6,910 Shares in Phillips 66 (NYSE:PSX) Bought by Summit Global Investments

Summit Global Investments purchased a new position in shares of Phillips 66 (NYSE:PSX) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 6,910 shares of the oil and gas company’s stock, valued at approximately $920,000.

Other hedge funds have also recently made changes to their positions in the company. Barclays PLC increased its holdings in Phillips 66 by 4.2% in the third quarter. Barclays PLC now owns 7,760,709 shares of the oil and gas company’s stock worth $932,447,000 after purchasing an additional 309,239 shares in the last quarter. Morgan Stanley increased its stake in shares of Phillips 66 by 2.1% in the 3rd quarter. Morgan Stanley now owns 6,768,960 shares of the oil and gas company’s stock valued at $813,291,000 after acquiring an additional 138,646 shares in the last quarter. Northern Trust Corp lifted its position in shares of Phillips 66 by 6.2% during the 3rd quarter. Northern Trust Corp now owns 4,881,094 shares of the oil and gas company’s stock valued at $586,463,000 after acquiring an additional 283,010 shares during the period. Envestnet Asset Management Inc. boosted its stake in Phillips 66 by 21.9% during the third quarter. Envestnet Asset Management Inc. now owns 1,946,809 shares of the oil and gas company’s stock worth $233,909,000 after acquiring an additional 350,211 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in Phillips 66 in the fourth quarter worth $254,336,000. 76.93% of the stock is owned by institutional investors.

Insider Buying and Selling at Phillips 66

In other news, VP Joseph Scott Pruitt sold 5,922 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $157.40, for a total transaction of $932,122.80. Following the completion of the sale, the vice president now owns 6,583 shares in the company, valued at approximately $1,036,164.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Phillips 66 news, VP Joseph Scott Pruitt sold 5,922 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $157.40, for a total value of $932,122.80. Following the completion of the sale, the vice president now directly owns 6,583 shares of the company’s stock, valued at $1,036,164.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Richard G. Harbison sold 21,934 shares of the business’s 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 completion of the sale, the executive vice president now owns 24,941 shares in the company, valued at $3,648,120.07. The disclosure for this sale can be found here. Insiders have sold a total of 35,056 shares of company stock worth $5,272,681 over the last three months. 0.22% of the stock is currently owned by insiders.

Phillips 66 Stock Performance

PSX stock opened at $143.61 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.17 and a debt-to-equity ratio of 0.58. The firm has a market cap of $60.88 billion, a PE ratio of 11.05, a P/E/G ratio of 1.82 and a beta of 1.41. The business has a 50 day moving average of $155.55 and a 200-day moving average of $138.03. Phillips 66 has a 12-month low of $89.74 and a 12-month high of $174.08.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Friday, April 26th. The oil and gas company reported $1.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). The business had revenue of $36.44 billion during the quarter, compared to the consensus estimate of $35.87 billion. Phillips 66 had a net margin of 3.84% and a return on equity of 19.19%. During the same quarter last year, the company earned $4.21 EPS. As a group, sell-side analysts expect that Phillips 66 will post 13.17 earnings per share for the current year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be given a $1.15 dividend. 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. This represents a $4.60 annualized dividend and a yield of 3.20%. Phillips 66’s payout ratio is currently 32.31%.

Wall Street Analyst Weigh In

PSX has been the topic of a number of research analyst reports. Mizuho cut their price objective on shares of Phillips 66 from $167.00 to $162.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. Bank of America boosted their price objective on Phillips 66 from $150.00 to $180.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Scotiabank increased their target price on Phillips 66 from $148.00 to $156.00 and gave the stock a “sector outperform” rating in a report on Thursday, April 11th. Raymond James boosted their price target on shares of Phillips 66 from $140.00 to $155.00 and gave the company an “outperform” rating in a research note on Thursday, February 1st. Finally, Citigroup initiated coverage on shares of Phillips 66 in a research note on Wednesday, January 24th. They issued a “buy” rating on the stock. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Phillips 66 currently has an average rating of “Moderate Buy” and an average price target of $157.43.

About Phillips 66

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.