Parkside Financial Bank & Trust Increases Stock Position in Phillips 66 (NYSE:PSX)

Parkside Financial Bank & Trust raised its holdings in Phillips 66 (NYSE:PSX) by 70.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 3,202 shares of the oil and gas company’s stock after purchasing an additional 1,323 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Phillips 66 were worth $426,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Cardinal Capital Management increased its holdings in shares of Phillips 66 by 0.3% during the 4th quarter. Cardinal Capital Management now owns 23,312 shares of the oil and gas company’s stock worth $3,104,000 after buying an additional 77 shares during the last quarter. Aaron Wealth Advisors LLC boosted its position in Phillips 66 by 3.6% during the 4th quarter. Aaron Wealth Advisors LLC now owns 2,340 shares of the oil and gas company’s stock worth $312,000 after purchasing an additional 82 shares during the period. Cornerstone Wealth Management LLC boosted its position in Phillips 66 by 1.3% during the 4th quarter. Cornerstone Wealth Management LLC now owns 6,495 shares of the oil and gas company’s stock worth $865,000 after purchasing an additional 86 shares during the period. Stratos Wealth Partners LTD. boosted its position in Phillips 66 by 0.4% during the 4th quarter. Stratos Wealth Partners LTD. now owns 22,214 shares of the oil and gas company’s stock worth $2,958,000 after purchasing an additional 90 shares during the period. Finally, West Branch Capital LLC boosted its position in Phillips 66 by 49.5% during the 4th quarter. West Branch Capital LLC now owns 275 shares of the oil and gas company’s stock worth $37,000 after purchasing an additional 91 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PSX. Citigroup began coverage on shares of Phillips 66 in a research report on Wednesday, January 24th. They set a “buy” rating for the company. Bank of America upped their price target 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. Piper Sandler upped their price target on shares of Phillips 66 from $169.00 to $187.00 and gave the stock an “overweight” rating in a research report on Friday, April 5th. Wells Fargo & Company upped their price objective 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, Scotiabank raised their target price on 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 investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Phillips 66 presently has an average rating of “Moderate Buy” and a consensus price target of $158.00.

Phillips 66 Stock Up 1.0 %

NYSE:PSX traded up $1.51 during mid-day trading on Tuesday, reaching $158.56. The stock had a trading volume of 1,041,493 shares, compared to its average volume of 2,968,395. The company has a market capitalization of $67.84 billion, a price-to-earnings ratio of 10.15, a price-to-earnings-growth ratio of 1.92 and a beta of 1.37. Phillips 66 has a 1-year low of $89.74 and a 1-year high of $174.08. The stock’s 50 day simple moving average is $154.65 and its two-hundred day simple moving average is $135.96. 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 posted its quarterly earnings results on Wednesday, January 31st. The oil and gas company reported $3.09 EPS for the quarter, topping analysts’ consensus estimates of $2.37 by $0.72. Phillips 66 had a return on equity of 22.10% and a net margin of 4.68%. The business had revenue of $38.74 billion during the quarter, compared to the consensus estimate of $34.30 billion. Equities analysts anticipate that Phillips 66 will post 13.45 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be issued a $1.15 dividend. The ex-dividend date of this dividend is Friday, May 17th. This represents a $4.60 dividend on an annualized basis and a yield of 2.90%. This is a boost from Phillips 66’s previous quarterly dividend of $1.05. Phillips 66’s dividend payout ratio (DPR) is currently 27.15%.

Insiders Place Their Bets

In other Phillips 66 news, EVP Richard G. Harbison sold 21,934 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $146.27, for a total value of $3,208,286.18. Following the transaction, the executive vice president now owns 24,941 shares of the company’s stock, valued at $3,648,120.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Richard G. Harbison sold 21,934 shares of Phillips 66 stock in a transaction that occurred 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 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 SEC, which is accessible through this link. Also, 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 sale, the vice president now directly owns 6,583 shares in the company, valued at approximately $1,035,242.58. The disclosure for this sale can be found here. Insiders have sold 35,056 shares of company stock valued at $5,272,681 over the last quarter. Insiders own 0.22% of the company’s stock.

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.