Phillips 66 (NYSE:PSX) Sets New 52-Week High Following Dividend Announcement

Phillips 66 (NYSE:PSX) shares reached a new 52-week high during trading on Wednesday following a dividend announcement from the company. The stock traded as high as $161.16 and last traded at $159.40, with a volume of 241688 shares changing hands. The stock had previously closed at $157.31.

The newly announced dividend which will be paid on Wednesday, March 4th. Stockholders of record on Monday, February 23rd will be issued a dividend of $1.27 per share. The ex-dividend date of this dividend is Monday, February 23rd. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.2%. This is an increase from Phillips 66’s previous quarterly dividend of $1.20. Phillips 66’s payout ratio is presently 46.95%.

Analysts Set New Price Targets

A number of research analysts recently commented on PSX shares. Raymond James Financial increased their target price on Phillips 66 from $160.00 to $175.00 and gave the company an “outperform” rating in a research note on Friday, January 23rd. BMO Capital Markets reiterated an “outperform” rating and set a $170.00 price objective on shares of Phillips 66 in a research report on Friday, February 6th. Jefferies Financial Group raised their price objective on Phillips 66 from $137.00 to $149.00 and gave the company a “hold” rating in a report on Monday, January 26th. Piper Sandler increased their price target on shares of Phillips 66 from $153.00 to $156.00 and gave the company a “neutral” rating in a research report on Thursday, February 5th. Finally, Wall Street Zen lowered shares of Phillips 66 from a “buy” rating to a “hold” rating in a report on Saturday, December 20th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and thirteen have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $157.18.

Phillips 66 Trading Up 2.2%

The firm has a market cap of $64.37 billion, a PE ratio of 14.76, a PEG ratio of 0.57 and a beta of 0.90. The firm has a fifty day simple moving average of $139.99 and a two-hundred day simple moving average of $134.58. The company has a current ratio of 1.23, a quick ratio of 0.87 and a debt-to-equity ratio of 0.68.

Phillips 66 (NYSE:PSX) last announced its earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.32. The company had revenue of $32.16 billion during the quarter, compared to the consensus estimate of $33.81 billion. Phillips 66 had a return on equity of 9.28% and a net margin of 3.22%.During the same quarter in the prior year, the company earned ($0.15) earnings per share. Equities analysts forecast that Phillips 66 will post 6.8 EPS for the current year.

Insider Activity

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 4,394 shares of the company’s stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $150.00, for a total transaction of $659,100.00. Following the transaction, the executive vice president owned 25,799 shares in the company, valued at approximately $3,869,850. This represents a 14.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Brian Mandell sold 26,200 shares of the stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $137.68, for a total value of $3,607,216.00. Following the completion of the transaction, the executive vice president directly owned 56,838 shares of the company’s stock, valued at $7,825,455.84. This represents a 31.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 60,488 shares of company stock worth $8,474,466 in the last quarter. 0.22% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Phillips 66

Institutional investors have recently modified their holdings of the stock. Board of the Pension Protection Fund purchased a new stake in Phillips 66 during the 4th quarter valued at about $26,000. Accordant Advisory Group Inc grew its holdings in shares of Phillips 66 by 900.0% during the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 180 shares during the last quarter. SWAN Capital LLC grew its holdings in shares of Phillips 66 by 1,055.6% during the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 190 shares during the last quarter. Evolution Wealth Management Inc. purchased a new position in Phillips 66 in the 2nd quarter worth approximately $25,000. Finally, Eagle Bay Advisors LLC purchased a new position in Phillips 66 in the 4th quarter worth approximately $27,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

About Phillips 66

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.