Icon Wealth Advisors LLC Boosts Stock Holdings in Phillips 66 (NYSE:PSX)

Icon Wealth Advisors LLC grew its stake in Phillips 66 (NYSE:PSX) by 3.4% in the third quarter, Holdings Channel.com reports. The firm owned 19,684 shares of the oil and gas company’s stock after acquiring an additional 654 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Phillips 66 were worth $2,587,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Strategic Financial Concepts LLC purchased a new stake in shares of Phillips 66 in the second quarter valued at approximately $26,000. nVerses Capital LLC purchased a new stake in shares of Phillips 66 in the third quarter valued at approximately $26,000. Values First Advisors Inc. purchased a new stake in shares of Phillips 66 in the third quarter valued at approximately $30,000. Bank & Trust Co purchased a new stake in shares of Phillips 66 in the second quarter valued at approximately $31,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Phillips 66 in the second quarter valued at approximately $34,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on PSX. Mizuho decreased their price objective on Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Piper Sandler set a $144.00 price objective on Phillips 66 in a report on Thursday, October 17th. Scotiabank decreased their price objective on Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. TD Cowen decreased their price objective on Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Finally, Morgan Stanley decreased their price objective on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $149.69.

Phillips 66 Price Performance

PSX stock opened at $133.35 on Friday. The company has a current ratio of 1.21, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The firm has a 50 day moving average of $130.60 and a 200-day moving average of $135.06. Phillips 66 has a 12-month low of $117.74 and a 12-month high of $174.08. The company has a market cap of $55.07 billion, a price-to-earnings ratio of 17.12, a PEG ratio of 4.35 and a beta of 1.33.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.63 by $0.41. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. The business had revenue of $36.16 billion during the quarter, compared to analysts’ expectations of $36.31 billion. During the same period last year, the company posted $4.63 EPS. The company’s revenue was down 10.3% on a year-over-year basis. As a group, equities analysts expect that Phillips 66 will post 7.66 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be paid a $1.15 dividend. The ex-dividend date is Monday, November 18th. This represents a $4.60 annualized dividend and a yield of 3.45%. Phillips 66’s payout ratio is currently 59.05%.

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.