Elevation Point Wealth Partners LLC Purchases 4,248 Shares of Phillips 66 $PSX

Elevation Point Wealth Partners LLC increased its holdings in Phillips 66 (NYSE:PSX) by 40.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,846 shares of the oil and gas company’s stock after purchasing an additional 4,248 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in Phillips 66 were worth $2,705,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Phillips 66 in the fourth quarter worth approximately $640,206,000. M&T Bank Corp boosted its holdings in shares of Phillips 66 by 462.9% during the fourth quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock worth $352,007,000 after purchasing an additional 2,243,268 shares during the period. AQR Capital Management LLC grew its stake in shares of Phillips 66 by 424.7% in the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock worth $257,512,000 after purchasing an additional 1,532,389 shares during the last quarter. Worldquant Millennium Advisors LLC purchased a new stake in Phillips 66 in the 2nd quarter worth approximately $107,967,000. Finally, NewEdge Advisors LLC grew its position in shares of Phillips 66 by 732.0% in the 4th quarter. NewEdge Advisors LLC now owns 996,955 shares of the oil and gas company’s stock worth $128,647,000 after buying an additional 877,131 shares during the last quarter. 76.93% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PSX has been the subject of a number of research analyst reports. Morgan Stanley raised their price target on Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Mizuho raised Phillips 66 from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $170.00 to $212.00 in a research report on Wednesday, May 27th. Argus increased their target price on Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a research report on Thursday, May 14th. Raymond James Financial raised their target price on Phillips 66 from $215.00 to $218.00 and gave the company an “outperform” rating in a research note on Wednesday, June 10th. Finally, Zacks Research upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a report on Monday, April 27th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $192.72.

Phillips 66 Trading Down 0.0%

NYSE PSX opened at $176.40 on Friday. Phillips 66 has a 12 month low of $118.07 and a 12 month high of $190.61. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The stock’s fifty day moving average price is $174.43 and its 200-day moving average price is $161.15. The stock has a market cap of $70.72 billion, a P/E ratio of 17.38, a P/E/G ratio of 0.24 and a beta of 0.69.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The firm had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. During the same quarter in the previous year, the firm earned ($0.90) EPS. Phillips 66’s quarterly revenue was up 6.9% compared to the same quarter last year. As a group, equities analysts forecast that Phillips 66 will post 19.27 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were issued a $1.27 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $5.08 annualized dividend and a yield of 2.9%. Phillips 66’s payout ratio is 50.05%.

Insider Activity at Phillips 66

In other news, Director Kevin Omar Meyers purchased 175 shares of Phillips 66 stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average price of $173.12 per share, with a total value of $30,296.00. Following the completion of the transaction, the director directly owned 16,799 shares of the company’s stock, valued at approximately $2,908,242.88. The trade was a 1.05% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kevin J. Mitchell sold 29,400 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the completion of the transaction, the chief financial officer owned 97,376 shares of the company’s stock, valued at approximately $16,553,920. The trade was a 23.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.40% of the company’s stock.

About Phillips 66

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.