Modern Wealth Management LLC Boosts Stake in Phillips 66 (NYSE:PSX)

Modern Wealth Management LLC lifted its holdings in Phillips 66 (NYSE:PSX) by 103.2% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,099 shares of the oil and gas company’s stock after buying an additional 1,574 shares during the period. Modern Wealth Management LLC’s holdings in Phillips 66 were worth $383,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of PSX. Bank of New York Mellon Corp grew its stake in Phillips 66 by 7.3% in the 4th quarter. Bank of New York Mellon Corp now owns 9,344,342 shares of the oil and gas company’s stock valued at $1,064,601,000 after purchasing an additional 639,323 shares during the period. Amundi grew its position in Phillips 66 by 25.7% during the fourth quarter. Amundi now owns 3,682,414 shares of the oil and gas company’s stock valued at $428,081,000 after buying an additional 753,653 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Phillips 66 by 3.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,002,995 shares of the oil and gas company’s stock worth $342,131,000 after buying an additional 101,108 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Phillips 66 in the fourth quarter worth about $168,790,000. Finally, National Pension Service boosted its stake in Phillips 66 by 11.9% in the fourth quarter. National Pension Service now owns 1,120,657 shares of the oil and gas company’s stock valued at $127,676,000 after acquiring an additional 118,923 shares during the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on PSX shares. Piper Sandler downgraded Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 10th. Mizuho dropped their price objective on shares of Phillips 66 from $150.00 to $147.00 and set a “neutral” rating on the stock in a report on Monday, December 16th. StockNews.com downgraded shares of Phillips 66 from a “hold” rating to a “sell” rating in a research note on Sunday, March 2nd. Barclays lifted their price objective on shares of Phillips 66 from $115.00 to $135.00 and gave the company an “equal weight” rating in a research note on Friday, March 14th. Finally, Wells Fargo & Company increased their target price on Phillips 66 from $161.00 to $162.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and a consensus target price of $146.43.

Phillips 66 Price Performance

Shares of NYSE:PSX opened at $124.89 on Friday. Phillips 66 has a one year low of $108.91 and a one year high of $174.08. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83. The firm has a market capitalization of $50.92 billion, a price-to-earnings ratio of 25.28, a PEG ratio of 4.84 and a beta of 1.31. The company’s fifty day moving average price is $124.74 and its 200-day moving average price is $125.57.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, January 31st. The oil and gas company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($1.38). Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. During the same period in the previous year, the company posted $3.09 EPS. On average, equities research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were paid a $1.15 dividend. This represents a $4.60 annualized dividend and a yield of 3.68%. The ex-dividend date of this dividend was Monday, February 24th. Phillips 66’s dividend payout ratio is currently 93.12%.

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.