Smith Group Asset Management LLC Makes New Investment in Phillips 66 (NYSE:PSX)

Smith Group Asset Management LLC purchased a new stake in shares of Phillips 66 (NYSE:PSX) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 10,084 shares of the oil and gas company’s stock, valued at approximately $1,149,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. nVerses Capital LLC purchased a new stake in Phillips 66 in the 3rd quarter worth approximately $26,000. Values First Advisors Inc. purchased a new stake in shares of Phillips 66 in the third quarter worth $30,000. Webster Bank N. A. boosted its stake in Phillips 66 by 48.4% during the fourth quarter. Webster Bank N. A. now owns 270 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 88 shares during the period. Point72 Hong Kong Ltd purchased a new position in Phillips 66 during the third quarter worth about $40,000. Finally, Sugar Maple Asset Management LLC purchased a new stake in shares of Phillips 66 in the 4th quarter valued at about $47,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PSX. Wolfe Research raised shares of Phillips 66 from a “peer perform” rating to an “outperform” rating and set a $143.00 target price on the stock in a research note on Friday, January 3rd. Bank of America began coverage on shares of Phillips 66 in a research report on Thursday, October 17th. They set a “buy” rating and a $156.00 price objective on the stock. Piper Sandler lowered shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 10th. JPMorgan Chase & Co. lowered their price target on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. Finally, Barclays cut their price objective on Phillips 66 from $124.00 to $115.00 and set an “equal weight” rating for the company in a report on Monday, January 13th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $147.93.

Phillips 66 Stock Performance

NYSE:PSX opened at $121.13 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21. Phillips 66 has a fifty-two week low of $108.90 and a fifty-two week high of $174.08. The business has a 50 day moving average price of $121.27 and a 200-day moving average price of $128.82. The firm has a market cap of $50.02 billion, a PE ratio of 15.55, a price-to-earnings-growth ratio of 3.78 and a beta of 1.38.

Phillips 66 (NYSE:PSX) last announced its quarterly 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 for 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%. The company’s revenue was down 10.3% on a year-over-year basis. During the same quarter last year, the firm earned $4.63 EPS. Equities research analysts predict that Phillips 66 will post 6.41 earnings per share for the current year.

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.