Gilliland Jeter Wealth Management LLC Invests $377,000 in Phillips 66 (NYSE:PSX)

Gilliland Jeter Wealth Management LLC purchased a new stake in shares of Phillips 66 (NYSE:PSX) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 2,830 shares of the oil and gas company’s stock, valued at approximately $377,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Headlands Technologies LLC lifted its holdings in shares of Phillips 66 by 17.6% during the fourth quarter. Headlands Technologies LLC now owns 3,894 shares of the oil and gas company’s stock valued at $518,000 after purchasing an additional 582 shares in the last quarter. Citizens Financial Group Inc. RI lifted its holdings in Phillips 66 by 17.6% in the fourth quarter. Citizens Financial Group Inc. RI now owns 5,233 shares of the oil and gas company’s stock valued at $697,000 after acquiring an additional 785 shares during the period. Truist Financial Corp lifted its holdings in Phillips 66 by 4.8% in the fourth quarter. Truist Financial Corp now owns 557,607 shares of the oil and gas company’s stock valued at $74,240,000 after acquiring an additional 25,366 shares during the period. Callan Capital LLC lifted its holdings in Phillips 66 by 4.4% in the fourth quarter. Callan Capital LLC now owns 3,147 shares of the oil and gas company’s stock valued at $419,000 after acquiring an additional 132 shares during the period. Finally, Jackson Hole Capital Partners LLC lifted its holdings in Phillips 66 by 45.6% in the fourth quarter. Jackson Hole Capital Partners LLC now owns 4,874 shares of the oil and gas company’s stock valued at $649,000 after acquiring an additional 1,527 shares during the period. 76.93% of the stock is owned by institutional investors.

Phillips 66 Stock Down 3.7 %

Shares of PSX stock traded down $5.83 during mid-day trading on Friday, hitting $151.41. The stock had a trading volume of 4,206,800 shares, compared to its average volume of 2,131,287. The firm has a market capitalization of $64.78 billion, a P/E ratio of 9.79, a price-to-earnings-growth ratio of 1.90 and a beta of 1.37. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.26 and a quick ratio of 1.02. Phillips 66 has a 12-month low of $89.74 and a 12-month high of $174.08. The firm’s 50-day moving average is $155.55 and its two-hundred day moving average is $136.88.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, April 26th. The oil and gas company reported $1.90 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.15). The company had revenue of $36.44 billion during the quarter, compared to the consensus estimate of $35.87 billion. Phillips 66 had a return on equity of 22.10% and a net margin of 4.68%. During the same period in the previous year, the firm posted $4.21 earnings per share. On average, analysts predict that Phillips 66 will post 13.77 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be given a dividend of $1.15 per share. The ex-dividend date is Friday, May 17th. This represents a $4.60 dividend on an annualized basis and a yield of 3.04%. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. Phillips 66’s dividend payout ratio is currently 29.73%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PSX. Bank of America increased their target price on Phillips 66 from $150.00 to $180.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Barclays increased their target price on Phillips 66 from $139.00 to $155.00 and gave the company an “equal weight” rating in a report on Thursday, April 18th. StockNews.com cut Phillips 66 from a “buy” rating to a “hold” rating in a research report on Saturday. Piper Sandler upped their price target on Phillips 66 from $169.00 to $187.00 and gave the stock an “overweight” rating in a research report on Friday, April 5th. Finally, Mizuho reduced their price target on Phillips 66 from $167.00 to $162.00 and set a “neutral” rating for the company in a research report on Friday, April 12th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Phillips 66 presently has a consensus rating of “Moderate Buy” and a consensus price target of $158.00.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, EVP Richard G. Harbison sold 21,934 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $146.27, for a total transaction of $3,208,286.18. Following the completion of the transaction, the executive vice president now owns 24,941 shares of the company’s stock, valued at $3,648,120.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Richard G. Harbison sold 21,934 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $146.27, for a total value of $3,208,286.18. Following the completion of the sale, the executive vice president now owns 24,941 shares of the company’s stock, valued at $3,648,120.07. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Joseph Scott Pruitt sold 5,922 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $157.40, for a total value of $932,122.80. Following the completion of the sale, the vice president now directly owns 6,583 shares of the company’s stock, valued at approximately $1,036,164.20. The disclosure for this sale can be found here. Insiders sold 35,056 shares of company stock valued at $5,272,681 over the last quarter. 0.22% of the stock is currently owned by insiders.

About Phillips 66

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.