1,035,242.58. The disclosure for this sale can be found here. Insiders sold 35,056 shares of company stock worth $5,272,681 over the last three months. 0.22% of the stock is currently owned by company insiders.

Phillips 66 Stock Down 0.5 %

NYSE PSX traded down $0.85 during trading hours on Wednesday, reaching $157.99. 214,309 shares of the company’s stock traded hands, compared to its average volume of 2,942,438. Phillips 66 has a 52-week low of $89.74 and a 52-week high of $174.08. The firm has a market cap of $67.59 billion, a PE ratio of 10.27, a PEG ratio of 1.95 and a beta of 1.37. The firm has a 50-day simple moving average of $154.93 and a 200 day simple moving average of $136.31. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.26 and a quick ratio of 1.02.

Phillips 66 (NYSE:PSX) last issued its earnings results on Wednesday, January 31st. The oil and gas company reported $3.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.37 by $0.72. The business had revenue of $38.74 billion during the quarter, compared to analysts’ expectations of $34.30 billion. Phillips 66 had a net margin of 4.68% and a return on equity of 22.10%. Sell-side analysts anticipate that Phillips 66 will post 13.45 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be paid a $1.15 dividend. The ex-dividend date of this dividend is Friday, May 17th. This is a positive change from Phillips 66’s previous quarterly dividend of $1.05. This represents a $4.60 dividend on an annualized basis and a dividend yield of 2.91%. Phillips 66’s payout ratio is currently 27.15%.

Phillips 66 Company 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.