Sovereign Financial Group Inc. Takes $226,000 Position in Phillips 66 (NYSE:PSX)

Sovereign Financial Group Inc. bought a new position in shares of Phillips 66 (NYSE:PSX) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,701 shares of the oil and gas company’s stock, valued at approximately $226,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Brown Advisory Inc. lifted its stake in shares of Phillips 66 by 5.5% in the 3rd quarter. Brown Advisory Inc. now owns 56,217 shares of the oil and gas company’s stock worth $6,755,000 after acquiring an additional 2,939 shares during the period. Mackenzie Financial Corp lifted its holdings in shares of Phillips 66 by 2.0% in the 3rd quarter. Mackenzie Financial Corp now owns 40,454 shares of the oil and gas company’s stock valued at $4,678,000 after buying an additional 810 shares during the period. Brighton Jones LLC grew its holdings in Phillips 66 by 4.0% during the third quarter. Brighton Jones LLC now owns 3,107 shares of the oil and gas company’s stock worth $373,000 after acquiring an additional 120 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in Phillips 66 by 10.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 133,428 shares of the oil and gas company’s stock worth $16,031,000 after acquiring an additional 12,181 shares in the last quarter. Finally, Advisor Partners II LLC lifted its holdings in Phillips 66 by 4.9% in the third quarter. Advisor Partners II LLC now owns 20,331 shares of the oil and gas company’s stock valued at $2,443,000 after acquiring an additional 956 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Trading Up 1.2 %

NYSE PSX traded up $1.73 during trading hours on Wednesday, hitting $146.94. 2,915,394 shares of the company’s stock were exchanged, compared to its average volume of 2,940,149. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.82 and a current ratio of 1.17. The firm has a market capitalization of $62.30 billion, a P/E ratio of 11.17, a price-to-earnings-growth ratio of 1.82 and a beta of 1.41. The business’s 50 day moving average is $155.48 and its 200-day moving average is $138.78. Phillips 66 has a 12-month low of $89.74 and a 12-month high of $174.08.

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

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be given a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a yield of 3.13%. This is a boost from Phillips 66’s previous quarterly dividend of $1.05. The ex-dividend date is Friday, May 17th. Phillips 66’s payout ratio is 32.31%.

Insiders Place Their Bets

In related news, EVP Richard G. Harbison sold 21,934 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now directly owns 24,941 shares in the company, valued at approximately $3,648,120.07. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, EVP Richard G. Harbison sold 21,934 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $146.27, for a total transaction of $3,208,286.18. Following the transaction, the executive vice president now owns 24,941 shares of the company’s stock, valued at $3,648,120.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert W. Pease acquired 682 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was purchased at an average cost of $146.58 per share, with a total value of $99,967.56. Following the completion of the acquisition, the director now owns 1,900 shares of the company’s stock, valued at $278,502. The disclosure for this purchase can be found here. Insiders sold a total of 35,056 shares of company stock worth $5,272,681 over the last ninety days. 0.22% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Raymond James raised their price objective 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. Piper Sandler raised their price objective on Phillips 66 from $169.00 to $187.00 and gave the company an “overweight” rating in a research note on Friday, April 5th. JPMorgan Chase & Co. lifted their price objective on Phillips 66 from $149.00 to $167.00 and gave the stock an “overweight” rating in a report on Monday, April 1st. Barclays lowered their target price on Phillips 66 from $155.00 to $147.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 30th. Finally, Citigroup assumed coverage on shares of Phillips 66 in a research report on Wednesday, January 24th. They issued a “buy” rating on the stock. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.