Contravisory Investment Management Inc. Takes Position in Phillips 66 (NYSE:PSX)

Contravisory Investment Management Inc. bought a new stake in shares of Phillips 66 (NYSE:PSX) during the second quarter, Holdings Channel.com reports. The fund bought 1,626 shares of the oil and gas company’s stock, valued at approximately $155,000.

A number of other large investors have also recently modified their holdings of the stock. BlackRock Inc. boosted its stake in shares of Phillips 66 by 0.3% during the 1st quarter. BlackRock Inc. now owns 37,428,804 shares of the oil and gas company’s stock valued at $3,794,532,000 after purchasing an additional 102,139 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Phillips 66 by 0.6% during the 4th quarter. Wells Fargo & Company MN now owns 16,802,175 shares of the oil and gas company’s stock valued at $1,748,770,000 after purchasing an additional 98,162 shares in the last quarter. Moneta Group Investment Advisors LLC boosted its stake in shares of Phillips 66 by 100,843.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 9,979,304 shares of the oil and gas company’s stock valued at $1,038,646,000 after purchasing an additional 9,969,418 shares in the last quarter. Wellington Management Group LLP boosted its stake in Phillips 66 by 44.3% during the first quarter. Wellington Management Group LLP now owns 8,623,978 shares of the oil and gas company’s stock worth $874,299,000 after acquiring an additional 2,646,979 shares in the last quarter. Finally, Morgan Stanley boosted its stake in Phillips 66 by 16.2% during the fourth quarter. Morgan Stanley now owns 6,961,625 shares of the oil and gas company’s stock worth $724,566,000 after acquiring an additional 968,055 shares in the last quarter. Institutional investors own 71.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PSX shares. Wells Fargo & Company boosted their price objective on shares of Phillips 66 from $130.00 to $144.00 and gave the stock an “overweight” rating in a research note on Friday, September 8th. Piper Sandler boosted their price objective on shares of Phillips 66 from $130.00 to $136.00 in a research note on Friday, August 4th. StockNews.com started coverage on shares of Phillips 66 in a research note on Thursday, August 17th. They set a “hold” rating on the stock. Mizuho boosted their price objective on shares of Phillips 66 from $127.00 to $131.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, The Goldman Sachs Group boosted their price objective on shares of Phillips 66 from $125.00 to $141.00 and gave the stock a “buy” rating in a research note on Friday, September 1st. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $129.87.

Insider Activity at Phillips 66

In related news, EVP Brian Mandell sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $111.84, for a total transaction of $335,520.00. Following the completion of the sale, the executive vice president now directly owns 46,451 shares in the company, valued at $5,195,079.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Phillips 66 news, Chairman Greg C. Garland sold 169,400 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $111.44, for a total value of $18,877,936.00. Following the completion of the transaction, the chairman now directly owns 662,366 shares in the company, valued at $73,814,067.04. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Brian Mandell sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $111.84, for a total transaction of $335,520.00. Following the completion of the transaction, the executive vice president now owns 46,451 shares of the company’s stock, valued at $5,195,079.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 360,648 shares of company stock worth $41,396,371. 4.57% of the stock is owned by company insiders.

Phillips 66 Stock Up 1.2 %

PSX opened at $122.45 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 1.33 and a debt-to-equity ratio of 0.61. The firm has a 50 day moving average price of $111.93 and a 200-day moving average price of $102.58. Phillips 66 has a twelve month low of $74.02 and a twelve month high of $125.19. The stock has a market capitalization of $54.53 billion, a price-to-earnings ratio of 5.31, a PEG ratio of 0.41 and a beta of 1.37.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported $3.87 earnings per share for the quarter, beating the consensus estimate of $3.54 by $0.33. The firm had revenue of $35.74 billion during the quarter, compared to analysts’ expectations of $32.13 billion. Phillips 66 had a net margin of 6.81% and a return on equity of 26.25%. During the same period in the previous year, the company earned $6.77 earnings per share. Equities research analysts forecast that Phillips 66 will post 15.63 earnings per share for the current year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were given a dividend of $1.05 per share. The ex-dividend date of this dividend was Thursday, August 17th. This represents a $4.20 annualized dividend and a yield of 3.43%. Phillips 66’s dividend payout ratio (DPR) is 18.22%.

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.