Cornerstone Advisors LLC Has $1.57 Million Position in Phillips 66 (NYSE:PSX)

Cornerstone Advisors LLC grew its position in Phillips 66 (NYSE:PSX) by 12.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,600 shares of the oil and gas company’s stock after purchasing an additional 1,100 shares during the period. Cornerstone Advisors LLC’s holdings in Phillips 66 were worth $1,568,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. DekaBank Deutsche Girozentrale raised its holdings in Phillips 66 by 12.4% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 201,592 shares of the oil and gas company’s stock worth $26,501,000 after buying an additional 22,278 shares during the period. TIAA Trust National Association lifted its position in Phillips 66 by 32.9% in the 4th quarter. TIAA Trust National Association now owns 14,816 shares of the oil and gas company’s stock valued at $1,973,000 after acquiring an additional 3,670 shares in the last quarter. Duality Advisers LP acquired a new position in Phillips 66 in the 1st quarter worth $3,596,000. Daiwa Securities Group Inc. boosted its stake in Phillips 66 by 27.7% in the 4th quarter. Daiwa Securities Group Inc. now owns 48,601 shares of the oil and gas company’s stock worth $6,470,000 after purchasing an additional 10,536 shares during the period. Finally, Teachers Retirement System of The State of Kentucky increased its holdings in Phillips 66 by 14.3% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 289,395 shares of the oil and gas company’s stock worth $38,530,000 after purchasing an additional 36,116 shares in the last quarter. 76.93% of the stock is owned by institutional investors.

Phillips 66 Stock Performance

NYSE PSX traded up $0.77 during trading on Friday, reaching $138.47. 1,787,005 shares of the company’s stock were exchanged, compared to its average volume of 2,415,453. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.17 and a quick ratio of 0.82. The business has a 50 day moving average price of $139.72 and a 200-day moving average price of $145.29. The stock has a market capitalization of $58.70 billion, a P/E ratio of 10.65, a PEG ratio of 2.27 and a beta of 1.34. Phillips 66 has a fifty-two week low of $103.12 and a fifty-two week high of $174.08.

Phillips 66 (NYSE:PSX) last issued its earnings results on Friday, April 26th. The oil and gas company reported $1.90 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.15). Phillips 66 had a return on equity of 19.19% and a net margin of 3.84%. The business had revenue of $36.44 billion for the quarter, compared to the consensus estimate of $35.87 billion. During the same quarter in the prior year, the firm posted $4.21 earnings per share. Sell-side analysts forecast that Phillips 66 will post 10.06 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th will be paid a $1.15 dividend. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $4.60 dividend on an annualized basis and a yield of 3.32%. Phillips 66’s dividend payout ratio (DPR) is currently 35.38%.

Insider Buying and Selling at Phillips 66

In other news, EVP Timothy D. Roberts sold 37,742 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $145.80, for a total value of $5,502,783.60. Following the transaction, the executive vice president now owns 48,365 shares of the company’s stock, valued at $7,051,617. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.22% of the company’s stock.

Wall Street Analyst Weigh In

PSX has been the topic of a number of research reports. Mizuho cut their price target on Phillips 66 from $162.00 to $160.00 and set a “neutral” rating on the stock in a report on Thursday, June 20th. TD Cowen cut their target price on Phillips 66 from $164.00 to $155.00 and set a “buy” rating on the stock in a research note on Friday, June 21st. Piper Sandler reduced their price target on Phillips 66 from $170.00 to $151.00 and set an “overweight” rating for the company in a research report on Friday, June 14th. Wolfe Research started coverage on shares of Phillips 66 in a report on Thursday. They issued a “peer perform” rating on the stock. Finally, Barclays reduced their target price on shares of Phillips 66 from $142.00 to $136.00 and set an “equal weight” rating for the company in a report on Tuesday, July 9th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Phillips 66 has an average rating of “Moderate Buy” and an average target price of $158.23.

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.