Meridian Wealth Management LLC Invests $203,000 in Phillips 66 (NYSE:PSX)

Meridian Wealth Management LLC purchased a new stake in shares of Phillips 66 (NYSE:PSX) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 1,542 shares of the oil and gas company’s stock, valued at approximately $203,000.

Several other institutional investors have also recently bought and sold shares of the business. Van ECK Associates Corp raised its holdings in shares of Phillips 66 by 263.3% in the third quarter. Van ECK Associates Corp now owns 83,278 shares of the oil and gas company’s stock valued at $10,753,000 after buying an additional 60,355 shares during the last quarter. Manning & Napier Advisors LLC bought a new position in shares of Phillips 66 in the second quarter worth about $17,670,000. M&G Plc bought a new position in shares of Phillips 66 in the second quarter worth about $3,596,000. Mizuho Securities USA LLC lifted its position in shares of Phillips 66 by 7,549.0% during the third quarter. Mizuho Securities USA LLC now owns 2,500,000 shares of the oil and gas company’s stock worth $328,625,000 after purchasing an additional 2,467,316 shares in the last quarter. Finally, Cetera Investment Advisers grew its stake in shares of Phillips 66 by 318.9% during the first quarter. Cetera Investment Advisers now owns 142,548 shares of the oil and gas company’s stock valued at $23,284,000 after purchasing an additional 108,515 shares during the last quarter. Institutional investors own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on PSX. TD Cowen reduced their price objective on Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. UBS Group cut their price target on Phillips 66 from $150.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Scotiabank dropped their price objective on Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Raymond James upped 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, Piper Sandler set a $144.00 price target on shares of Phillips 66 in a research note on Thursday, October 17th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Phillips 66 currently has a consensus rating of “Moderate Buy” and an average price target of $149.69.

Phillips 66 Trading Up 0.0 %

Shares of NYSE PSX opened at $133.33 on Tuesday. Phillips 66 has a twelve month low of $117.32 and a twelve month high of $174.08. The stock has a market cap of $55.06 billion, a price-to-earnings ratio of 17.12, a P/E/G ratio of 4.40 and a beta of 1.33. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. The company’s fifty day moving average is $130.40 and its 200-day moving average is $135.17.

Phillips 66 (NYSE:PSX) last posted its earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.41. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The firm had revenue of $36.16 billion for the quarter, compared to analyst estimates of $36.31 billion. During the same period in the previous year, the company posted $4.63 earnings per share. The company’s revenue for the quarter was down 10.3% on a year-over-year basis. Equities research analysts predict that Phillips 66 will post 7.57 EPS for the current year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors 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 dividend on an annualized basis and a yield of 3.45%. Phillips 66’s payout ratio is 59.05%.

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.