Wedbush Securities Inc. Purchases 727 Shares of Phillips 66 (NYSE:PSX)

Wedbush Securities Inc. increased its position in shares of Phillips 66 (NYSE:PSX) by 3.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,745 shares of the oil and gas company’s stock after acquiring an additional 727 shares during the period. Wedbush Securities Inc.’s holdings in Phillips 66 were worth $2,929,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in PSX. Crewe Advisors LLC acquired a new stake in Phillips 66 in the first quarter valued at approximately $25,000. Keener Financial Planning LLC acquired a new stake in shares of Phillips 66 during the 1st quarter valued at $26,000. Redmont Wealth Advisors LLC bought a new stake in Phillips 66 during the 1st quarter worth $28,000. Ruedi Wealth Management Inc. increased its holdings in Phillips 66 by 102.1% in the 1st quarter. Ruedi Wealth Management Inc. now owns 190 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 96 shares in the last quarter. Finally, Ables Iannone Moore & Associates Inc. bought a new position in Phillips 66 in the fourth quarter valued at about $27,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Trading Down 0.1 %

NYSE PSX opened at $127.95 on Tuesday. The stock has a market capitalization of $53.56 billion, a P/E ratio of 9.84, a P/E/G ratio of 2.31 and a beta of 1.33. The business has a 50 day simple moving average of $136.90 and a 200 day simple moving average of $144.73. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.14 and a quick ratio of 0.79. Phillips 66 has a one year low of $107.85 and a one year high of $174.08.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.33. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The company had revenue of $38.91 billion during the quarter, compared to analyst estimates of $37.79 billion. During the same quarter in the previous year, the business posted $3.87 EPS. Phillips 66’s revenue for the quarter was up 8.9% compared to the same quarter last year. Research analysts expect that Phillips 66 will post 9.25 earnings per share for the current year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th were issued a dividend of $1.15 per share. The ex-dividend date was Tuesday, August 20th. This represents a $4.60 annualized dividend and a dividend yield of 3.60%. Phillips 66’s dividend payout ratio is currently 35.38%.

Insider Transactions at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $139.01, for a total value of $4,170,300.00. Following the completion of the sale, the chief financial officer now directly owns 81,937 shares of the company’s stock, valued at approximately $11,390,062.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.22% of the company’s stock.

Wall Street Analysts Forecast Growth

PSX has been the topic of several research reports. Argus restated a “buy” rating and set a $167.00 price target on shares of Phillips 66 in a report on Thursday, May 30th. Barclays boosted their target price on shares of Phillips 66 from $136.00 to $138.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. TD Cowen raised their price target on shares of Phillips 66 from $155.00 to $162.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Piper Sandler reduced their price objective on shares of Phillips 66 from $170.00 to $151.00 and set an “overweight” rating on the stock in a research note on Friday, June 14th. Finally, Mizuho lowered their target price on Phillips 66 from $162.00 to $160.00 and set a “neutral” rating for the company in a research report on Thursday, June 20th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $157.85.

Phillips 66 Company Profile

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.