Axxcess Wealth Management LLC Acquires 3,003 Shares of Phillips 66 $PSX

Axxcess Wealth Management LLC raised its holdings in shares of Phillips 66 (NYSE:PSX) by 26.6% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 14,288 shares of the oil and gas company’s stock after acquiring an additional 3,003 shares during the period. Axxcess Wealth Management LLC’s holdings in Phillips 66 were worth $2,603,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Board of the Pension Protection Fund bought a new stake in shares of Phillips 66 during the 4th quarter valued at about $26,000. Accordant Advisory Group Inc increased its position in shares of Phillips 66 by 900.0% in the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 180 shares during the last quarter. Eagle Bay Advisors LLC purchased a new stake in Phillips 66 in the fourth quarter valued at approximately $27,000. SWAN Capital LLC raised its stake in Phillips 66 by 1,055.6% in the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock valued at $27,000 after purchasing an additional 190 shares in the last quarter. Finally, Stephens Consulting LLC lifted its position in Phillips 66 by 67.7% during the fourth quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company’s stock valued at $29,000 after purchasing an additional 90 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PSX has been the topic of a number of research analyst reports. Argus increased their price target on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. JPMorgan Chase & Co. lifted their price objective on shares of Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Scotiabank upped their target price on shares of Phillips 66 from $140.00 to $151.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 22nd. Guggenheim raised Phillips 66 to an “outperform” rating in a research note on Wednesday, May 27th. Finally, TD Cowen raised their price target on Phillips 66 from $213.00 to $220.00 and gave the company a “buy” rating in a research report on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, Phillips 66 has an average rating of “Moderate Buy” and a consensus price target of $192.72.

Trending Headlines about Phillips 66

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Higher gasoline and fuel margins are supporting refiners, and weekly data showing another decline in U.S. gasoline inventories suggests tighter supply and better near-term profitability for Phillips 66. Phillips 66 Gains as Strong Fuel-Margin Backdrop Lifts Refiners
• Positive Sentiment: Crude prices surged after U.S. strikes on Iran and renewed threats of more strikes heightened geopolitical risk, which is lifting energy-sector shares and increasing trading interest in PSX. Phillips 66 (PSX) Stock Faces Higher Crude Costs After U.S. Strikes On Iran
• Positive Sentiment: Analysts remain broadly constructive, with multiple recent price targets clustered above the current share price, including TD Cowen at $220 and Goldman Sachs at $207, which may be reinforcing bullish sentiment. Update: US Equity Indexes Slide, Crude Oil Surges After Trump Threatens More Strikes on Iran
• Neutral Sentiment: Phillips 66 is scheduled to report second-quarter earnings on August 5, and investors may be positioning ahead of results after the company previously beat EPS estimates despite mixed revenue. Phillips 66 Gains as Strong Fuel-Margin Backdrop Lifts Refiners
• Negative Sentiment: Zacks Research downgraded Phillips 66 from “strong-buy” to “hold,” which could temper some of the upside enthusiasm. Zacks.com

Insider Activity

In other Phillips 66 news, CFO Kevin J. Mitchell sold 29,400 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief financial officer owned 97,376 shares of the company’s stock, valued at $16,553,920. This represents a 23.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kevin Omar Meyers acquired 175 shares of the company’s stock in a transaction on Wednesday, May 6th. The stock was acquired at an average price of $173.12 per share, with a total value of $30,296.00. Following the acquisition, the director owned 16,799 shares in the company, valued at approximately $2,908,242.88. This trade represents a 1.05% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.40% of the company’s stock.

Phillips 66 Stock Up 5.0%

PSX opened at $187.81 on Thursday. Phillips 66 has a 12 month low of $118.07 and a 12 month high of $190.61. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The business’s 50-day moving average price is $175.58 and its 200-day moving average price is $162.35. The company has a market cap of $75.30 billion, a P/E ratio of 18.50, a P/E/G ratio of 0.24 and a beta of 0.69.

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

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were given a $1.27 dividend. The ex-dividend date was Monday, May 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.7%. Phillips 66’s payout ratio is presently 50.05%.

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.