Avidian Wealth Solutions LLC Boosts Holdings in Phillips 66 (NYSE:PSX)

Avidian Wealth Solutions LLC grew its stake in Phillips 66 (NYSE:PSX) by 3.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 4,575 shares of the oil and gas company’s stock after buying an additional 136 shares during the quarter. Avidian Wealth Solutions LLC’s holdings in Phillips 66 were worth $609,000 as of its most recent filing with the SEC.

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

Phillips 66 Price Performance

Shares of PSX stock traded up $1.75 during mid-day trading on Monday, reaching $145.36. The stock had a trading volume of 907,067 shares, compared to its average volume of 2,933,085. The company has a market cap of $61.63 billion, a P/E ratio of 11.05, a price-to-earnings-growth ratio of 1.82 and a beta of 1.41. The company has a current ratio of 1.17, a quick ratio of 0.82 and a debt-to-equity ratio of 0.58. Phillips 66 has a 12-month low of $89.74 and a 12-month high of $174.08. The business has a 50-day simple moving average of $155.55 and a 200 day simple moving average of $138.35.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, April 26th. The oil and gas company reported $1.90 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). Phillips 66 had a return on equity of 19.19% and a net margin of 3.84%. The business had revenue of $36.44 billion for the quarter, compared to analysts’ expectations of $35.87 billion. During the same period last year, the business earned $4.21 earnings per share. On average, sell-side analysts anticipate that Phillips 66 will post 13.17 earnings per share for the current year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be given a $1.15 dividend. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. This represents a $4.60 annualized dividend and a dividend yield of 3.16%. The ex-dividend date is Friday, May 17th. Phillips 66’s dividend payout ratio is currently 32.31%.

Analyst Upgrades and Downgrades

PSX has been the subject of several research analyst reports. Piper Sandler increased their price objective on Phillips 66 from $169.00 to $187.00 and gave the company an “overweight” rating in a report on Friday, April 5th. Barclays lowered their price objective on shares of Phillips 66 from $155.00 to $147.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 30th. Citigroup began coverage on shares of Phillips 66 in a report on Wednesday, January 24th. They issued a “buy” rating for the company. Mizuho lowered their price target on Phillips 66 from $167.00 to $162.00 and set a “neutral” rating on the stock in a report on Friday, April 12th. Finally, Wells Fargo & Company upped their price objective on Phillips 66 from $179.00 to $191.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Five 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 company currently has an average rating of “Moderate Buy” and a consensus target price of $157.43.

Insider Activity at Phillips 66

In related news, EVP Richard G. Harbison sold 21,934 shares of the business’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 completion of the transaction, the executive vice president now owns 24,941 shares of the company’s stock, valued at approximately $3,648,120.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Joseph Scott Pruitt sold 5,922 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $157.40, for a total transaction of $932,122.80. Following the sale, the vice president now owns 6,583 shares in the company, valued at $1,036,164.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Richard G. Harbison sold 21,934 shares of Phillips 66 stock in a transaction on 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 completion of the sale, 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 a total of 35,056 shares of company stock valued at $5,272,681 over the last quarter. Insiders own 0.22% of the company’s stock.

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.