Birch Financial Group LLC Invests $2.20 Million in Phillips 66 $PSX

Birch Financial Group LLC purchased a new stake in Phillips 66 (NYSE:PSX) in the 3rd quarter, HoldingsChannel.com reports. The fund purchased 16,134 shares of the oil and gas company’s stock, valued at approximately $2,195,000. Phillips 66 accounts for about 1.3% of Birch Financial Group LLC’s investment portfolio, making the stock its 19th largest holding.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PSX. Elliott Investment Management L.P. boosted its position in shares of Phillips 66 by 22.4% during the 2nd quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock valued at $2,296,644,000 after acquiring an additional 3,526,000 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in Phillips 66 by 5.0% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 209,700 shares of the oil and gas company’s stock worth $28,523,000 after purchasing an additional 10,000 shares during the period. Vanguard Group Inc. boosted its holdings in Phillips 66 by 14.8% in the 2nd quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company’s stock valued at $5,531,702,000 after purchasing an additional 5,978,841 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in shares of Phillips 66 in the 2nd quarter valued at approximately $4,952,000. Finally, Thrivent Financial for Lutherans increased its holdings in shares of Phillips 66 by 81.1% during the 2nd quarter. Thrivent Financial for Lutherans now owns 42,205 shares of the oil and gas company’s stock worth $5,035,000 after buying an additional 18,895 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Brian Mandell sold 25,500 shares of the stock in a transaction on Monday, December 1st. The stock was sold at an average price of $140.04, for a total value of $3,571,020.00. Following the sale, the executive vice president directly owned 56,838 shares in the company, valued at approximately $7,959,593.52. This trade represents a 30.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of Phillips 66 stock in a transaction on Friday, January 9th. The shares were sold at an average price of $145.00, for a total value of $637,130.00. Following the completion of the transaction, the executive vice president owned 30,193 shares of the company’s stock, valued at approximately $4,377,985. This trade represents a 12.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 86,094 shares of company stock worth $11,955,366 in the last ninety days. 0.22% of the stock is owned by corporate insiders.

Phillips 66 Price Performance

PSX opened at $141.51 on Friday. The stock’s 50-day moving average price is $136.13 and its 200 day moving average price is $132.42. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $146.88. The firm has a market cap of $57.02 billion, a price-to-earnings ratio of 38.66, a PEG ratio of 0.41 and a beta of 0.90. The company has a current ratio of 1.23, a quick ratio of 0.87 and a debt-to-equity ratio of 0.68.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.38. The company had revenue of $33.69 billion for the quarter, compared to analyst estimates of $32.29 billion. Phillips 66 had a net margin of 1.12% and a return on equity of 5.53%. During the same period in the prior year, the firm earned $2.04 earnings per share. As a group, sell-side analysts expect that Phillips 66 will post 6.8 earnings per share for the current year.

Analyst Upgrades and Downgrades

PSX has been the topic of a number of recent analyst reports. Wall Street Zen cut Phillips 66 from a “buy” rating to a “hold” rating in a report on Saturday, December 20th. Citigroup upped their price target on Phillips 66 from $137.00 to $146.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. TD Cowen reissued a “buy” rating on shares of Phillips 66 in a research report on Thursday, October 30th. BMO Capital Markets upped their target price on shares of Phillips 66 from $152.00 to $160.00 in a research report on Tuesday, November 11th. Finally, Scotiabank reiterated a “sector perform” rating and set a $140.00 price target on shares of Phillips 66 in a research report on Friday, January 16th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Phillips 66 presently has an average rating of “Hold” and an average price target of $150.41.

Phillips 66 Company Profile

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.