Insider Buying: Phillips 66 (NYSE:PSX) Director Acquires $30,310.00 in Stock

Phillips 66 (NYSE:PSX) Director Kevin Omar Meyers acquired 175 shares of the business’s stock in a transaction dated Tuesday, March 17th. The shares were bought at an average price of $173.20 per share, for a total transaction of $30,310.00. Following the acquisition, the director owned 16,624 shares of the company’s stock, valued at approximately $2,879,276.80. This represents a 1.06% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Phillips 66 Stock Up 3.2%

PSX stock opened at $178.21 on Friday. The stock has a market capitalization of $71.42 billion, a PE ratio of 16.47, a price-to-earnings-growth ratio of 0.60 and a beta of 0.86. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $179.02. The company has a quick ratio of 0.91, a current ratio of 1.30 and a debt-to-equity ratio of 0.62. The firm has a 50 day moving average of $154.21 and a 200 day moving average of $141.22.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results 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. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. The business had revenue of $32.16 billion during the quarter, compared to analysts’ expectations of $33.81 billion. During the same quarter last year, the company posted ($0.15) earnings per share. Sell-side analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 4th. Investors of record on Monday, February 23rd were paid a $1.27 dividend. This is a positive change from Phillips 66’s previous quarterly dividend of $1.20. The ex-dividend date was Monday, February 23rd. This represents a $5.08 dividend on an annualized basis and a yield of 2.9%. Phillips 66’s dividend payout ratio (DPR) is 46.95%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PSX. UBS Group reiterated a “buy” rating and issued a $172.00 target price on shares of Phillips 66 in a research report on Friday, February 6th. Piper Sandler raised their target price on shares of Phillips 66 from $153.00 to $156.00 and gave the stock a “neutral” rating in a report on Thursday, February 5th. Jefferies Financial Group raised shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a report on Monday. Scotiabank reissued a “sector perform” rating and issued a $140.00 price objective on shares of Phillips 66 in a report on Friday, January 16th. Finally, JPMorgan Chase & Co. dropped their target price on Phillips 66 from $154.00 to $151.00 and set an “overweight” rating on the stock in a report on Tuesday, January 13th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $162.33.

Hedge Funds Weigh In On Phillips 66

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

Phillips 66 Company 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.