Phillips 66 (NYSE:PSX) Reaches New 52-Week High After Dividend Announcement

Shares of Phillips 66 (NYSE:PSX) reached a new 52-week high during trading on Wednesday after the company announced a dividend. The stock traded as high as $171.04 and last traded at $169.74, with a volume of 203995 shares changing hands. The stock had previously closed at $169.49.

The newly announced dividend which will be paid on Monday, June 3rd. Investors of record on Monday, May 20th will be paid a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 2.70%. This is a positive change from Phillips 66’s previous quarterly dividend of $1.05. The ex-dividend date of this dividend is Friday, May 17th. Phillips 66’s payout ratio is currently 27.15%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of Phillips 66 from $163.00 to $179.00 and gave the company an “overweight” rating in a research note on Wednesday, March 20th. JPMorgan Chase & Co. lifted their price objective on shares of Phillips 66 from $149.00 to $167.00 and gave the company an “overweight” rating in a research note on Monday. StockNews.com upgraded shares of Phillips 66 from a “hold” rating to a “buy” rating in a research note on Saturday, February 10th. Mizuho lifted their price objective on shares of Phillips 66 from $135.00 to $167.00 and gave the company a “neutral” rating in a research note on Friday, March 22nd. Finally, The Goldman Sachs Group raised their price target on shares of Phillips 66 from $152.00 to $174.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $152.31.

Phillips 66 Price Performance

The company has a current ratio of 1.26, a quick ratio of 1.02 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $73.02 billion, a P/E ratio of 11.17, a P/E/G ratio of 2.20 and a beta of 1.37. The business’s fifty day moving average price is $149.89 and its 200-day moving average price is $131.87.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Wednesday, January 31st. The oil and gas company reported $3.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.37 by $0.72. Phillips 66 had a net margin of 4.68% and a return on equity of 22.10%. The company had revenue of $38.74 billion during the quarter, compared to the consensus estimate of $34.30 billion. As a group, sell-side analysts predict that Phillips 66 will post 12.85 earnings per share for the current fiscal year.

Insider Transactions at Phillips 66

In related news, EVP Richard G. Harbison sold 21,934 shares of Phillips 66 stock in a transaction on Monday, February 12th. The shares were sold at an average price of $146.27, for a total value of $3,208,286.18. Following the transaction, the executive vice president now owns 24,941 shares in the company, valued at approximately $3,648,120.07. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Phillips 66 news, Director Robert W. Pease bought 682 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were bought at an average price of $146.58 per share, for a total transaction of $99,967.56. Following the transaction, the director now directly owns 1,900 shares in the company, valued at $278,502. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Richard G. Harbison sold 21,934 shares of Phillips 66 stock in a transaction 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 in the company, valued at approximately $3,648,120.07. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,056 shares of company stock valued at $5,272,681. Insiders own 4.57% of the company’s stock.

Hedge Funds Weigh In On Phillips 66

A number of large investors have recently added to or reduced their stakes in PSX. First Capital Advisors Group LLC. purchased a new position in shares of Phillips 66 in the second quarter valued at about $25,000. Ables Iannone Moore & Associates Inc. purchased a new position in shares of Phillips 66 in the fourth quarter valued at about $27,000. Main Street Group LTD purchased a new position in shares of Phillips 66 in the fourth quarter valued at about $28,000. First United Bank & Trust purchased a new position in shares of Phillips 66 in the fourth quarter valued at about $31,000. Finally, Cornerstone Planning Group LLC increased its position in shares of Phillips 66 by 134.8% in the third quarter. Cornerstone Planning Group LLC now owns 263 shares of the oil and gas company’s stock valued at $32,000 after acquiring an additional 151 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

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.