Virginia Wealth Management Group Inc. Boosts Stock Holdings in Phillips 66 $PSX

Virginia Wealth Management Group Inc. grew its stake in shares of Phillips 66 (NYSE:PSX) by 22.6% in the first quarter, Holdings Channel.com reports. The fund owned 37,656 shares of the oil and gas company’s stock after buying an additional 6,938 shares during the quarter. Phillips 66 comprises about 3.7% of Virginia Wealth Management Group Inc.’s holdings, making the stock its 4th biggest position. Virginia Wealth Management Group Inc.’s holdings in Phillips 66 were worth $6,860,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Phillips 66 by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company’s stock worth $6,701,052,000 after purchasing an additional 205,480 shares during the period. State Street Corp raised its holdings in Phillips 66 by 0.8% during the 4th quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company’s stock worth $3,043,996,000 after buying an additional 175,616 shares during the period. Geode Capital Management LLC raised its holdings in Phillips 66 by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock worth $1,338,596,000 after buying an additional 45,340 shares during the period. Norges Bank purchased a new stake in Phillips 66 during the fourth quarter valued at about $640,206,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in Phillips 66 by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,944,561 shares of the oil and gas company’s stock valued at $509,006,000 after buying an additional 89,621 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Stock Performance

Shares of PSX opened at $178.83 on Wednesday. The company has a market capitalization of $71.70 billion, a PE ratio of 17.62, a PEG ratio of 0.24 and a beta of 0.69. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. The company’s 50 day moving average price is $175.11 and its 200 day moving average price is $161.94. Phillips 66 has a 52 week low of $118.07 and a 52 week high of $190.61.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. During the same quarter in the prior year, the firm earned ($0.90) EPS. The company’s revenue was up 6.9% compared to the same quarter last year. Research analysts expect that Phillips 66 will post 19.27 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were given a dividend of $1.27 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.8%. Phillips 66’s dividend payout ratio (DPR) is presently 50.05%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Wall Street Zen raised shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 13th. Argus raised their price objective on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Wells Fargo & Company lifted their price objective on shares of Phillips 66 from $163.00 to $201.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 31st. Tudor Pickering raised shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Finally, Wolfe Research increased their target price on Phillips 66 from $187.00 to $193.00 and gave the company an “outperform” rating in a report on Monday, April 6th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, Phillips 66 presently has an average rating of “Moderate Buy” and a consensus target price of $192.72.

Insider Transactions at Phillips 66

In other news, CFO Kevin J. Mitchell sold 29,400 shares of Phillips 66 stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the completion of the sale, the chief financial officer directly owned 97,376 shares in the company, valued at $16,553,920. The trade was a 23.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kevin Omar Meyers purchased 175 shares of the stock in a transaction that occurred on Wednesday, May 6th. The stock was purchased at an average cost of $173.12 per share, with a total value of $30,296.00. Following the purchase, the director owned 16,799 shares in the company, valued at $2,908,242.88. This represents a 1.05% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 0.40% of the company’s stock.

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.