Wedbush Securities Inc. Has $3.12 Million Position in Phillips 66 $PSX

Wedbush Securities Inc. increased its holdings in shares of Phillips 66 (NYSE:PSX) by 44.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 22,941 shares of the oil and gas company’s stock after buying an additional 7,092 shares during the quarter. Wedbush Securities Inc.’s holdings in Phillips 66 were worth $3,120,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Savvy Advisors Inc. grew its position in Phillips 66 by 35.5% during the 3rd quarter. Savvy Advisors Inc. now owns 6,232 shares of the oil and gas company’s stock worth $848,000 after acquiring an additional 1,634 shares during the last quarter. Willis Johnson & Associates Inc. acquired a new stake in shares of Phillips 66 during the third quarter valued at about $221,000. Allegheny Financial Group grew its holdings in shares of Phillips 66 by 3.3% during the third quarter. Allegheny Financial Group now owns 2,490 shares of the oil and gas company’s stock worth $339,000 after purchasing an additional 80 shares during the last quarter. Caprock Group LLC acquired a new position in shares of Phillips 66 in the third quarter valued at approximately $2,412,000. Finally, Endowment Wealth Management Inc. bought a new position in Phillips 66 in the 3rd quarter valued at approximately $202,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Trading Down 3.3%

NYSE:PSX opened at $156.20 on Friday. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $163.79. The company has a current ratio of 1.23, a quick ratio of 0.87 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $62.94 billion, a price-to-earnings ratio of 14.44, 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.

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

Phillips 66 Increases Dividend

The company also recently disclosed a quarterly 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. This is a positive change from Phillips 66’s previous quarterly dividend of $1.20. This represents a $5.08 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Monday, February 23rd. Phillips 66’s dividend payout ratio is presently 44.36%.

Analysts Set New Price Targets

PSX has been the subject of several recent research reports. Piper Sandler increased their price target on Phillips 66 from $153.00 to $156.00 and gave the company a “neutral” rating in a research note on Thursday, February 5th. The Goldman Sachs Group increased their target price on shares of Phillips 66 from $152.00 to $164.00 and gave the company a “neutral” rating in a research report on Thursday, January 22nd. JPMorgan Chase & Co. lowered their price target on shares of Phillips 66 from $154.00 to $151.00 and set an “overweight” rating for the company in a report on Tuesday, January 13th. Zacks Research lowered shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Finally, Citigroup lifted their target price on shares of Phillips 66 from $146.00 to $159.00 and gave the stock a “neutral” rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and thirteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $157.18.

Insider Buying and Selling

In other Phillips 66 news, EVP Brian Mandell sold 26,200 shares of the firm’s stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $137.68, for a total value of $3,607,216.00. Following the transaction, the executive vice president directly owned 56,838 shares of the company’s stock, valued at approximately $7,825,455.84. This trade represents a 31.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of Phillips 66 stock in a transaction dated Wednesday, February 4th. The shares were 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 of the company’s stock, valued at $3,869,850. This represents a 14.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 60,488 shares of company stock worth $8,474,466 over the last ninety days. 0.22% of the stock is owned by insiders.

Phillips 66 Profile

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.