Harrell Investment Partners LLC Makes New Investment in Phillips 66 (NYSE:PSX)

Harrell Investment Partners LLC bought a new position in shares of Phillips 66 (NYSE:PSX) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,628 shares of the oil and gas company’s stock, valued at approximately $201,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Community Bank N.A. lifted its holdings in Phillips 66 by 4.6% during the 1st quarter. Community Bank N.A. now owns 21,084 shares of the oil and gas company’s stock worth $2,603,000 after buying an additional 927 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in shares of Phillips 66 by 2.8% in the 1st quarter. State of Alaska Department of Revenue now owns 48,396 shares of the oil and gas company’s stock valued at $5,975,000 after purchasing an additional 1,310 shares in the last quarter. PUREfi Wealth LLC acquired a new stake in shares of Phillips 66 in the 1st quarter valued at $223,000. Kingswood Wealth Advisors LLC raised its holdings in shares of Phillips 66 by 94.1% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 4,556 shares of the oil and gas company’s stock valued at $565,000 after purchasing an additional 2,209 shares in the last quarter. Finally, Accelerate Investment Advisors LLC acquired a new stake in shares of Phillips 66 in the 1st quarter valued at $223,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PSX shares. JPMorgan Chase & Co. set a $115.00 price objective on shares of Phillips 66 in a report on Wednesday. UBS Group reduced their price objective on shares of Phillips 66 from $144.00 to $140.00 and set a “buy” rating on the stock in a report on Monday, April 28th. Wall Street Zen upgraded shares of Phillips 66 from a “sell” rating to a “hold” rating in a report on Monday, April 28th. Evercore ISI initiated coverage on shares of Phillips 66 in a research note on Wednesday. They set an “outperform” rating and a $130.00 price target on the stock. Finally, Cantor Fitzgerald initiated coverage on shares of Phillips 66 in a research note on Wednesday. They set a “neutral” rating on the stock. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Phillips 66 presently has a consensus rating of “Moderate Buy” and a consensus price target of $133.93.

Phillips 66 Trading Up 0.4%

Shares of Phillips 66 stock opened at $124.98 on Thursday. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $150.12. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.88 and a current ratio of 1.23. The company has a market capitalization of $50.92 billion, a P/E ratio of 28.47, a PEG ratio of 1.91 and a beta of 1.02. The company’s fifty day moving average is $111.33 and its two-hundred day moving average is $117.38.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.97). The business had revenue of $31.92 billion for the quarter, compared to analysts’ expectations of $31.93 billion. Phillips 66 had a return on equity of 4.83% and a net margin of 1.32%. During the same period in the previous year, the business posted $1.90 earnings per share. Analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were issued a $1.20 dividend. This is an increase from Phillips 66’s previous quarterly dividend of $1.15. The ex-dividend date was Monday, May 19th. This represents a $4.80 annualized dividend and a dividend yield of 3.84%. Phillips 66’s payout ratio is presently 109.34%.

Insider Activity

In other news, Director Robert W. Pease bought 439 shares of the stock in a transaction dated Thursday, May 22nd. The shares were acquired at an average price of $113.85 per share, with a total value of $49,980.15. Following the completion of the acquisition, the director now directly owns 4,091 shares in the company, valued at approximately $465,760.35. The trade was a 12.02% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.22% of the company’s stock.

Phillips 66 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.