Sovereign Financial Group Inc. Makes New Investment in Phillips 66 (NYSE:PSX)

Sovereign Financial Group Inc. purchased a new stake in Phillips 66 (NYSE:PSX) in the fourth quarter, Holdings Channel.com reports. The fund purchased 1,701 shares of the oil and gas company’s stock, valued at approximately $226,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Cornerstone Planning Group LLC increased its stake in Phillips 66 by 134.8% in the 3rd quarter. Cornerstone Planning Group LLC now owns 263 shares of the oil and gas company’s stock valued at $32,000 after purchasing an additional 151 shares in the last quarter. Signature Resources Capital Management LLC purchased a new stake in shares of Phillips 66 in the 4th quarter worth about $33,000. Bruce G. Allen Investments LLC purchased a new position in Phillips 66 during the 4th quarter valued at about $36,000. Bell Investment Advisors Inc raised its position in Phillips 66 by 82.1% during the third quarter. Bell Investment Advisors Inc now owns 306 shares of the oil and gas company’s stock worth $37,000 after acquiring an additional 138 shares during the last quarter. Finally, West Branch Capital LLC lifted its holdings in shares of Phillips 66 by 49.5% in the fourth quarter. West Branch Capital LLC now owns 275 shares of the oil and gas company’s stock valued at $37,000 after purchasing an additional 91 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Trading Up 1.2 %

PSX stock traded up $1.73 during trading on Wednesday, reaching $146.94. 2,915,394 shares of the stock traded hands, compared to its average volume of 2,940,149. The business’s 50 day moving average price is $155.48 and its 200-day moving average price is $138.78. The firm has a market capitalization of $62.30 billion, a PE ratio of 11.17, a P/E/G ratio of 1.82 and a beta of 1.41. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.17 and a quick ratio of 0.82. Phillips 66 has a 52-week low of $89.74 and a 52-week high of $174.08.

Phillips 66 (NYSE:PSX) last posted its earnings results 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 for the quarter, compared to analyst estimates of $35.87 billion. Phillips 66 had a net margin of 3.84% and a return on equity of 19.19%. During the same quarter in the previous year, the firm posted $4.21 EPS. As a group, sell-side analysts forecast that Phillips 66 will post 13.17 earnings per share for the current year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be paid a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date is Friday, May 17th. This is a positive change from Phillips 66’s previous quarterly dividend of $1.05. Phillips 66’s dividend payout ratio (DPR) is 32.31%.

Insiders Place Their Bets

In other news, EVP Richard G. Harbison sold 21,934 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $146.27, for a total transaction of $3,208,286.18. Following the completion of the sale, the executive vice president now owns 24,941 shares of the company’s stock, valued at $3,648,120.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Robert W. Pease purchased 682 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were acquired at an average cost of $146.58 per share, with a total value of $99,967.56. Following the transaction, the director now owns 1,900 shares in the company, valued at approximately $278,502. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Richard G. Harbison sold 21,934 shares of Phillips 66 stock in a transaction on Monday, February 12th. The stock was sold at an average price of $146.27, for a total transaction of $3,208,286.18. Following the completion of the transaction, the executive vice president now directly owns 24,941 shares of the company’s stock, valued at approximately $3,648,120.07. The disclosure for this sale can be found here. Insiders have sold 35,056 shares of company stock worth $5,272,681 in the last three months. 0.22% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PSX shares. Bank of America upped their target price on Phillips 66 from $150.00 to $180.00 and gave the company a “neutral” rating in a research note on Friday, March 15th. Mizuho cut their target price on shares of Phillips 66 from $167.00 to $162.00 and set a “neutral” rating for the company in a research note on Friday, April 12th. Barclays reduced their target price on shares of Phillips 66 from $155.00 to $147.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 30th. Piper Sandler lifted their price target on shares of Phillips 66 from $169.00 to $187.00 and gave the stock an “overweight” rating in a report on Friday, April 5th. Finally, Scotiabank upped their price objective on shares of Phillips 66 from $148.00 to $156.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $157.43.

About Phillips 66

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.