B. Riley Wealth Advisors Inc. boosted its position in Phillips 66 (NYSE:PSX – Get Rating) by 137.0% during the third quarter, Holdings Channel reports. The institutional investor owned 31,759 shares of the oil and gas company’s stock after purchasing an additional 18,358 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Phillips 66 were worth $2,564,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Hallmark Capital Management Inc. raised its position in Phillips 66 by 62.5% in the 3rd quarter. Hallmark Capital Management Inc. now owns 325 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 125 shares during the last quarter. Horan Securities Inc. raised its position in Phillips 66 by 210.6% in the 3rd quarter. Horan Securities Inc. now owns 351 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 238 shares during the last quarter. Core Alternative Capital raised its position in Phillips 66 by 218.3% in the 3rd quarter. Core Alternative Capital now owns 366 shares of the oil and gas company’s stock valued at $30,000 after buying an additional 251 shares during the last quarter. Worth Asset Management LLC acquired a new stake in Phillips 66 in the 1st quarter valued at approximately $32,000. Finally, Heritage Wealth Management LLC acquired a new stake in Phillips 66 in the 2nd quarter valued at approximately $37,000. Institutional investors and hedge funds own 70.76% of the company’s stock.
Analysts Set New Price Targets
A number of research analysts have weighed in on the company. StockNews.com assumed coverage on Phillips 66 in a research note on Thursday. They issued a “buy” rating for the company. Raymond James raised their price target on Phillips 66 from $130.00 to $135.00 and gave the company an “outperform” rating in a research note on Friday, January 13th. Mizuho decreased their price target on Phillips 66 from $121.00 to $120.00 in a research note on Friday, March 10th. Wells Fargo & Company decreased their price target on Phillips 66 from $134.00 to $127.00 and set an “overweight” rating for the company in a research note on Thursday, January 5th. Finally, Morgan Stanley raised their price target on Phillips 66 from $115.00 to $125.00 and gave the company an “equal weight” rating in a research note on Friday, January 20th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $121.27.
Phillips 66 Stock Performance
Phillips 66 (NYSE:PSX – Get Rating) last released its quarterly earnings results on Tuesday, January 31st. The oil and gas company reported $4.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.35 by ($0.35). The firm had revenue of $40.91 billion during the quarter, compared to the consensus estimate of $34.30 billion. Phillips 66 had a net margin of 6.27% and a return on equity of 31.20%. During the same quarter last year, the firm earned $2.94 earnings per share. Research analysts expect that Phillips 66 will post 15.68 EPS for the current year.
Phillips 66 Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 1st. Shareholders of record on Tuesday, February 21st were issued a $1.05 dividend. The ex-dividend date was Friday, February 17th. This is a boost from Phillips 66’s previous quarterly dividend of $0.97. This represents a $4.20 annualized dividend and a yield of 4.43%. Phillips 66’s payout ratio is currently 18.30%.
Insider Buying and Selling at Phillips 66
In related news, Director Gregory Hayes acquired 10,250 shares of the company’s stock in a transaction on Thursday, February 2nd. The stock was purchased at an average cost of $97.75 per share, with a total value of $1,001,937.50. Following the acquisition, the director now directly owns 14,299 shares of the company’s stock, valued at $1,397,727.25. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.74% of the company’s stock.
Phillips 66 Profile
Phillips 66 engages in the processing, transportation, storage, and marketing of fuels and other related products. The company operates through the following segments: Midstream, Chemicals, Refining and Marketing & Specialties. The Midstream segment provides crude oil and refined products transportation, terminaling and processing services, as well as natural gas, natural gas liquids and liquefied petroleum gas transportation, storage, processing and marketing services.
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