Probity Advisors Inc. Raises Stock Holdings in Phillips 66 (NYSE:PSX)

Probity Advisors Inc. increased its position in Phillips 66 (NYSE:PSX) by 2.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,786 shares of the oil and gas company’s stock after purchasing an additional 108 shares during the period. Probity Advisors Inc.’s holdings in Phillips 66 were worth $629,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PSX. ZWJ Investment Counsel Inc. grew its stake in shares of Phillips 66 by 2.1% in the third quarter. ZWJ Investment Counsel Inc. now owns 247,967 shares of the oil and gas company’s stock worth $32,595,000 after acquiring an additional 5,072 shares during the last quarter. SPC Financial Inc. grew its stake in shares of Phillips 66 by 5.1% in the third quarter. SPC Financial Inc. now owns 2,094 shares of the oil and gas company’s stock worth $275,000 after acquiring an additional 102 shares during the last quarter. Vontobel Holding Ltd. grew its stake in shares of Phillips 66 by 171.3% in the third quarter. Vontobel Holding Ltd. now owns 31,424 shares of the oil and gas company’s stock worth $4,131,000 after acquiring an additional 19,842 shares during the last quarter. Capital Advisors Wealth Management LLC grew its stake in shares of Phillips 66 by 1.7% in the third quarter. Capital Advisors Wealth Management LLC now owns 8,346 shares of the oil and gas company’s stock worth $1,097,000 after acquiring an additional 141 shares during the last quarter. Finally, Richwood Investment Advisors LLC grew its stake in shares of Phillips 66 by 1.9% in the third quarter. Richwood Investment Advisors LLC now owns 4,580 shares of the oil and gas company’s stock worth $602,000 after acquiring an additional 85 shares during the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PSX has been the topic of a number of recent research reports. Raymond James increased their target price on Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Mizuho lowered their price target on Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Piper Sandler upped their price target on Phillips 66 from $136.00 to $144.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. Scotiabank lowered their price target on Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Finally, Wells Fargo & Company lowered their price target on Phillips 66 from $182.00 to $167.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and a consensus price target of $149.50.

Insiders Place Their Bets

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the firm’s stock in a transaction on 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 sale, the chief financial officer now directly owns 81,937 shares in the company, valued at $11,390,062.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.22% of the company’s stock.

Phillips 66 Stock Up 0.7 %

PSX opened at $132.32 on Thursday. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.56. Phillips 66 has a 1-year low of $107.85 and a 1-year high of $174.08. The company has a market capitalization of $56.10 billion, a PE ratio of 10.18, a PEG ratio of 5.48 and a beta of 1.33. The firm’s 50 day simple moving average is $133.28 and its two-hundred day simple moving average is $140.90.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.33. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The business had revenue of $38.91 billion for the quarter, compared to the consensus estimate of $37.79 billion. During the same period last year, the firm earned $3.87 earnings per share. The company’s quarterly revenue was up 8.9% on a year-over-year basis. As a group, equities analysts forecast that Phillips 66 will post 8.19 EPS for the current year.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be given a $1.15 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.60 annualized dividend and a yield of 3.48%. Phillips 66’s payout ratio is presently 35.38%.

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.