Drive Wealth Management LLC Boosts Stake in Phillips 66 (NYSE:PSX)

Drive Wealth Management LLC increased its stake in shares of Phillips 66 (NYSE:PSX) by 2.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,157 shares of the oil and gas company’s stock after buying an additional 181 shares during the period. Drive Wealth Management LLC’s holdings in Phillips 66 were worth $815,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its position in Phillips 66 by 0.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,901,887 shares of the oil and gas company’s stock worth $381,453,000 after purchasing an additional 16,941 shares during the period. Mizuho Securities USA LLC increased its position in Phillips 66 by 7,549.0% during the 3rd quarter. Mizuho Securities USA LLC now owns 2,500,000 shares of the oil and gas company’s stock valued at $328,625,000 after buying an additional 2,467,316 shares in the last quarter. Bank of Montreal Can raised its stake in Phillips 66 by 63.4% during the third quarter. Bank of Montreal Can now owns 1,633,876 shares of the oil and gas company’s stock valued at $214,120,000 after buying an additional 633,970 shares during the last quarter. ING Groep NV increased its holdings in shares of Phillips 66 by 123.2% during the third quarter. ING Groep NV now owns 1,182,980 shares of the oil and gas company’s stock valued at $155,503,000 after acquiring an additional 653,032 shares in the last quarter. Finally, National Pension Service raised its position in shares of Phillips 66 by 6.8% in the 3rd quarter. National Pension Service now owns 1,001,734 shares of the oil and gas company’s stock worth $131,678,000 after purchasing an additional 63,349 shares during the last quarter. 76.93% of the stock is owned by institutional investors.

Phillips 66 Stock Performance

NYSE PSX opened at $121.82 on Monday. The company has a current ratio of 1.21, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. Phillips 66 has a twelve month low of $108.90 and a twelve month high of $174.08. The stock has a 50-day moving average of $121.63 and a 200 day moving average of $129.07. The stock has a market capitalization of $50.31 billion, a price-to-earnings ratio of 15.64, a PEG ratio of 3.78 and a beta of 1.38.

Phillips 66 (NYSE:PSX) last released its earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.41. The business had revenue of $36.16 billion during the quarter, compared to analyst estimates of $36.31 billion. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. During the same quarter in the prior year, the firm earned $4.63 earnings per share. The company’s revenue for the quarter was down 10.3% compared to the same quarter last year. Sell-side analysts anticipate that Phillips 66 will post 6.41 EPS for the current fiscal year.

Analysts Set New Price Targets

PSX has been the subject of several recent analyst reports. Piper Sandler cut Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 10th. Barclays decreased their target price on Phillips 66 from $124.00 to $115.00 and set an “equal weight” rating on the stock in a report on Monday, January 13th. JPMorgan Chase & Co. cut their price objective on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. Wells Fargo & Company reduced their price objective on Phillips 66 from $167.00 to $161.00 and set an “overweight” rating on the stock in a research note on Monday, December 9th. Finally, Mizuho reduced their price objective on Phillips 66 from $150.00 to $147.00 and set a “neutral” rating on the stock in a research note on Monday, December 16th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Phillips 66 currently has an average rating of “Moderate Buy” and an average target price of $147.93.

Phillips 66 Company 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.